# Why Ketju rejected JustCryptos

- URL: https://riadefi.com/rejections/justcryptos/
- Exposure: other
- Memo version: v1
- Reviewed: 2026-08-17
- Next review: 2026-11-17

## The memo

REJECTED. JustCryptos is not a smart-contract bridge; it is a Poloniex-custodied wrapping service that issues TRC-20 representations of BTC, ETH, and other assets on TRON, with no published contract addresses, minting logic, or on-chain architecture found in this review. The only way to obtain or redeem the wrapped tokens is through a Poloniex account — an exchange Justin Sun has owned and controlled since 2019, and whose hot wallet was drained of more than $100M in a November 2023 breach. This is fully custodial, single-entity, KYC-gated exposure to a custodian with a realized, not theoretical, security failure on record.

## What would reopen the file

- JustCryptos publishes verifiable wrapped-token contract addresses and custody or reserve architecture, not only a claimed transparency webpage
- An independent, named custodian separate from Poloniex's own hot wallets holds backing reserves, or an independent proof-of-reserves audit is published
- A genuinely permissionless mint or redeem path is demonstrated that does not require a Poloniex account
- No further Poloniex hot-wallet security incident occurs for 24 consecutive months following the November 2023 breach

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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