Justin Sun: The $405 Million TUSD Transaction Is To Promote Market Making 

Key Points:

• Justin Sun stated that team members mistakenly spent a portion of their TUSD to participate in exchange activities and have requested a full refund.
• He said that certain team members did not fully comprehend the intended use of these money and, as a result, used some of them mistakenly to participate in exchange activities. 

Justin Sun responded to Changpeng Zhao by outlining the reason for his team’s involvement in the TUSD transaction.

“As a cooperative market maker of TUSD, the main purpose of TRON DAO Venture’s deposit of TUSD is to promote market making among TUSD’s leading exchanges, thereby improving liquidity and trading volume, rather than participating in any exchange promotions,” Justin Sun tweeted in response to Changpeng Zhao. Our market maker has reached a total trading volume of 40 million US dollars in the last several hours, contributing to the stability of the TUSD price. 

According to him, certain team members did not fully comprehend the intended use of these money and, as a result, used some of them mistakenly to participate in exchange activities. When they realized their error, they immediately contacted the exchange team and arranged for a full refund. He also expressed regret for the oversight.

Today, Justin Sun sent 405 million TUSD to Binance in ten transactions, according to reports. Changpeng Zhao indicated that Justin Sun has been told not to use his TUSD in SUI new currency mining or he will take action against him.

Changpeng Zhao (CZ) issued a warning. CZ stated that if Sun uses TUSD to join Sui LaunchPool, he would face consequences. CZ further stressed that the Binance LaunchPool is intended for retail consumers, not just a few whales.

This event emphasizes the significance of transparency and effective money management in the cryptocurrency business. It is critical that all individuals involved understand the intended use of the funding and act properly and ethically. It is worth noting that TRON DAO Venture acts as a TUSD partner market maker, facilitating market-making between prominent TUSD exchanges rather than participating in exchange advertising.

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.

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