Many claims are emerging about Justin Sun, the founder of the TRON network. In particular, he is allegedly the secret owner of the TUSD stablecoin, which has been heavily used on the Binance exchange recently. Now, however, it has faced a lawsuit regarding TUSD. Here are the details…
TRON founder faces major lawsuit
The founder of Archblock alleges that Justin Sun secretly bought the True (TUSD) stablecoin in a lawsuit he filed. Tron founder Sun has been battling rumors and speculation that he is the secret owner of TUSD for some time. As we reported as Kriptokoin.com, both Sun and TrueUSD separately denied the claims. Now a lawsuit accuses Sun of obtaining TUSD by covert means. The lawsuit alleges that Sun employed a number of organizations and individuals to carry out the purchase while concealing its own role.
Archblock Founder Claims Justin Sun Was Secret TUSD Acquirer in Lawsuit (Not exactly a shocker) pic.twitter.com/ybTPmSOmtk
— db (@tier10k) July 17, 2023
TrueToken launched TrueUSD (TUSD) in 2018. The coin remains pegged to the dollar with corresponding USD reserves held in escrow accounts. According to CoinMarketCap, TrueUSD is currently the smallest of the five largest stablecoins by market cap. Given the rumors that have followed Sun for years, the reaction of the crypto community has been generally calm. In screenshots shared on Twitter, Sun appears to have requested that the details of any purchase remain confidential. This is an ominous sign, given the crypto industry’s ironic reputation for lack of transparency.
There was no change in TUSD price
The price of TUSD, which is designed to remain stable at a 1:1 ratio to the US dollar, remained unchanged. The founder of Tron has been frequently mentioned in the press this year for not very pleasant reasons. In March, the US Securities and Exchange Commission (SEC) indicted Sun and its three companies. US regulator, Tron Foundation Limited, BitTorrent Foundation Ltd. and Rainberry Inc. companies of Tronix (TRX) and BitTorrent (BTT) of illegally offering and selling crypto-asset securities.
The SEC also accused Sun and its companies of fraudulently manipulating the secondary market for TRX through extensive wash-trade. An application that involves the simultaneous or nearly simultaneous buying and selling of large volumes to display heavy trading volume and manipulate prices. He also allegedly paid celebrities to promote TRX and BTT without disclosing their fees. In this way, they also showed celebrities as honest fans. We will continue to convey the developments regarding the case in the coming period. Time will tell if there is any truth to the claims.
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