While Justin Sun sent over 56 million TUSD to Binance, CZ indicated that the exchange would take action if these funds were to be used in SUI’s Lauchpool. For his part, Justin Sun apologized, claiming movements initiated “inadvertently”.
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CZ threatens to take action against Justin Sun
While Whale Alert’s Twitter account this morning informed that Justin Sun had transferred 56.1 million TUSD to Binance, Changpeng Zhao (CZ), the exchange’s CEO and founder, reported that action would be taken, if the founder of Tron (TRX) used this cash in the Sui Launchpool :
Our team told Justin, if he uses any of these to grab the LaunchPool Sui token, we will “take action against it”. SMH.
Binance LaunchPool are meant as air drops for our retail users, not just for a few whales.
On the bright side, blockchains are transparent… https://t.co/8Xs1oXjfVd
— CZ 🔶 Binance (@cz_binance) May 1, 2023
Indeed, Binance today unveiled a Lauchpool for the launch of the SUI token of the blockchain of the same name. For 2 days, it is thus possible to be rewarded with this cryptocurrency on Binance, by depositing BNB or TUSD stablecoin on Launchpool :
Sui’s Launchpool on Binance
Faced with the transaction assimilated to Justin Sun, CZ indeed recalled that the Launchpool airdrops were intended for “detail users, not just for a few whales“.
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Justin Sun apologizes
For his part, the interested party commented on Changpeng Zhao’s tweet, apologizing and claiming ainadvertent useof these funds.
In effect, these TUSD would have been sent to Binance for market making purposes, to guarantee the stability of the stablecoin and provide liquidity. Thus, Justin Sun argues that some members of the Tron DAO Venture team “were not fully aware of the destination of these funds», and that the shot was rectified immediately:
We sincerely apologize for this oversight @cz_binance!
— HE Justin Sun 孙宇晨 (@justinsuntron) May 1, 2023
While an interesting debate can take place over whether or not whale participation in operations like the Binance Launchpool is legitimate, Justin Sun’s reaction also has something to question.
And for good reason, either this is just an excuse to hide the fact that he really wanted to participate, or you have to worry that such large amounts could be moved “inadvertently“.
👉 Also in the news — FDIC confirms takeover of First Republic Bank by JP Morgan
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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