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Justin Sun has since amassed an even larger collection of companies, many of which he pretends he doesn’t own or control. These include the Huobi exchange (which he rebranded to HTX), BitGlobal, and the TrueUSD stablecoin project. In September 2023, Huobi/HTX was hacked for $8 million [W3IGG]. In October 2023, TrueUSD either lied about having no affiliation with a token called $TEURO, or the TrueUSD deployer was compromised [W3IGG]. In November 2023, Poloniex was hacked for over $120 million [W3IGG]. Less than two weeks later, Huobi/HTX and its Heco Chain project were hacked for $115 million [W3IGG]. In May 2024, Crypto Critics Corner put out an episode presenting a rather convincing argument that Justin Sun is insolvent. They also outlined the incredible shadiness around his companies’ “proofs of reserves”, including the fact that multiple of his companies seem to be counting the same pool of assets as reserves.23 The crypto community distrusts Sun so much that an August announcement that BitGlobal (and thus Sun) would be helping to manage custody for wrapped bitcoin (WBTC) caused a mass exodus from the token. MakerDAO enthusiastically voted to stop accepting WBTC as collateral (before changing their minds after assurance that Sun didn’t have as much influence over WBTC management as they initially thought). Coinbase announced their own wrapped bitcoin product to use instead, and delisted WBTC. Kraken also announced a wrapped bitcoin product.