JustLend TVL jumps after HTX advisor Justin Sun mints 815 million TUSD
- JustLend decentralized lending protocol TVL jumped 21.5% on September 16 after a transaction by Tron founder Justin Sun.
- A Sun-related address minted 815 million TUSD, swapped for WSTUSDT, and then deposited it into the lending protocol.
- The executive claims the transactions were personal and unrelated to crypto exchange Huobi Global, now HTX.
- Meanwhile, an ex-Huobi staff member faces a probe after deploying a Trojan virus to leak iToken keys.
JustLend decentralized lending protocol has recorded a notable jump in its Total Value Locked (TVL), indicating new capital inflow. Arkham Intelligence associates the related address to Tron founder and Huobi Global (now HTX) advisor Justin Sun.
Also Read: Justin Sun of Tron contemplates an offer for FTX's holding tokens as crypto markets bend to FUD
JustLend TVL jumps 21% after 815 million deposit
JustLend has recorded a new capital inflow, reaching 815 TUSD ($815 million) in a transaction tied to Justin Sun. The TRON executive has articulated that the transactions were personal and unrelated to crypto exchange HTX.
Justin Sun's related address minted 815 million TUSD today, which was eventually replaced by WSTUSDT and deposited into JustLend. JustLend TVL is up 21.5% in the past 24 hours. Sun claimed that the transactions were his personal funds and had nothing to do with HTX’s business.…
— Wu Blockchain (@WuBlockchain) September 16, 2023
The transaction catapulted JustLend TVL 21.5% north, with DeFiLlama indicating a total value locked of $4.564 billion.
JustLend TVL
JustLend is a TRON-powered coin market protocol intended to establish fund pools with interest rates calculated using an algorithm controlled by the supply and demand of TRON assets.
Meanwhile, the police are probing a former staff of Huobi Wallet (now iToken) on allegations of designing and deploying a Trojan virus that leaked user data.
Exclusive: Due to a Trojan virus set up by a former Huobi employee, some user mnemonics or private keys of iToken (formerly Huobi Wallet) have been leaked. The employee has been investigated by the police.
— Wu Blockchain (@WuBlockchain) September 16, 2023
More broadly, the Trojan virus compromised iToken's mnemonics and private keys. The wallet has a strong reputation with a record of accomplishment in offering safe custody for crypto assets. Reporting the breach, iToken asserted, "funds were not affected," adding that security parameters had been fortified even as investigations continue.
The report comes only days after Huobi Global rebranded as HTX in commemorating its 10-year anniversary. The renaming connotes "H" for Huobi, "T" for Justin Sun's blockchain project TRON, and "X" for exchange. Significantly, X also represents 10 in Roman numerals, adding credence to the 10th anniversary.
In a statement on the rebranding, the exchange committed to venturing into new markets that offer better prospects both regionally and globally.
HTX's new mission is to build a metaverse free port with a vision to achieve financial freedom for 8 billion people on earth. HTX is embarking on a growth strategy of "global expansion, thriving ecosystem, wealth effect, and security and compliance.
It also committed to collaborations with other projects in the crypto sphere and listing premium and popular assets from around the globe for enhanced core product scope.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
