Sun apologized for the massive TUSD transfer to Binance amid SUI farming, blaming the incident on an ignorant team member.
Tron founder and crypto entrepreneur Justin Sun transferred 56.1 million True USD (TUSD) worth over $56.4 million to crypto exchange Binance on Monday morning, sparking rumors about his intention to farm the just-released Sui (SUI) tokens on the Binance LaunchPool.
SUI Farming on Binance LaunchPool
Binance will then list the token on its trading platform across different trading pairs, including SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB, if the token’s liquidity meets the required amount. The exchange also promised investors zero maker fees on the SUI/TUSD trading pair until further notice.
While commenting on Sun’s actions, CZ insisted that the Binance Launchpool is meant as airdrops for the exchange’s retail users, not just a few whales. He further noted that the Binance team was prepared to take action against the Tron founder if he used his deposited assets to collect the Sui tokens during the farming period
Sun Apologizes
A few minutes after CZ’s disclosure, Sun apologized for the oversight caused by the transfer and clarified the situation. He said the Tron decentralized autonomous organization (DAO) deposited TUSD to facilitate market-making between exchanges and enhance liquidity and trading volume.
However, some Tron team members were unaware of the DAO’s primary objective and used the funds to participate in exchange promotions and campaigns.
Regrettably, some of our team members were not fully aware of the intended purpose for these funds and inadvertently used a portion of them to participate in exchange campaigns. Upon realizing this error, we immediately contacted the exchange team and arranged for a full refund…
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 1, 2023