Tron founder Justin Sun is once again in the limelight after the big transfer to Binance. The funding exit comes shortly after a recent SEC lawsuit. It is claimed that Sun turned his altcoins and tokens into cash.
Tron founder withdraws massive funds amid SEC lawsuit
On March 22, the US regulator SEC filed a lawsuit against Justin Sun and its executives associated with his companies. The founder allegedly manipulated the market via TRX. Sun then refused to appear in court until mid-April. In a new move, the SEC gave Sun 21 days to respond to the call.
The lawsuit filed against him in the Southern District of New York gives the Tron founder three weeks. cryptocoin.com After the development dated April 13, which we have quoted as , a large amount of funds transferred to Binance and Houbi exchanges attracted attention today. Sun could sell about $4.6 million worth of altcoins…
According to data provided by Lookonchain, Sun recently transferred 2,200 ETH to Binance and Houbi wallets. The transaction was valued at $4.6 million and there is no clear information about whether it has sold yet.
Loaded transfer raises question marks
Recent rumors of arrests and Sun’s subsequent transfer of funds raise questions about whether the two incidents are linked. While the exact reason for Sun’s transfer remains unclear, it could be linked to ongoing speculation and potential legal issues regarding his arrest.
The March SEC lawsuit filed criminal charges against Justin Sun and three of his wholly-owned companies: Tron Foundation, BitTorrent, and Rainberry. The SEC indictment concerned the unregistered supply and sale of crypto securities Tronix (TRX) and BitTorrent (BTT). In addition, the SEC accused Sun and its companies of fraudulently manipulating the secondary market for TRX through large-scale trading and secretly plotting to pay celebrities to promote TRX and BTT.
The SEC’s announcement casts a shadow on Sun’s reputation and the future of the TRON project. The sale of TRON’s native cryptocurrency and the decision of several exchanges to delist the token shows that confidence in the project and its leadership has been lost. The timing of Sun’s ETH transfer to Binance and Huobi could be an attempt to raise funds amid the ongoing legal turmoil and uncertainty surrounding the arrest rumors.
How about the Tron (TRX) price? Has the news had an impact on the altcoin?
The local cryptocurrency of the Tron network did not react to concerns that Sun might be on the run. At the time of writing, it’s rising around 2.5% along with the market overall. Ethereum’s 6% initial rise supported the altcoin market.
However, it should be noted that the prices of Tron and Justin Sun-linked altcoins fell sharply on the first day of the SEC lawsuit.
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