Justin Sun, CEO and founder of Tron (TRX) denied accusations of facilitating porn transactions, illegal fundraising, gambling and money laundering on a post today July 23, 2019 on “Weibo”, a Chinese Social media platform.
The Tron Founder is being accused of money laundering by members of the Chinese media.
An article that was published earlier today mentions that Chinese media 21st Century Business Herald claimed that their reporters were informed by sources that haven’t been specified yet that Justin Sun is still in Chinese territory. There were also mentions of the alleged transactions related to pornography on his Social Media app Peiwo, gambling and illegal fundraising.
They have also suggested that Justin Sun can’t leave the country, which is actually the reason as to why Justin Sun had postponed the Warren Buffett Lunch and all press conferences indefinitely. They had also asked rhetorically if Sun would be meeting Buffett without the resolution of the concerns that were mentioned.
“Without a clear answer to these questions raised, will Justin Sun be able to have this $4 million meal?” the article questioned, implying that Justin Sun may not be able to leave China without addressing the alleged concerns.
Sun also tweeted a declaration that mentions the reason as to why the meeting was postponed, it was due to a medical condition. Justin Sun had responded to the accusations on the Weibo post that was mentioned.
Tron Foundation posted a tweet early today: “TRON Foundation announces postponement of Warrant Buffett lunch, press conferences after founder Justin Sun falls ill with kidney stones. Parties agreed to reschedule at a later date. @GLIDEsf @WarrenBuffett”
All the involvement in illegal practices were denied by Justin Sun
According to what he posted, the accusations for illegal fundraising are not true. He said that the Tron Foundation returned all the funds after the Chinese government banned the first coin offerings in September of 2017. He also mentioned that accusations about the money laundering have no basis because the location of the Tron Foundation is in Singapore, and is compliant with all local regulations, and has never been involved in fiat currencies.
He also stated that the company is collaborating with regulators regarding the Peiwo facilitation of the alleged illegal transactions related to porn. They are monitoring the users and tries to make sure that all the content are acceptable and positive.
Justin Sun had also addressed the accusations of facilitation of illegal activities on a high remark by informing that Tron is a decentralized internet network and that they strongly oppose unlawfully using the protocol. He also said: “We understand the concerns over the development of blockchain technology, and we are willing to open up and communicate to jointly promote the development of blockchain technology in China.”
Due to all the issues and accusations concerning Justin Sun, TRX price significantly went down by more than 15%.
According to the data from Coin360. Tron (TRX) price went down by about 16.5% within the last 24 hours, it now trades at approximately $0.024.
Seymour Nunez is a contributing writer for Cash Tech News who enjoys writing about the intersection of blockchain technology and everyday life.
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