Justin Sun, founder of altcoin and blockchain platform Tron, vehemently denied multiple allegations against him in The Verge’s article on Wednesday. So what were the allegations? As Kriptokoin.com, we are providing the details…
Shock allegations against Justin Sun
Sun described the article as “a clear defamation” and threatened “take legal action”. He also defended the Poloniex exchange. “The Verge and its reporter are completely unfair and a blatant slur on the Poloniex operation,” said the Chinese-born tech entrepreneur who founded TRON in 2018 before buying peer-to-peer software firm BitTorrent in 2018 and then invested in Poloniex in 2019. used the phrases.
After purchasing Poloniex, Sun allegedly implemented a know-your-customer (KYC) system that quickly approves new customers. A former Poloniex employee joked that they might greenlight a “photo of Duffy Duck.” Sun allegedly engaged in insider trading to manipulate the market. The article also accuses Sun of exploiting 300 BTC (roughly $12.5 million) that were mistakenly deposited into Tether’s Omni addresses by Poloniex customers.
The altcoin inventor allegedly “broke too many laws”
According to the statement, Sun referred to himself as “Chairman Mao” during a meeting with BitTorrent executives. A former employee told The Verge that Sun broke too many laws and catching them all might be “impossible”. Claiming to have received subpoenas, The Verge says Sun faces a range of charges including electronic fraud, money laundering, fraud, aiding and abetting crime. An anonymous source cited by The Verge claims that a certain number of Sun employees may be collaborating with the authorities.
Sun used the following expressions in his Twitter post in which he responded to the allegations:
- “Poloniex has throughout its history sound risk management and strong financial resources providing our clients with first-class services.”
- “Furthermore, we have always sought to collaborate with regulators and invest in state-of-the-art KYC facilities that comply with industry standard.”
- Sun, the article refutes the claim that the exchange is based in Seychelles and states that it does not serve US residents.
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