JuCoin's $511M PoR Under Fire as Researcher Reveals Reserves Are Mapped Tokens, Not Genuine Assets

USDC-0.02%
ETH-8.09%
BNB-3.26%
According to BlockBeats, Salus former CMO Darcy disclosed on June 6 that JuCoin's $511 million reserves—which comprise a stated 123.81% reserve ratio—consist primarily of mapped ERC-20 tokens on JuChain rather than genuine third-party assets. Darcy's analysis revealed that JuChain's USDC, USDT, BTCB, ETH, BNB, and SOL are all bridge-mapped versions deployed by the project, not original assets issued by Circle or Tether. Neither Circle nor Tether lists JuChain in their official supported chains. Furthermore, JuChain's USDC contract grants mint and MINTER_ROLE permissions, enabling unlimited token issuance, with one address controlling 99.99% of the supply.
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments