Justin Sun, Founder of TRON, Was Accused of a Slew of Illegal Acts in Cryptocurrency
Justin Sun – A controversial millionaire
The Verge, a well-known digital newspaper, accused Justin Sun of evading the Chinese government’s ICO ban. Justin Sun is one of the most controversial figures in cryptocurrency. He is the founder of TRON and a supporter of BitTorrent.
In 2017, a large number of rug pull cases were reported because the cryptocurrency market was filled by many extremely inexperienced investors at that time. As a result, the Chinese government says that ICOs were used to conduct financial fraud, pyramid schemes, and other unlawful and criminal acts and decided to ban them. However, Justin Sun had just finished the TRX token ICO and earned $70 million before heading to Korea to avoid the prohibition.
“People were swindled so frequently the United States Securities and Exchange Commission could barely file criminal charges fast enough. The Chinese government’s ICO ban was why, a week later, Sun was waiting for a flight in Incheon International Airport. Sources who heard him tell this story say Justin believed he was a fugitive and was ready to take off at a moment’s notice,” stated The Verge.
“Sun pushed TRX to finish its token sale the day before the ban was announced. Sun had been tipped off by Changpeng “CZ” Zhao, the founder and CEO of Binance, one of the world’s busiest cryptocurrency exchanges.”
Justin Sun is also accused of manipulating the price of the TRX token and of running the Poloniex cryptocurrency exchange in a confusing way. The KYC system of Poloniex was made to be permissive. It was very easy for its users to be approved since it did not ask for any “rubber-stamped government IDs of any kind.”
“Polo used to be shitcoin casino numero uno. It would list everything. People would constantly do pump-and-dumps on it,” his former employee added.
The China-born tech entrepreneur has responded to these accusations on Twitter: “It is a complete falsehood on the part of the Verge and the reporter and a blatant defamation about the Poloniex operation. Polo enjoys robust risk management and strong financial resources that have provided top of class services to our customers throughout its history.”
“Further, we have always strived to collaborate with regulators and invested in state-of-the-art KYC facilities in line with the industry standard,” he added.
In August 2021, Poloniex agreed to a $10 million settlement with the Securities and Exchange Commission (SEC) on allegations that it listed securities prior to Justin Sun’s purchase of Poloniex; it did not accept or deny the findings.
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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Justin Sun, Founder of TRON, Was Accused of a Slew of Illegal Acts in Cryptocurrency
Justin Sun – A controversial millionaire
The Verge, a well-known digital newspaper, accused Justin Sun of evading the Chinese government’s ICO ban. Justin Sun is one of the most controversial figures in cryptocurrency. He is the founder of TRON and a supporter of BitTorrent.
In 2017, a large number of rug pull cases were reported because the cryptocurrency market was filled by many extremely inexperienced investors at that time. As a result, the Chinese government says that ICOs were used to conduct financial fraud, pyramid schemes, and other unlawful and criminal acts and decided to ban them. However, Justin Sun had just finished the TRX token ICO and earned $70 million before heading to Korea to avoid the prohibition.
“People were swindled so frequently the United States Securities and Exchange Commission could barely file criminal charges fast enough. The Chinese government’s ICO ban was why, a week later, Sun was waiting for a flight in Incheon International Airport. Sources who heard him tell this story say Justin believed he was a fugitive and was ready to take off at a moment’s notice,” stated The Verge.
“Sun pushed TRX to finish its token sale the day before the ban was announced. Sun had been tipped off by Changpeng “CZ” Zhao, the founder and CEO of Binance, one of the world’s busiest cryptocurrency exchanges.”
Justin Sun is also accused of manipulating the price of the TRX token and of running the Poloniex cryptocurrency exchange in a confusing way. The KYC system of Poloniex was made to be permissive. It was very easy for its users to be approved since it did not ask for any “rubber-stamped government IDs of any kind.”
“Polo used to be shitcoin casino numero uno. It would list everything. People would constantly do pump-and-dumps on it,” his former employee added.
The China-born tech entrepreneur has responded to these accusations on Twitter: “It is a complete falsehood on the part of the Verge and the reporter and a blatant defamation about the Poloniex operation. Polo enjoys robust risk management and strong financial resources that have provided top of class services to our customers throughout its history.”
“Further, we have always strived to collaborate with regulators and invested in state-of-the-art KYC facilities in line with the industry standard,” he added.
In August 2021, Poloniex agreed to a $10 million settlement with the Securities and Exchange Commission (SEC) on allegations that it listed securities prior to Justin Sun’s purchase of Poloniex; it did not accept or deny the findings.
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 CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
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