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TUSD and the affiliated enterprises of Justin Sun investigated in depth! Cryptocurrency investigator Adam: Trusting TUSD means trusting Justin Sun

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TUSD and the affiliated enterprises of Justin Sun investigated in depth! Cryptocurrency investigator Adam: Trusting TUSD means trusting Justin Sun

TUSD, as the fastest-growing stablecoin this year, has been widely speculated in the market to be related to Justin Sun. Despite the official denial of any involvement, a thorough investigation by renowned crypto researcher Adam Cochran revealed that the relationship between Justin Sun and TUSD is not straightforward. The investigation also uncovered Chinese-linked companies associated with Justin Sun and questionable business practices.

Adam Cochran Once Warned by TUSD Officials

In a March article, the relationship between the stablecoin TUSD, which has rapidly increased its market share this year, and Tron founder Justin Sun was explored. Although no direct link between the two could be proven after the investigation, many suspicious elements were discovered. If interested, you can read the article here.

Today, Adam Cochran publicly disclosed on Twitter that he had been threatened with legal action by TUSD simply because he indirectly implied a connection between TUSD and Justin Sun.

Subsequently, Adam conducted further research to uncover all ownership relationships between Justin Sun, TUSD, Huobi, and various shell companies around the world.

Suspicious Top Executives in TUSD Acquisition Companies

Firstly, Adam found concerns in their audit report statement, which stated:

  1. An "agent" of Techteryx, the company that acquired TUSD, opened an account
  2. This is a regular company account, not an FBO account, and not in bankruptcy isolation

The documents were signed repeatedly by two individuals who should be executives of TUSD, Jennifer Yiying/Yiyang Jiang and Steve Liu, and endorsed that Techteryx is a Singaporean company. However, a search for Techteryx in the registered company data in Singapore yielded no relevant information.

Through Adam's investigation, these two names were not found on the list of executives of companies in Singapore. However, he found Yiying Jiang's name in the data of "DTV Limited," a UK holding company acquired by Bittorrent, which is owned by Justin Sun.

Note: Bittorrent is a peer-to-peer file sharing protocol established in 2004 and acquired by Tron in 2018.

Currently, BitTorrent is owned by a holding company called Rainberry, listing Justin Sun and Steve Liu, the other top executive of Techteryx mentioned earlier.

Furthermore, Adam's further investigation found that another exchange owned by Justin Sun, Poloniex, was initially held by Augustech before Justin Sun officially acknowledged ownership, which Yiying Jiang held on his behalf.

What is the relationship between these two individuals? From UK documents, Yiying Jiang and Justin Sun are both listed as "Kittitian" nationals, citizens of Saint Kitts and Nevis in the Caribbean.

Adam mentioned that to his knowledge, Justin Sun did not have any employees acquire citizenship with him on that island, but Yiying Jiang seems to be an exception.

From previous interviews with Justin Sun, it is known that he applied for citizenship for his parents, but Yiying Jiang's age as Justin Sun's mother may be too young, so Adam speculated that she may be Justin Sun's stepmother.

Various Names Associated with Justin Sun

After initial findings, Adam continued to investigate Justin Sun's family members, starting with his father, Sun Weike.

Adam found a vast Chinese enterprise network associated with Sun Weike after searching his name, with several names that often appear in company lists, including:

  • Justin Sun
  • Jiang Yiyang, also known as Yiying Jiang mentioned earlier
  • Li Jinmei
  • Sun Linke, Adam speculated to be Justin Sun's uncle

One of these companies, Ruibo Technology Co., is almost entirely owned by Justin Sun, using Tron as the company logo and promoting Tron's ideals.

Additionally, Shenzhen Lanyu Network Technology Co., among other related companies, is owned by Li Jinmei, who Adam believes may be the former wife of Sun Weike, Justin Sun's father, currently not residing in China, hence using her name on documents for safety.

Adam stated that some evidence shows Li Jinmei/Jennifer Yiyang/Yiying Jiang/Jiying Jiang may be the same person, using different names or these names belong to different relatives of Justin Sun. However, what is confirmed is that these individuals are operating various companies for Justin Sun in China.

Fake Companies Related to Justin Sun

After investigating individuals related to Justin Sun, Adam began researching the companies they operate, finding the most problematic to be Shenzhen Lanyu Network Technology Co., run by Li Jinmei.

Adam discovered that an employee of the company, Sherry Sun, had no content shared on LinkedIn except for one activity related to BitTorrent. Moreover, this electronics company has never sold anything on AliExpress, China's largest export B2C e-commerce platform, and has never listed any products, indicating it is inactive.

Additionally, Michelle Li, another employee, participated in Web3 events and collaborated with companies like Binance, Huobi, and Kucoin; while QA analyst Hong Liang mentioned quality management experience with companies like BitTorrent, Tron, and DLiveTV, all while working for "Shenzhen Lanyu Network Technology Co."

Therefore, Adam believes this company is not independent but a fake shell company.

Moreover, in the company's job recruitment form, it is revealed that the company is recruiting smart contract engineers, and Google cache records show Justin Sun as a shareholder, with the company logo even being BitTorrent.

Believing in TUSD Equals Believing in Justin Sun

Finally, the focus returns to Yiying Jiang, also known as Jiang Yiyang or Jennifer Jiang, currently the representative of Techteryx. She is also listed as a director of Dubai Huobi Innovation Company.

After all the discussion, Adam summarized the current known facts:

  1. Companies related to Justin Sun and his family hold Huobi, multiple Chinese holding companies, and Poloniex.
  2. Techteryx is not a publicly traded company and has an agent who opened a bank account in Switzerland.
  3. These institutions are appointed as the signatory directors of Techteryx.

As for why there is such complexity, Adam believes it may be related to fraud, money laundering from China, or compliance, but still does not understand the need for so many layers. If what Justin Sun is doing is legal, why not directly disclose his ownership of these companies and maintain transparency?

However, what is known is that TUSD, Huobi, and Chinese shell companies are all related to Justin's family and partners. The purpose of setting it up this way is to hide and disguise his identity as the beneficial owner, which may mean it does not comply with financial regulations.

Returning to the initial discussion about TUSD, Adam stated that if someone is willing to believe in TUSD, it also means trusting Justin Sun has control over it and is willing to take the risk of possible asset detention. How long Justin Sun's model can last and how much assets he controls, no one really knows.