Tron founder Justin Sun was accused of market manipulation
According to the community, Sun influenced the vote on the integration of TUSD into the Compound protocol
07.02.2022 - 08:35
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What’s new? The analysts at GFX Labs have published data that demonstrates Tron founder Justin Sun’s possible involvement in manipulation. In question is a vote to add TUSD stablecoin as a collateral asset to the Compound platform.
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
What evidence did GFX Labs cite? The analysts have published a hash of a transaction that involved a loan of 99 000 COMP (about $13,7 million) to Justin Sun’s address. Shortly after this transaction, 102 000 COMP were sent from the same address to the Binance cryptocurrency exchange. The Binance address then offered to add TUSD to the Compound lending platform as a collateral asset.
While there is no evidence other than transactions made from addresses allegedly associated with the Tron founder, the community believes that Sun used a “governance attack” to promote his own interests. Compound protocol founder Robert Leshner, meanwhile, does not consider such actions an attack, even if Justin Sun was indeed involved.
“It is self-dealing benefiting the sponsor of the asset, TUSD but does so using standard levers (COMP incentives and collateral factors),” Leshner stated.
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