TRON founder Justin Sun has revealed his plan to trade meme-coins. After this announcement, a series of meme-coins rained down on Sun as a gift in a short time. However, a warning came from an analyst regarding these altcoins.
It’s raining meme-coin gifts for the Tron inventor!
As you follow on Kriptokoin.com, the founder of TRON, Justin Sun, recently announced his plan to trade meme-coins. After that, he received a set of meme coins as a gift. On May 11, Justin Sun announced that he will be actively playing meme-coins for entertainment purposes. He also noted that he would donate the profits from the investment to charities. On the other hand, he stated that he would take the responsibility himself if he suffered any damage. In this context, Sun shared the following:
I decided to start actively trading meme-coins and promising projects through my public address. Please note, I will personally bear all potential losses resulting from these transactions. In addition, I will donate all the profits I will make to charities.
I've decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023
The Tron founder emphasized that the decision was made individually and not related to company ownership. Therefore, the coins he buys may not be listed on Huobi or Poloniex exchanges. Immediately after this announcement, many meme-coin projects rushed to “gift” tokens to Justin Sun’s wallet. According to data from Etherscan, most of these tokens are practically worthless, including WEED, METH, and NGMI.
Warning for tokens gifted from analyst to Sun!
According to The Block Research analyst Steven Zheng, the act of sending meme-coins to Justin Sun’s wallet will make investors think that the Huobi owner actually bought these coins. Thus, it will create a false signal for the FOMO community to buy. From this point of view, Steven underlines the following points:
It’s no surprise that Sun received a string of meme-coins following his tweet. Scammers often send their tokens to famous people’s wallets to defraud others.
It’s also easy to understand this in the context of meme-coins being more popular than ever. In reality, almost all tokens are created with very little functionality and purely for speculative purposes. Moreover, many scams have also emerged from this trend.
PeckShield warns of scam
Earlier this week, an NFT scam following the PEPE wave took place on Twitter. Blockchain security unit PeckShield has also warned of a group of scammers who impersonated Justin Sun and bought large amounts of FOUR tokens and sent them to Poloniex. In this direction, PeckShield shared the following warning:
Justin Sun continues to receive multiple Shitcoins following his tweets. We noticed that a gang of scammers created a fake FOUR 4 days ago and used 0xac82…2a9 to pretend to be JustinSun. Scammers are pretending to be JustinSun and buying tons of fake FOUR. It then transfers them to Poloniex. Don’t fall into this trap!
#PeckShieldAlert #JustinSun continues to receive multiple Shitcoins following his tweets.
We have noticed that a scammer gang created a counterfeit $FOUR 4 days ago & used 0xac82…2a9 to pretend to be #JustinSun.
The scammers pretend to be #JustinSun, buying tons of fake $FOUR… pic.twitter.com/L4axTLR6as— PeckShieldAlert (@PeckShieldAlert) May 11, 2023
However, Justin Sun is not the first celebrity to receive free coins. Vitalik Buterin, the founder of Ethereum, once made $700,000 by selling “gratitude” coins.
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