PANews, June 6: FlashRescue co-founder @DarcyAri analyzed on X that JuCoin’s official Proof of Reserves (PoR) is fraudulent and does not constitute verifiable proof of solvency against real third-party blockchain assets. JuCoin claims total reserves of $511 million with a reserve ratio of 123.81%, covering six assets: USDT, BTC, ETH, USDC, BNB, and SOL. All six assets on CoinMarketCap point to the same JuChain address. The “USDT” and “USDC” on JuChain are ERC-20 tokens deployed by the project team that can be arbitrarily minted, with no cross-chain bridge connection to the official stablecoins issued by Tether, Circle, or other legitimate providers.
JuCoin Reserve Proof Accused of Fraud; USDT and USDC Found to Be Project-Issued Tokens
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Summary
Federal Reserve news emerged as FlashRescue co-founder @DarcyAri exposed JuCoin’s Proof of Reserve as potentially fraudulent. JuCoin claims $51.1 million in reserves with a 123.81% coverage ratio, but all six assets—USDT, BTC, ETH, USDC, BNB, and SOL—are linked to a single JuChain address. The project’s so-called USDT and USDC are ERC-20 tokens issued by JuCoin itself, with no connection to Tether or Circle. A subsequent project announcement confirmed that these tokens are not cross-chain.
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