Poloniex has withdrawn more than $50 million in stUSDT on the Ethereum chain in a few months, and the total supply on the chain has dropped to about 1.89 million

27/10 15:54

According to on-chain data, as Justin Sun's Poloniex exited the Staked USDT protocol, its usage on Ethereum has dropped significantly. Staked USDT (stUSDT), which invests in U.S. Treasuries to pay yields to users who "stake" its tokens, has been used by entities and wallets associated with Justin Sun and accounts for the vast majority of USDT in HTX's reserves. In addition, on Ethereum, a large portion of the token is controlled by the address 0x176F3DAb24a159341c0509bB36B833E7fdd0a132, which was previously marked as "Justin Sun 4" on Etherscan but is now marked as "Poloniex 9". This address once controlled 96% of the total supply of stUSDT on the Ethereum chain. However, about three months ago, the exchange appeared to request the withdrawal of about $30 million worth of stUSDT, and a few days ago withdrew more than $20 million worth of stUSDT. The largest holder address on the Ethereum chain, 0x9FCc67D7DB763787BB1c7f3bC7f34d3C548c19Fe, currently holds only $1.7 million worth of stUSDT, accounting for about 90% of the total supply on the chain (about 1.89 million). The largest token holder on the Tron chain is the HTX address TDToUxX8sH4z6moQpK3ZLAN24eupu2ivA4, which still holds $195 million worth of stUSDT, accounting for about 85% of the supply on the Tron chain. (Protos)

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Poloniex has withdrawn more than $50 million in stUSDT on the Ethereum chain in a few months, and the total supply on the chain has dropped to about 1.89 million

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