In a recent tweet, Binance’s CZ slammed Justin Sun for depositing a large amount of TUSD into the exchange, giving warning of facing consequences.
In the rapidly evolving crypto market, disputes between industry leaders can send ripples through the entire ecosystem. Recently, a high-profile clash between Binance, the world’s leading cryptocurrency exchange, and Justin Sun, the founder of TRON, has captured the attention of the crypto community. Binance CEO Changpeng Zhao has publicly criticized TRON founder Justin Sun, threatening to take action if Sun attempts to exploit the LaunchPool Sui token.
The Clash Began With Justin Sun’s 155 Million TUSD Transfer To Binance
In a high-stakes move that captured the crypto community’s attention, TRON founder Justin Sun deposited a staggering 155,100,000 TUSD into Binance. This colossal transaction, flagged by blockchain tracker and analytics system Whale Alert, sent waves of curiosity throughout the industry.
Quick to address the buzz, Sun took to Twitter to clarify the purpose behind the deposits, which were sent in two massive batches of 59,000,000 (equivalent to 59,479,670 USD) and 56,100,000 (equivalent to 56,444,454 USD) TUSD, respectively.
Justin Sun swiftly addressed the growing speculation surrounding the TRON DAO Venture’s massive deposit into the exchange. He explained that the primary aim of acting as a cooperative market maker for TUSD is to balance the price discrepancies among major TUSD markets and enhance liquidity for pending orders and trading volume. Contrary to popular belief, Sun emphasized that the deposit was not intended to participate in related exchange activities.
He further revealed that following an investigation, it was found that TRON DAO Venture had successfully completed transactions worth $40 million in just a few hours, contributing to the stabilization of TUSD’s price. He acknowledged that some colleagues had participated in the launchpool using a portion of the funds, as they were unaware of their intended purpose. Sun added that they had promptly contacted the exchange to fully refund the activity funds and apologized for the oversight.
Sun’s clarifications came as a response to mounting conjecture that the TRON founder planned to take part in Binance’s latest launchpool event. His comments have shed light on the true purpose of the deposit, steering the conversation away from baseless rumors.
Binance CEO Changpeng Zhao Warns Justin Sun
On April 30, Binance unveiled its 33rd project on the Binance Launchpool platform: Sui. This exciting initiative empowers Binance users to farm SUI tokens by staking BNB and TrueUSD (TUSD) on the platform.
As announced, the farming incentives are set to kick off on May 1, continuing for a two-day period. Once SUI’s liquidity meets the required criteria, Binance will proceed to list the token, offering four enticing trading pairs: SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB.
A generous bounty of 40 million SUI tokens awaits those who participate in farming the two pools. As of this writing, an impressive 772.8 million TrueUSD had been staked into the TUSD pool, while a staggering 8.9 million BNB, valued at nearly $3 billion, had been committed as well.
Following the spike in staked TUSD and Justin Sun’s massive transfer, Binance’s CEO CZ has warned the TRON founder. Zhao expressed his disapproval on Twitter, stating that Binance LaunchPool is designed to benefit retail users, not just a select few “whales.” CZ further stated that Justin Sun might face actions if he used any of these funds to take over the Launchpool Sui token.
Binance LaunchPool, a well-known initiative by the leading crypto exchange, aims to provide retail users with access to new token launches. The platform serves as a launchpad for emerging projects, offering everyday investors the chance to participate in airdrops and token distributions.
Zhao’s warning to Sun emphasizes the need for transparency and equitable opportunities within the blockchain ecosystem. By calling out Sun’s potential attempts to monopolize Sui tokens, the Binance CEO reinforces the platform’s commitment to fair play and open access for all users.