JuCoin's proof of reserves has been accused of being fake; "USDT" and "USDC" are actually tokens issued by the project team itself.

CoinFeed reported on June 6th that @DarcyAri, co-founder of FlashRescue, analyzed on the X platform that the official Proof of Reserve (PoR) of the cryptocurrency exchange JuCoin is fraudulent and does not constitute proof of solvency for genuine third-party public chain assets. JuCoin claims a total reserve of $511 million, a reserve ratio of 123.81%, covering six assets: USDT, BTC, ETH, USDC, BNB, and SOL. All six assets point to the same JuChain address on CoinMarketCap. Furthermore, the "USDT" and "USDC" on JuChain are ERC20 tokens deployed by the project team and can be arbitrarily increased, having no cross-chain bridging relationship with official stablecoins issued by Tether, Circle, etc.