Summary
Ketju does not approve JustCryptos: the only way to get or redeem its wrapped tokens is a Poloniex account, and attackers drained more than $100M from Poloniex's hot wallet in November 2023. JustCryptos is a wrapping service that Poloniex holds the assets for. It issues TRC-20 versions of BTC, ETH and other assets on TRON. We found no published contract addresses, minting logic or on-chain architecture. Justin Sun has owned and controlled Poloniex since 2019. A JustCryptos holder therefore takes fully custodial exposure to one company, gated by KYC, whose custody has already failed once.
Review triggers
- JustCryptos publishes verifiable wrapped-token contract addresses and its custody or reserve architecture, not only a transparency page it controls
- A named custodian independent of Poloniex's own hot wallets holds the backing reserves, or an independent proof-of-reserves audit is published
- JustCryptos demonstrates a permissionless mint or redemption that does not require a Poloniex account
- No further Poloniex hot-wallet security incident occurs for 24 months in a row after the November 2023 breach
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- TRON
- Reviewed
- Last confirmed