JuCoin's PoR Accused of Fraud; USDT and USDC Found to Be Project-Issued Tokens

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A project announcement from FlashRescue co-founder @DarcyAri reveals on-chain findings regarding JuCoin’s Proof of Reserve (PoR), which is alleged to be fraudulent. The platform claims $511 million in reserves with a 123.81% reserve ratio, but assets such as USDT and USDC are project-issued tokens on JuChain. These tokens are not linked to official stablecoins and can be arbitrarily inflated. The PoR address holds 99.99% of these tokens, with only 14 total holders.

ME News reports that on June 6 (UTC+8), FlashRescue co-founder @DarcyAri analyzed on X that the official Proof of Reserves (PoR) for the crypto exchange JuCoin is fraudulent and does not constitute valid 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, which can be arbitrarily minted and have no cross-chain bridge connection to the official stablecoins issued by Tether, Circle, or other legitimate issuers. Currently, there are only 14 holders across the entire chain, with the PoR address holding 99.99% of the supply. (Source: PANews)

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