Tron Founder Justin Sun Made a Big Transfer From This Altcoin To Binance And Huobi Exchange!

of TRON founder Justin Sun’s Binance And Huobi total exchanges 2,200 ETH (equivalent to approximately $4.6 million) reportedly arousing suspicion among market watchers. This move comes after rumors surfaced that Sun was arrested in Hong Kong.

Justin Sun Withdraws Funds After Arrest Rumors

Sun said these rumors were “FUD, fake news, hacks, etc. Although he quickly dismissed it with a tweet containing the phrase “4” meaning “ignore it”, community concern remained, leading to a significant sell-off in TRON’s native cryptocurrency.

Justin Sun transferred 2,200 ETH ($4.6 million) to Binance and Huobi today.

Justin Sun transferred 2,200 $ETH ($4.6M) to #Binance and #huobi 1 hour ago.https://t.co/28ytIh92dY pic.twitter.com/tWdX8Kmr8p

— Lookonchain (@lookonchain) April 14, 2023

Recent rumors of arrests and subsequent Sun’s money transfer have raised questions as to whether the two incidents are linked.

While the exact reason for Sun’s transfer remains unclear, it may be linked to ongoing speculation about his arrest and potential legal issues.

On March 22, 2023, the Securities and Exchange Commission (SEC) filed a criminal complaint against Justin Sun and three wholly owned companies. These companies are Tron Foundation Limited, BitTorrent Foundation Ltd. and Rainberry Inc. (formerly BitTorrent).

These charges relate to the unregistered offering and sale of crypto-asset securities Tronix (TRX) and BitTorrent (BTT).

Additionally, the SEC accused Sun and its companies of fraudulently manipulating the secondary market for TRX through extensive wash trading and orchestrating a scheme to pay celebrities to promote TRX and BTT without disclosing their compensation.

*Not investment advice.