Justin Sun, the founder of the Tron Blockchain behind the popular altcoin TRX, is reportedly no longer a diplomat for Grenada. Here are the details…
Altcoin founder loses ambassador status
Sun’s ambassadorial status was stripped away after the June 2022 election, when the New National Party that had appointed Sun was overthrown by the National Democratic Convention, Grenada Broadcasting Network reported this week. The GBN reported that all ambassadors were recalled at some point during the “first months” of nine months of rule. However, Sun did not publicly announce that he had lost his position. The report follows weeks of speculation, both on social media and in the press, that Sun may have lost his credentials.
cryptocoin.com As we have also reported, Sun was appointed as the World Trade Organization ambassador by the Grenada government in 2021. Since his appointment as ambassador, Sun has touted his credentials in interviews and social media accounts, calling himself “His Highness (HE)”. Sun last tweeted from his diplomatic Twitter account (@HEjustinsun) in October. As of now, he still uses the title “HE” on his personal Twitter account. That is, he gave no indication that he was no longer a messenger.
Detail of Justin Sun accusations
Sun was sued last week by the U.S. Securities and Exchange Commission (SEC) for alleged fraud and securities breaches. Controversial crypto entrepreneur Justin Sun is currently facing a lawsuit over the US Securities and Exchange Commission’s (SEC) plan to pay celebrities to “promote” Tron’s TRX and BitTorrent (BTT) tokens. According to a press release from the SEC, the lawsuit specifically revolves around Sun’s use of promoting celebrities on the Tron Blockchain without disclosing that they were paid.
As a result, Sun, along with its three companies, including the Tron Foundation, was accused of manipulating the market through “extensive sequential trading” in Tron’s native token, TRX. It was also on the agenda of the regulators that famous names did not announce that they were advertising TRX for money. Many celebrities came into the focus of the SEC with the crime of advertising TRX without revealing that they were sharing posts in exchange for money. Eight celebrities were also indicted, including Lindsay Lohan and Jake Paul, for example. Celebrities then moved on to deal with the editor.
It is also alleged that Sun has directed its employees to make more than 60,000 “wash trades” on the two trading platforms, thus trying to create the appearance of high trading volume in the TRX token. Wash trades are transactions in which the same party acts as both buyer and seller, and is often done on certain exchanges to artificially inflate transaction volumes for certain tokens.
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