Poloniex exit leaves Ethereum stUSDT nearly abandoned
Staked USDT (stUSDT), a protocol that supposedly invests in US Treasury securities to pay yields to users who ‘stake’ their tether tokens, has seen its utilization on Ethereum collapse as Justin Sun-owned Poloniex has exited its position, according to onchain data. Staked USDT is a token that has historically been used by entities and wallets closely connected to Sun, representing a majority of all tethers in reserves at HTX, a cryptocurrency exchange he advises. Additionally, on Ethereum, huge portions of this token were controlled by 0x176F3DAb24a159341c0509bB36B833E7fdd0a132, an address that was previously tagged as “Justin Sun 4” on Etherscan but is now tagged as “Poloniex 9.” On-chain data shows Justin Sun controls virtually all stUSDT Read more: WBTC supply contracts this month following Justin Sun custody drama Poloniex’s abject refusal to complete a proof-of-reserves, despite Sun’s repeated promises and insistence on its importance, m...