Justin Sun Withdrawing Assets after Arrest Rumors Goes Viral

2023-4-15 15:42

Coinspeaker
Justin Sun Withdrawing Assets after Arrest Rumors Goes Viral

On-Chain data from crypto analytics firm, Lookonchain has shown that Justin Sun, the founder of the Tron Blockchain protocol has been liquidating some of his assets over the past 24 hours. According to the data from Lookonchain, the popular crypto innovator transferred a total of 2,200 ETH tokens worth approximately $4.6 million to both Binance and Huobi Global exchanges.

While the essence or purpose of the token transfers remains largely unknown, there has been ongoing speculation that the withdrawals might be connected to the recent rumor about the arrest of the Grenada Ambassador to the World Trade Organization (WTO) in Hong Kong.

Justin Sun can be tagged as a very polarizing figure in the digital currency ecosystem and despite not having been indicted in any jurisdiction, many stakeholders still do not trust his dealings. Recently, the United States Securities and Exchange Commission (SEC) levied charges against Sun and three of his companies.

The firms included Tron Foundation Limited, BitTorrent Foundation Ltd, and Rainberry Inc. Per the charges of the SEC, Sun allegedly facilitated and traded the sales of unregistered Tronix (TRX) cryptocurrency. Besides this, Sun was also slammed with charges related to secondary market manipulations through wash trading and the contracting of influencers to promote Tron ecosystem products without proper documentation or disclosures.

While Tron has not been one of the top digital currencies by ranking, the blockchain is arguably the biggest protocol that facilitates Tether (USDT) transactions on-chain. Considering the high cost of transactions on the Ethereum blockchain, Tron has become the preferred destination for most USDT stablecoin transactions.

This linkup is not a very solid one as regulators have often dragged Tether Holdings Ltd for similar market manipulations and the allegations against Tron may not help the outlook of either Web3.0 company.

Justin Sun Responds with No Explanation

In today’s digital currency ecosystem, the news is very easy to fly around irrespective of whether they are true or not. While the reasons for Sun’s recent financial transactions remain unknown, he has responded to the claims with just a comment “4” a number that signifies False News and Fear, Uncertainty and Doubts (FUD) amongst others.

Blockchain systems are very transparent and this accounts for why Lookonchain could pick up the young billionaire’s onchain activities.

Among the reasons why crypto Twitter might be suspicious of his moves include the hasty takeover of the larger shares of Huobi Global by About Capital Management. While Sun is currently playing a role as an international adviser to Huobi according to him, many believe he actually owns About Capital and is using the Venture Capital outfit as a front for his buyup of the trading platform.

Should Sun, however, be liquidating his assets based on the arrest or other legal brawls, then it will be just as legal fees can run into millions, learning from former FTX CEO Sam Bankman-Fried.

next

Justin Sun Withdrawing Assets after Arrest Rumors Goes Viral

Similar to Notcoin - Blum - Airdrops In 2024

origin »

SUNcoin (SUN) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 SUN

sun goes viral justin rumors arrest withdrawing

sun goes → Результатов: 22


TRON’s niTROn Summit to feature a basketball legend while the altcoins’ price carnage still goes on

TRON’s niTROn Summit to feature an entrepreneur/basketball legend Justin Sun announced earlier today that his niTROn 2019 summit will feature a very interesting guest. As a reminder, niTROn will be held on January 17th and 18th of 2019 in San Francisco and will have TRON, various blockchain developers, and entrepreneurs from all walks of industry […] The post TRON’s niTROn Summit to feature a basketball legend while the altcoins’ price carnage still goes on appeared first on CaptainAltcoin.

2018-11-20 22:10


Фото:

Call of Duty crime syndicate suspected of stealing $3.3M in cryptocurrency

Recently unsealed court documents allege a pair of Call of Duty gamers were key in the success of an aggressive online crime syndicate that stole at least $3. 3 million in cryptocurrency. An FBI affidavit details the active roles played by two individuals, from Dolton and Bloomington Illinois, in an intimidating hacking campaign that saw hundreds of mobile phones accessed using stolen names, phone numbers, and other information, the Chicago Sun Times reports.

2018-10-23 13:05