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Unraveling TUSD’s deception: A mastermind at work?

TL;DR

  • Adam Cochran’s investigation revealed the complex network linking TUSD to Justin Sun, prompted by TUSD’s legal threat.
  • Mysterious entity Techteryx, related to TUSD, and its supposed executives, Jennifer “Yiying”/”Yiyang” Jiang and Steve Liu, do not appear in Singapore’s corporate databases.
  • Both Jiang and Sun have citizenship in St. Kitts and Nevis, a haven for corporate secrecy.

Digital currency has long promised a realm of transparency and accountability, but as Professor and IT executive Adam Cochran delved into the intricate web of connections linking the digital asset TUSD to Justin Sun, it became clear that the picture was far from black and white.

The intricate web of ownership

Cochran’s investigation, triggered by a legal threat from TUSD for associating them with Sun, set off a chain reaction that would unearth a convoluted network of associations.

The focal point of Cochran’s concern was a mysterious entity, Techteryx, whose existence is documented only in auditing statements from TUSD.

According to these audits, Techteryx was represented by two supposed executives: Jennifer “Yiying”/”Yiyang” Jiang and Steve Liu. Yet, these names drew a blank in Singapore’s corporate databases, where Techteryx was supposedly based.

Instead, they emerged as linked to BitTorrent, a company held by Sun’s holding company, Rainberry.

While that may seem innocuous, Cochran’s further exploration uncovered Jennifer Yiying Jiang’s name associated with Poloniex, a digital asset exchange once held under Augustech LLC.

The mysterious circumstances thickened with the revelation that both Yiying and Justin were citizens of St. Kitts and Nevis, a known haven for corporate secrecy.

A family affair?

Probing deeper into the mysteries surrounding TUSD’s ownership, Cochran began to uncover connections linking Sun’s family to the scheme. Particularly, Sun’s father, Sun Weike, and a potential stepmother, Jiang Yiying, appeared on the board of directors of several companies alongside Sun.

Among these companies was Shenzhen Lanyu Network Technology Co. Ltd., a firm related to Justin Sun’s Tron logo. The Chinese corporation, Ruibo Bejing Technology Company, was another notable name where Sun and Jiang held executive roles.

The question then arose if Jiang Yiying and Jennifer “Yiyang”/”Yiying” Jiang were the same individual, using different names or relatives’ identities. What was clear was that these entities run Justin’s Chinese operations, and there was a concerted effort to hide Sun as the beneficial owner.

Transparency or shell game?

Why this cloak and dagger approach to running what could have been a legitimate operation? Cochran was left with more questions than answers.

The obscurity woven around TUSD, Huobi, and Chinese shell companies suggested that they were intentionally structured to obscure Sun as the beneficial owner. This, in turn, could mean potential non-compliance with financial regulations.

Furthermore, data from Data Finnovation revealed peculiarities in TUSD’s financial movements, raising additional questions about the digital asset’s management.

The real-world implications of this could mean that those trusting in TUSD are placing their faith in a stablecoin with assets at risk of seizure. The underlying question of why Sun and his associates went to such lengths to obscure their connections remains unanswered.

The world of digital currency thrives on transparency, yet this extensive investigation into TUSD’s ownership structure reveals a web of intrigue, potentially non-compliant practices, and hidden associations. It’s a stark reminder for those investing in digital assets to remain cautious and diligent.

Adam Cochran’s investigation is a crucial contribution to the conversation about transparency and accountability in digital assets. Meanwhile, TUSD remains depegged at press time.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Jai Hamid

Jai Hamid is a passionate writer with a keen interest in blockchain technology, the global economy, and literature. She dedicates most of her time to exploring the transformative potential of crypto and the dynamics of worldwide economic trends.

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