TUSD, as the fastest-growing stablecoin this year, has been considered by the market to be related to Justin Sun. Although the official statement has strictly stated that there is no connection, an in-depth investigation by Adam Cochran, a well-known investigator in the encryption field, found that the relationship between Sun Yuchen and him was not simple. At the same time, Chinese related companies and suspicious business models related to Sun Yuchen were also unearthed.
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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
— Adam Cochran (adamscochran.eth) (@adamscochran) June 30, 2023
Adam Cochran was warned by TUSD officials
In an article in Lian News in March, the relationship between the stablecoin TUSD, which has seen a rapid increase in market share this year, and Justin Sun, the founder of Tron, was discussed. Although the direct connection between the two could not be proven after investigation, many suspicious things were also found. The place. (If you are interested, you can click here to read the article.)
Just today, Adam Cochran publicly stated on Twitter that he had been threatened with prosecution by TUSD because he had indirectly stated that TUSD was related to Justin Sun.
Adam has since conducted deeper research to unearth ownership ties between Sun and TUSD, Huobi and shell companies around the world.
TUSD acquires shady executives at companies
First, Adam feels unsafe in their audit report statement, which reads:
An account was opened by "an agent" at Techteryx (the company that acquired TUSD)
This is a regular business account, not an FBO account, and is not in bankruptcy quarantine
The document was signed repeatedly by two supposedly senior executives of TUSD, Jennifer (Yiying/Yiyang) Jiang and Steve Liu, and endorsed Techteryx as a Singaporean company. However, after searching for company information registered in Singapore, no information related to Techteryx was found.
After Adam's investigation, neither name appeared on the senior list of Singapore companies. But he found Yiying Jiang's name on the information of a British holding company "DTV Limited" acquired by Bittorrent, and this company was owned by Justin Sun.
Note: Bittorrent is a peer-to-peer transmission protocol founded in 2004 and acquired by Tron in 2018.
Currently, BitTorrent is owned by a holding company called Rainberry, which lists the names of Justin Sun and Steve Liu (another Techteryx executive mentioned earlier).
In addition, Adam’s further investigation found that Poloniex, another exchange owned by Justin Sun (originally held by Augustech), was held by Yiying Jiang on behalf of Justin Sun before he officially acknowledged ownership.
What is the relationship between these two people? Adam discovered from the British documents that the nationality part of Yiying Jiang and Sun Yuchen was filled in as "Kittitian", which is a citizen of the Caribbean country of St. Kitts and Nevis.
Adam said that to his knowledge, Justin Sun had not asked any of his employees to join him in obtaining citizenship of the island, with the apparent exception of Yiying Jiang.
It can be known from Sun’s previous interviews that he has applied for citizenship for his parents, but Yiying Jiang’s age may be too young to be Sun’s mother, so Adam guessed that this person may be Sun’s stepmother.
Various names related to Sun Yuchen
After making his initial discovery, Adam continued his investigation through Sun's family members, starting with Sun's father, Sun Weike.
Adam found that after searching for Sun Weike's name, he could find a huge network of Chinese companies related to it, among which the following names often appeared in company lists, namely:
Justin Sun
Jiang Yiying (also known as Yiying Jiang mentioned above)
Li Jinmei
Sun Linke (Adam guessed to be Justin Sun’s uncle)
One of them is Ruibo Technology Co., Ltd., in which Justin Sun holds almost all the shares, uses Tron as the company logo, and also promotes the concept of Tron.
In addition, Shenzhen Lanyu Network Technology Co., Ltd. and many other related companies are all owned by Li Jinmei. Adam believes that this person may be the ex-wife of Sun Yuchen’s father, Sun Weike, who does not currently live in China, so her name is filled in on the document. safer.
Adam said there is some evidence that Li Jinmei/Jennifer Yiyang/Yiying Jiang/Jiying Jiang may be the same person and use different names after changing the spelling, or perhaps these are the names of different relatives of Sun Yuchen.
However, what can be confirmed is that these people all run Sun Yuchen’s companies in China.
Fake companies related to Justin Sun
After investigating the individuals related to Justin Sun, Adam began to research the companies run by these people. Among them, the one with the most problems was Shenzhen Lanyu Network Technology Co., Ltd. run by Li Jinmei.
Adam discovered that Sherry Sun, an employee at the company, had not shared anything on Likedin and had only one BitTorrent-related activity. At the same time, this electronics company has not sold anything on AliExpress (China's largest export B2C e-commerce platform), or even listed it on its shelves.
In addition, it can be seen from the Likedin introduction of another employee Michelle Li that she has participated in Web3 activities and has cooperated with companies such as Binance, Huobi and Kucoin; another QA analyst Hong Liang also described I have done quality management for companies such as Bittorrent, Tron and DLiveTV, but here’s the point, the company they work for is called “Shenzhen Lanyu Network Technology Co., Ltd.”!
Therefore, Adam believes that this company is not an independent company at all, but a fake shell company.
In addition, in the company's employee recruitment form, it can be seen that the company is recruiting smart contract engineers. In the Google cache records, it can also be seen that Sun Yuchen is a shareholder, and the company logo is even Bittorrent.
Believing in TUSD is equivalent to believing in Justin Sun
Finally, the topic comes back to Yiying Jiang, also known as Jiang Yiying or Jennifer Jiang, who is currently the company representative of Techteryx. She is also listed as a director of Dubai-based Huobi Innovations.
Having said so much, Adam compiled what is currently known:
Companies linked to Justin Sun and his family own Huobei, various Chinese holding companies and Poloniex.
Techteryx is not a public company and has an agent who opened its bank account in Switzerland.
These entities are assigned to the higher level.
As for why there is such a re-examination, Adam thinks it may be related to fraud, money laundering from China, or compliance with regulations, but he still cannot understand the need to cover so many layers. And if what Justin Sun is doing is legal, why doesn't Justin Sun just lock him out of owning these companies and be transparent?
But what is known so far is that TUSD, Huobi and Chinese shell companies are all related to Justin’s family and partners. It would be set up this way to hide and obscure his identity as the beneficial owner, which means it may not comply with financial regulations.
Going back to the TUSD mentioned at the beginning, Adam said that if someone is willing to believe in TUSD, it also means trusting Justin Sun to have the key to control him, and taking the risk that the assets may be withheld. It can only be said that no one knows how long Justin Sun’s model can last and how many assets he controls.
This article is an in-depth investigation of TUSD and Sun Yuchen’s related companies! Crypto Investigator Adam: Trusting TUSD means trusting Justin Sun first appeared on Lian News ABMedia.