On-chain data shows Justin Sun controls virtually all stUSDT
Staked Tether (stUSDT), a product that promises to pay yield on tethers in return for investing in them and real-world assets, is almost completely controlled by Justin Sun-connected wallets and entities. stUSDT claims to be governed by an entity called the Real World Asset Decentralized Autonomous Organization (RWA DAO), however, as mentioned previously, Protos couldn’t find any decentralized or autonomous governance structures related to this protocol. The product’s website states that it was launched in partnership with JustLend DAO, but Protos was unable to identify any proposals or discussions in JustLend related to the launch of RWA DAO. This seemingly non-existent DAO ostensibly takes the tethers staked by users and invests them in projects and assets in the real world as decided by the DAO. It then pays the returns back to stUSDT holders. stUSDT does not currently have details of any of the investments it has made for this project. Where are the stUSDT? stUSD...