Poloniex, a platform under the control of Justin Sun, offers a wrapped bitcoin (WBTC) product on the Tron network. This WBTC product is currently trading at a discount of more than 20% on Poloniex.

There has been no trading volume for the WBTC pair in the past day, and only 79% of the value of BTC's worth of WBTC has been exchanged against BTC on Tron.

Poloniex has not completed the proof-of-reserves process that was previously promised to Protos. The platform has not disclosed the location where the bitcoin reserves for the WBTC product are stored.

Protos has reached out to Poloniex to gather more information about the reserves of the product, when the proof-of-reserves process will be completed, and the relationship between Sun-owned Poloniex and Sun-advised HTX.

A large portion of the bitcoin held at HTX (formerly Huobi) is associated with the WBTC on Tron product offered by Poloniex. This product comprises more than 14,400 bitcoins valued at approximately $900 million, making up over half of all bitcoins on HTX as per the latest proof-of-reserves provided by HTX.

There are various connections between Poloniex and HTX, including the hosting of the "Huobi Platform User Agreement" page on the Poloniex support website.

Several Sun-affiliated companies, including JustLend, are affected by the risks posed by this WBTC on Tron offering, with about 92,000 bitcoins valued at around $5.6 billion held by JustLend.

In summary, the lack of transparency regarding the location of reserves for the WBTC on Tron product exposes JustLend, Poloniex, and HTX to significant market discounts.