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News

Justin Sun Transfers $59M TUSD To Binance, CZ Warns Against Misuse

May 1, 2023 - Around 2 mins mins to read

Key Points:

  • Justin Sun transfers 59 million TUSD to Binance for liquidity, CZ warns against using TUSD to join Sui LaunchPool.
  • TRON DAO Venture serves as a partner market maker for TUSD and facilitates market-making between leading TUSD exchanges.
Justin Sun transfers 59m TUSD to Binance for liquidity, but CZ warns against using them for LaunchPool. TRON DAO Venture aims to facilitate market-making.
Justin Sun Transfers $59M TUSD To Binance, CZ Warns Against Misuse

In recent news, Justin Sun, the founder of TRON, has made a significant transfer of 59 million TUSD to Binance. Sun stated that this transfer was intended solely to provide liquidity, but Binance CEO Changpeng Zhao (CZ) responded with a warning. CZ said that if Sun uses TUSD to join Sui LaunchPool, action will be taken against him. CZ also emphasized that Binance LaunchPool is meant for retail users, not just for a few whales.

This situation highlights the importance of transparency and proper use of funds in the cryptocurrency industry. It is essential for all parties involved to have a clear understanding of the intended purpose of the funds and to act responsibly and ethically. It is worth noting that TRON DAO Venture serves as a partner market maker for TUSD and aims to facilitate market-making between leading TUSD exchanges rather than participating in exchange promotions.

Later, Justin Sun revealed that some of his team members inadvertently used some funds to participate in exchange campaigns. Upon realizing their error, they promptly refunded the funds. This serves as a reminder that proper communication and management of funds are crucial, especially in the fast-paced world of cryptocurrency.

On the bright side, this situation highlights the transparency of blockchains. The public nature of blockchain technology makes tracking and verifying transactions easier, ensuring that all actions are transparent and accountable.

As for the future relationship between TRON and Binance, it remains to be seen. Nevertheless, this event has brought attention to the need for clear communication and ethical use of funds in the cryptocurrency industry. This situation emphasizes the importance of responsible and transparent behavior to maintain the wider community’s trust.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News

Justin Sun Transfers $59M TUSD To Binance, CZ Warns Against Misuse

Key Points:

  • Justin Sun transfers 59 million TUSD to Binance for liquidity, CZ warns against using TUSD to join Sui LaunchPool.
  • TRON DAO Venture serves as a partner market maker for TUSD and facilitates market-making between leading TUSD exchanges.
Justin Sun transfers 59m TUSD to Binance for liquidity, but CZ warns against using them for LaunchPool. TRON DAO Venture aims to facilitate market-making.
Justin Sun Transfers $59M TUSD To Binance, CZ Warns Against Misuse

In recent news, Justin Sun, the founder of TRON, has made a significant transfer of 59 million TUSD to Binance. Sun stated that this transfer was intended solely to provide liquidity, but Binance CEO Changpeng Zhao (CZ) responded with a warning. CZ said that if Sun uses TUSD to join Sui LaunchPool, action will be taken against him. CZ also emphasized that Binance LaunchPool is meant for retail users, not just for a few whales.

This situation highlights the importance of transparency and proper use of funds in the cryptocurrency industry. It is essential for all parties involved to have a clear understanding of the intended purpose of the funds and to act responsibly and ethically. It is worth noting that TRON DAO Venture serves as a partner market maker for TUSD and aims to facilitate market-making between leading TUSD exchanges rather than participating in exchange promotions.

Later, Justin Sun revealed that some of his team members inadvertently used some funds to participate in exchange campaigns. Upon realizing their error, they promptly refunded the funds. This serves as a reminder that proper communication and management of funds are crucial, especially in the fast-paced world of cryptocurrency.

On the bright side, this situation highlights the transparency of blockchains. The public nature of blockchain technology makes tracking and verifying transactions easier, ensuring that all actions are transparent and accountable.

As for the future relationship between TRON and Binance, it remains to be seen. Nevertheless, this event has brought attention to the need for clear communication and ethical use of funds in the cryptocurrency industry. This situation emphasizes the importance of responsible and transparent behavior to maintain the wider community’s trust.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News

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