CZ and Justin Sun Have a Misunderstanding
The founder of Tron Justin Sun and Binance CEO CZ had a misunderstanding. Were they able to solve it?
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People are fighting on Twitter again. This time, the quarrel features Binance CEO CZ and founder of Tron Justin Sun.
In a tweet dated May 1st, CZ quoted a whale’s alert tweet, writing: “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 is meant as airdrops for our retail users, not just for a few whales.”
The warning came after it became known that a transfer worth 56,100,000 #TUSD (56,444,454 USD) from Justin Sun to #Binance had taken place.
Source: Twitter
In the same Twitter thread, Sun replied that Tron DAO’s primary objective in depositing TrueUSD “is to facilitate market-making between leading TUSD exchanges, thereby enhancing liquidity and trading volume, rather than participating in any exchange promotions”, adding that “In just the past few hours, our market maker has achieved a total trading volume of 40 million USD, contributing to the stability of TUSD's price.”
“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 of the funds,” he said.
Tron also apologized for the entire episode.
Source: Twitter
For the uninitiated, Sui is a layer-1 blockchain created by Mysten Labs and founded by ex-Meta executives.
On April 30, Binance LaunchPool opened the BNB-Sui and TUSD-Sui staking pools for its users.
At the time of writing, Sui (IOU) was trading at $2.22.
Previously, GNcrypto wrote about six steps to the gallows and how Binance faces potential consequences.
To find out more about Tron, read this article.
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