coinedition.com
Crypto expert Adam Cochran recently took to Twitter to appreciate decentralized finance protocol Gauntlet Network’s decision to limit the use of the TrueUSD stablecoin on its Aave V2 lending pools. Gauntlet’s decision came after the crypto expert highlighted irregularities in TrueUSD’s operations and ownership structure.
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— Adam Cochran (adamscochran.eth) (@adamscochran) July 3, 2023
I give @gauntletnetwork flack sometimes but they did good here; noted abnormal borrowing behavior of $TUSD on @AaveAave and initiated a vote to adjust its role as collateral.
This is the kind of proactive behavior @cz_binance and @heyibinance should be taking. https://t.co/268RfmkxIk
According to Cochran, the Gauntlet Network recently concluded a vote to adjust the role of the TUSD stablecoin as collateral on their Aave lending pools. The abnormal borrowing behavior of TUSD on Aave v2 led to the vote on Gauntlet’s governance forum. The crypto expert urged Binance founder Changpeng Zhao to take similar actions against TrueUSD.
The crypto expert called out Binance CEO Zhao and its Chief Customer Services Officer Yi He for using TUSD in promotional campaigns and accepting it as collateral on their online trading platform. He indicated that such actions put the platform’s users at risk.
Adam Cochran’s probe into TrueUSD was prompted by the latter’s threat to initiate legal proceedings after Cochran suggested that Justin Sun was the owner of TUSD. According to TrueUSD, Cochran’s comments amounted to defamation which warranted legal action. The stablecoin firm accused him of mounting a smear campaign against its real-time Proof of Reserve.
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— Adam Cochran (adamscochran.eth) (@adamscochran) June 30, 2023
Back in May, TUSD threatened to sue me for even remotely suggesting they'd be related to Justin Sun.
So naturally, I dug in to prove the ownership web of Justin for both TUSD, Huobi and his shell companies around the world. pic.twitter.com/CFHjdKMX7r
The crypto expert responded by digging deep into TrueUSD’s operations and management structure to determine the firm’s ownership and whether Tron founder Justin Sun held a stake in the firm. After a lengthy probe into TUSD’s operations, Cochran allegedly uncovered a vast nexus of shell companies and associates which helped obscure Sun’s relationship with TrueUSD.
Reportedly, Adam Cochran’s investigation further revealed high-ranking members of Justin Sun’s portfolio companies as well as close associates from his inner circle, who were linked with TrueUSD and other associated entities in some capacity. This included one Yiying Jiang, who is listed as an executive at TrueUSD, but also holds a position at one of Justin Sun’s companies.