On Friday, GFX’s Twitter account noted that TRON founder billionaire Justin Sun had taken a substantial loan with Compound’s governance token COMP. This led to allegations of manipulation. cryptocoin.com We convey the details as…
Big claim for TRON founder Justin Sun
Members of the governance division of crypto think tank GFX Labs have warned that a leading major investor may seek to leverage large sums of capital to manipulate on-chain governance for a decentralized finance (DeFi) protocol. Members of GFX Labs’ management division gave specific clues, indicating that the famous investor may seek to fund large amounts of capital for DeFi to disrupt its on-chain governance and “attack” governance.
On-chain data revealed that Sun’s wallet had borrowed 99,000 COMP tokens worth over $13 million on Thursday. Transferred 102,000 tokens to Binance. Binance is known as the largest crypto exchange in the world. However, an address that later bought $9 million worth of COMP tokens from Binance suggested adding TUSD to Compound as a collateral asset. This would allow Compound users to take out loans in exchange for their TUSD holdings.
Such a claim has been made before for Sun.
While it’s impossible to definitively confirm that the bid address belongs to Sun, the current situation resembles a similar vote that took place in January on the governance of stablecoin platform MakerDAO, according to GFX Labs’ alias PaperImperium author. This is allegedly one of Sun’s attempts. The author states that Sun borrowed a large amount of MKR from the Aave platform, with the aim of creating a survey for TUSD-DAI collateral; but he says he returned the MKR before the vote after it was noticed.
“We will not risk working with Justin Sun or any whale to manipulate the votes,” a TUSD representative wrote on Maker’s management forums after the poll concluded that they were unaware of Sun’s actions. Sun is listed on TUSD’s website as an Asian markets advisor.
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