Members of the management department of cryptocurrency company GFX Labs have revealed that a whale investor they claim is Justin Sun. compound He claimed that it was the purpose of gaining profit by creating manipulation in the protocol.
In the claim shared on GFX’s Twitter account, a huge amount borrowed by billionaire Justin Sun. compound Attention was drawn to the (COMP) token.
An unplanned TUSD proposal has been proposed @compoundfinance to set TUSD’s collateral factor to 80% (currently 0%) https://t.co/Xf2oOEKJya
— GFX Labs (@labsGFX) February 4, 2022
People who own more tokens in the on-chain management of DeFi protocols have more say in the management. While there are no restrictions on users’ support for voting proposals on DeFi platforms, GFX described this as an “administration attack”.
Tron The founder of the platform, Justin Sun, is known to be an active DeFi user. Sun’s main address with a balance of more than 1 billion dollars, cryptocurrency constantly monitored by its users. Sun had not responded to the allegations at the time of this writing.
How did the event develop?
On-chain data was sent to Binance on Thursday by borrowing 99,000 COMP tokens from Sun’s cryptocurrency wallet, valued at $13 million.
On Friday, $9 million worth of COMP tokens were sent from Binance to another address. The address to which the token was sent offered a change proposal on the DeFi platform Compound, thanks to the tokens it owns. In the recommendation, users TUSD allowed to use its assets as collateral. TUSD was currently not available as collateral on the platform.
Although it is not possible to definitively prove that the address in question belongs to Justin Sun, according to PaperImperium, a member of GFX Labs, Sun made a similar attempt in January: aave over large amount MKR had borrowed. With this debt, he wanted to vote on a change proposal on the platform. However, when it was noticed, he paid back the MKR tokens he borrowed without voting.”
Sun is promoted on TUSD’s website as one of the company’s market advisors.