After a first article published in September 2020 on the scandalous activities of the boss of TRON. The Verge returns to the charge by putting on the table new elements. Back to this case which is shaking the ecosystem of Tron (TRX).
Justin Sun is once again in the sights of editor Christopher Harland-Dunaway. New information that the columnist seems to have unearthed from reliable sources is making headlines on the web. The situation heats up and Justin breaks the silence by making clarifications while pointing out that he could take legal action.
Tron ICO Escapes Chinese Government Control
We all remember the Tron ICO in 2017 and the Chinese decision to stop these kinds of activities under the guise of limiting fraud cases because of crypto projects which left behind many victims of scams. However, that of Tron was able to be done without any problem because it had indeed started before the news broke.
If we take the allegations supported in the article as true, Justin would have taken the lead in playing his connections. Indeed, the state’s decision would have been publicized and this allowed him to continue his ICO. But he had to flee afterwards to escape government reprisals.
In its entirety, everything would have been made by The Verge tells us Justin Sun in his Tweet in response. These would be unfounded accusations.
Poloniex case: The exchange with dubious practices
When Poloniex was in financial trouble, Justin invested in the exchange. He for a while denied that he was one of the buyers before finally admitting it. Everything suggests that the KYC process does not meet the required standard.
That said, without forgetting that he moved him from Boston to settle in the Seychelles Islands. This gives him a double advantage. The regulations are much more flexible and the legal proceedings should only involve a Seychellois court, but Mr Sun counterattacks.
[… ] Additionally, we have always strived to work with regulators and have invested in state-of-the-art KYC facilities in line with industry standards.
In fact, Poloniex is not registered in the Seychelles. The exchange does not operate in the United States nor does it serve US customers.
Additionally, Mr Sun is believed to have hijacked around 300 Bitcoins from deactivated Tether wallets for his personal use during ‘ Operation Couch Cushions ‘. The aforementioned operation consists of finding the BTC traps and transferred to a first anonymous wallet and then to another wallet of the company to avoid any retracement.
Again Justin denies in these words:
“@Poloniex has always enjoyed an excellent reputation since its origin as a SAFU exchange. We have maintained the highest standards of crypto asset protection for our clients with a proven track record of no major security breaches in operation over the past 8 years.”
tTorrent Deal: Everything For A Rise in TRX
Insider trading is at the heart of this case. After Justin acquired BitTorrent in 2018, a team was set up for market making. It was necessary at all costs that the price of TRX tokens does not escape Justin’s control.
Before the disclosure of some news that could affect the price of Tron, Sun used to contact a few investors so that they could buy low and then liquidate their position and profit from it.
Fearing being in the crosshairs of justice in the United States, Justine hatches a plan to circumvent future sanctions from the SEC. A former regulator has been approached to ensure crypto compliance.
But as it was rather necessary to deflect the potential sanctions by illegal maneuvers rather than to comply with the SEC, he resigned thereafter. The tweets aim to shine a light on his innocence and gloss over accusations related to the BitTorrent affair in particular