Cryptocurrency Changpeng Zhao (CZ), the founder and CEO of the exchange Binance, warned TRON founder Justin Sun with a harsh language in his statement on Twitter.
CZ spoke after Justin Sun transferred $56.4 million worth of TUSD stablecoin to Binance.
Binance CEO Warns Justin Sun Not To Trade Sui Staking In His Statement
It was alleged that Justin Sun would stake these TUSD tokens to get a large share of the upcoming Sui Launchpool.
In his statement, Binance CEO told Justin Sun that if the company uses these TUSD tokens in his Sui Launchpool, they will “take action against it”.
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
CZ said that the altcoin Launchpool was not created for a few whales, but is made available to individual customers of the platform.
In addition, CZ stated that blockchain networks are transparent structures, signaling that if Justin Sun joins Sui Launchpool, they will definitely notice this.
As it is known, Binance announced in its announcement yesterday that the new altcoin Sui will be distributed to its users with a kind of staking system, and said that this staking transaction will also be given to users who stake TUSD and BNB.
Justin Sun responded to both the allegations and Binance CEO shortly after. Here is Sun’s explanation:
“As a co-market maker for TUSD, TRON DAO Venture’s primary purpose in investing these TUSD tokens is to facilitate market making among leading TUSD exchanges, thereby increasing liquidity and trading volume, rather than participating in any exchange campaigns.
Our market maker has contributed to the price stability of TUSD by reaching a total trading volume of 40 million USD in just the last few hours.
Unfortunately, some of our team members were not fully aware of the intended use of these funds and accidentally used some of them to participate in exchange campaigns. After becoming aware of this error, we immediately contacted the exchange team and ensured that all funds were returned.”
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…
— HE Justin Sun 孙宇晨 (@justinsuntron) May 1, 2023
*Not investment advice.
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