• Days
  • Hours
  • Mins
  • Secs
  • Mon, 16 Sep 2019, 03:06 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Tron price plunges as founder Justin Sun denies investigation reports and posts photos of him in San Francisco

Image Credit: Justin Sun Twitter

Wed, 24 Jul 2019, 05:23 am UTC

The Tron (TRX) price plunged by over 20% from its 24-hour peak after its founder Justin Sun postponed his long-awaited lunch date with finance titan Warren Buffet. TRX/USD is trading at $0.023 at the time of writing.

The Tron Foundation claimed that Sun was suffering from bouts of kidney stones and needed to reschedule his meal that he won in a charity auction with Buffet in San Francisco to an unspecified date.

However, Chinese media reports claimed that the cancellation was not because of health problems but of legal issues. Chinese business site Caixin revealed that Sun was actually barred from leaving China, as he is being investigated on suspicions on illegal fundraising, money laundering, pornography distribution, and gambling.

Sun reportedly addressed these issues in a Weibo post, as per Cointelegraph. He denied the accusations of illegal funding as the Tron Foundation returned the investors’ funds. It can be recalled that the company has secured $70 million via an initial coin offering in 2017 before China banned the sale of digital tokens.

He further said that the money laundering claims were without legal basis as the Tron Foundation is based in Singapore and complies with the local regulations. It also does not involve fiat on or off-ramp services.

Tron has recently been scandalized by fraud, which the company said it warned its investors of scams using its likeness.

As for illegal porn-related transactions in his Peiwo app, Sun noted that his company complies with regulators, monitors its users, and tries to make sure the contents are positive.

Sun further emphasized that the Tron Foundation does not tolerate unlawful use of the protocol.

We understand the concerns over the development of blockchain technology, and we are willing to open up and communicate to jointly promote the development of blockchain technology in China,” Sun declared.

By far, the 29-year-old entrepreneur has not been formally charged with anything.

So, in an apparent move to disprove reports, he broadcasted a Periscope video and posted several photos on Twitter, including a picture of him and Tron Director of Communications Cliff Edwards with the Bay Bridge appearing in the background.

As of Monday, Sun had invited notable figures from the crypto space to join the lunch, including eToro founder Yoni Assia, Binance Charity Fund Head Helen Hai, and Circle CEO Jeremy Allaire.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,216.00 (-1.12%)
  • Ethereum (ETH) $191.08 (+1.25%)
  • XRP (XRP) $0.260100 (-0.79%)
  • Bitcoin Cash (BCH) $304.74 (+0.02%)
  • Litecoin (LTC) $70.47 (+0.17%)
  • Bitcoin (BTC) $10,216.00 (-1.12%)
Sep 16, 2019 (Monday)
11:57
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:31
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:24
HTC’s blockchain smartphone Exodus 1 adds support for Bitcoin Cash
10:14
Crypto Technicals: DASH/USD capped below 50-DMA, 'Bullish Divergence' keeps scope for upside
06:51
Crypto Technicals: LTC/USD breaks above 21-EMA, scope for further gains
06:41
ConsenSys enters decentralized finance ecosystem with new product suite ‘Codefi’
06:06
Kaleido Blockchain integrates QEDIT Zero-Knowledge Proof Enterprise Privacy Solution
05:21
Crypto Technicals: ETH/USD extends 21-EMA breakout, pauses shy of 55-EMA, bias bullish
04:39
Canada-based Bull Bitcoin latest to join Blockstream’s Liquid Network
04:25
Crypto Technicals: BTC/USD extends sideways with no clear directional bias
04:12
FxWirePro Poll: Ethereum seen to rise but not recoup 2018’s drastic losses
03:32
CME's bitcoin index provider CF Benchmarks scores FCA license in Europe
03:30
eToro introduces programming language Lira to simplify derivatives trading
03:18
Crypto ATM chain Coinme reels $1.5M from Ripple's Xpring, Blockchain Finance
03:16
Crypto lending firm BlockFi now lets clients earn interest on any amount of crypto holdings
03:07
Facebook to face 26 central bank officials over Libra crypto project
03:02
Deutsche Bank signs up to JPMorgan's blockchain-based Interbank Information Network
Sep 13, 2019 (Friday)
11:12
Libra Association head confident about crypto launch in H2 2020
10:42
Blockchain industry welcomes Mastercard-R3 collaboration, but skeptical about the future of private networks
09:52
tZERO to bring blockchain to film financing via new partnership
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft