He’s said to be worth $8.5 billion, yet has to scrape together $140 million in USDT?
The details of Justin Sun’s funding trail have been laid bare.
First, he collateralized 580 million TRX to mint 60 million USDD on the TRON network—a move critics mocked as creating worthless tokens.
Then he took it to the official redemption pool and swapped it for 60 million USDT.
Adding that to what he’d swapped earlier, he ended up with 140 million USDT in total, all of which went into a Binance investment product offering 10% returns.
The collateral was his own TRX, and the tokens he minted were his own USDD.
With an $8.5 billion net worth, this convoluted fundraising process is why some say he’s already struggling on the brink of bankruptcy.
The details of Justin Sun’s funding trail have been laid bare.
First, he collateralized 580 million TRX to mint 60 million USDD on the TRON network—a move critics mocked as creating worthless tokens.
Then he took it to the official redemption pool and swapped it for 60 million USDT.
Adding that to what he’d swapped earlier, he ended up with 140 million USDT in total, all of which went into a Binance investment product offering 10% returns.
The collateral was his own TRX, and the tokens he minted were his own USDD.
With an $8.5 billion net worth, this convoluted fundraising process is why some say he’s already struggling on the brink of bankruptcy.
