JuCoin $511 million Reserve Proof Challenged by Community, On-chain Assets Mostly JuChain Native Wrapped Tokens

June 6 – Darcy, former CMO of Web3 security firm Salus, published a post probing the authenticity of JuCoin’s asset reserves, alleging that the USDC token on JuChain is an ERC20 deployed by the project team, can be minted arbitrarily, and is not the genuine asset issued by Circle. JuCoin’s official Proof of Reserves (PoR) page discloses total reserves of roughly $5.11 billion with a 123.81% reserve ratio, backed by six asset types: USDT, BTC, ETH, USDC, BNB, and SOL. CoinMarketCap’s Ju.com page links these assets to address 0x0D141Fd7a9Ed772678522933D424E10eB4CAc48d, noting the data is reported directly by the trading platform. Further checks on the JuChain explorer found that the USDC, USDT, BTCB, ETH, BNB, and SOL held by this address are all ERC-20/BridgeToken mapped assets on JuChain—not actual assets issued by their respective issuers or native chain assets. Notably, JuChain’s USDC has only 14 total holders, with the PoR address holding approximately 99.99% of its total supply; the associated contract has mint and MINTER_ROLE permissions, enabling unrestricted minting. Public records show JuChain is not listed on Circle’s official native USDC supported chain list, nor is it on Tether’s official USDT supported protocol list. As such, JuCoin’s current reserve disclosures only confirm it holds named mapped tokens on JuChain’s ledger—not proof it holds equivalent genuine third-party redeemable assets. Going forward, JuCoin must disclose custody addresses behind its mapped assets, cross-chain bridge mechanisms, redemption rules, and third-party audit evidence to address market concerns over its reserve authenticity.