Billionaire crypto founder Justin Sun has come under fire following accusations of insider trading. The TRON founder is said to have devised means to manipulate TRX’s price during the 2017 bull run.
TRON Founder Justin Sun Accused Of Insider Trading
In an X post, finance expert Tenten alleged that Justin Sun used the identities of multiple of his employees based in Beijing to operate accounts on the Binance exchange, which he used to manipulate TRX’s market cap. Tenten further stated that the crypto founder carried out aggressive and large-scale sales at the end of 2017 and the beginning of 2018.
She also alleged that this insider trading and “predatory practices” involving the TRX token on Binance were how Justin Sun amassed his wealth. Meanwhile, Tenten claimed that she had been in a relationship with the TRON founder in the early stages of his network’s development, which is how she got this information.
Tenten was commenting on a report that highlighted the SEC’s allegations against Justin Sun of fraud and wash trading. She stated that she has evidence showing that the TRON founder indeed used employees’ identities to artificially inflate the TRX price on Binance. She added that she is willing to fully cooperate with an SEC investigation and to submit all relevant WeChat records.
The finance expert stated that the crypto founder’s employees were the ones who provided her with these chats, which prove that he was involved in market manipulation. She requested that the U.S. authorities contact her so that she can forward this information. It is worth noting that the SEC has halted the case against the TRON founder, though it has not yet been dismissed.
Interestingly, her allegations follow the letter that House Democrats sent to the SEC about a “Pay-to-Play” in how it has handled Justin Sun’s case since the crypto founder invested in the Trump-linked World Liberty Financial (WLFI).
“Ignore The FUD”
Justin Sun has yet to openly address these allegations. However, following Tenten’s statements, he urged the TRON community to ignore the FUD and keep building and holding. In another X post, he highlighted how TRX is holding up well despite the crypto market crash. Meanwhile, Tenten has made further allegations, including that the crypto founder tried to defame her.
In an X post, she claimed that, in response to her initial allegations, Justin Sun has disseminated a large amount of false, malicious, and defamatory content targeting her. According to her, the TRON founder did this through Chinese crypto KOLs, with whom he has a long-term relationship.
She also accused these KOLs of being involved in market manipulation, stating that they usually work with crypto projects to make calls about their tokens. Then the team dumps the tokens after retail investors buy into it.
At the time of writing, the TRX price is trading at around $0.2821, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
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