Poloniex, an exchange owned by Justin Sun, provides a wrapped bitcoin (WBTC) product on Tron that is currently trading at over a 20% discount on Poloniex.

The WBTC pair traded against BTC on Tron has WBTC worth only 79% of BTC, with no trading volume in the last 24 hours.

Poloniex has not revealed the location of the bitcoin reserves for the WBTC product and has not completed the promised 'proof-of-reserves.' Questions have been raised regarding the relationship between Sun-owned Poloniex and Sun-advised HTX.

The WBTC on Tron product offered by Poloniex constitutes a significant portion of the bitcoin held at HTX, formerly Huobi. The latest proof-of-reserves from HTX shows that over half of all bitcoin on HTX is in the WBTC on Tron product, amounting to over 14,400 bitcoins valued at almost $900 million.

There are additional ties between Poloniex and HTX, as the Poloniex support website features a page for the 'Huobi Platform User Agreement.' JustLend, another Sun-connected entity, also has substantial exposure to WBTC on Tron, with nearly 92,000 bitcoins worth around $5.6 billion.

In conclusion, JustLend, Poloniex, and HTX are all linked to the WBTC on Tron product, which is currently trading at a significant discount. The issuer of the product has not disclosed where the reserves are located.

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