Today, there was an interesting feud between the CEOs of Tron and Binance. Binance CEO CZ said that if Sun collects SUI with the TUSD he deposited in Binance, he will take action. Justin Sun now explains the reason behind the transfer…
Tron founder reacted with TUSD sent to Binance
In today’s event, Binance CEO reported that they will intervene if Sun attempts to collect SUI tokens. In the related transfer, the Tron founder transferred exactly 115.1 million TUSD to Binance. The transactions took place early this morning. CZ also made the following statement on Twitter shortly after:
Our team told Justin that we will “take action” if Sui on LaunchPool uses any of these to collect tokens. Binance LaunchPool means airdrop for our individual users, not just a few whales.
https://twitter.com/cz_binance/status/1652949031524376579
Justin Sun explains the real reason behind TUSD transfer
After warnings from Binance CEO CZ, Justin Sun revealed his real reasons for transferring TUSD from Twitter to Binance. Sun said he has no intention of owning a stake in the airdrop. He stated that the purpose of the transfers is to stabilize the price of TUSD and increase the liquidity and trading volume of unrealized orders.
To support his claim, Sun shared that TRON DAO Venture has processed a total of $40 million in trading volume in the past few hours. Thanks to this, he said he is trying to keep the TUSD price stable. However, since CZ’s warning, Sun continues to receive backlash from the crypto community.
As a partner market maker for TUSD, TRON DAO Venture's primary objective in depositing TUSD is to facilitate market-making between leading TUSD exchanges, thereby enhancing liquidity and trading volume, rather than participating in any exchange promotions.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 1, 2023
The details shared by the founder of Tron regarding the TUSD transfer following the explanations of CZ’s statements:
As a co-market maker for TUSD, TRON DAO Venture’s primary purpose in investing TUSD is to facilitate market making among leading TUSD exchanges, thereby increasing liquidity and trading volume, rather than participating in any exchange promotions. In just the last few hours, our market maker has contributed to the stability of the TUSD price by achieving a total trading volume of 40 million USD. Unfortunately, some of our team members were not fully aware of the intended use of these funds and inadvertently used some of them to participate in trade-offs. After noticing this error, we immediately contacted the exchange team and got a full refund of the funds.
Justin Sun has been involved in a number of controversies throughout his career
As we quoted as Kriptokoin.com, in March, the SEC launched a market manipulation investigation against Justin Sun. After Sun did not respond to the SEC’s request for a lawsuit, the regulator soon reported that he only had 3 weeks to appear in court.
Today we charged crypto entrepreneur Justin Sun and three of his wholly-owned companies for the unregistered offer and sale of crypto asset securities Tronix and BitTorrent.
Read more:https://t.co/4tXgKNof6Q
— U.S. Securities and Exchange Commission (@SECGov) March 22, 2023
Sun is also accused of insider trading with the TRON-based JUST token. The accusations were based on Sun’s tweet following an announcement that increased the JUST price. Sun has previously denied these accusations, however, with recent tensions with CZ, he is back in the spotlight with lawsuits against him.
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