• Justin Sun Responds to ‘Financial Crime’ Allegations, but Can Tron Survive?

  • According to a recent story by The Verge, Tron founder Justin Sun has been accused of breaking multiple international laws. The report claimed, citing sources and internal records, that Sun was involved in market creation, insider trading, and front running in the cryptocurrency market.

    Furthermore, he is accused of engaging in very dangerous and illegal trades via the cryptocurrency market Poloniex. One such argument is that Poloniex was operating on a rubber-stamping system of bogus know-your-customer information (KYC). Anyone reportedly approved as a new customer without demonstrating the veracity of their government identification documents.

    Soon after the exposé, the Sun dismissed the allegations as “false” and “manufactured.”

    “It is a complete untruth on the part of the Verge and the reporter, and a clear defamation about the Poloniex operation,” the Chinese crypto entrepreneur added. Furthermore, he said that the exchange has “solid risk management and significant financial resources” for client servicing.

    Concerning the bogus KYC claims, Sun remarked, “we have always endeavored to collaborate with regulators and invested in state-of-the-art KYC facilities in line with industry standards.”

    However, the media coverage does not end there. Financial crime claims, such as wire fraud and money laundering, become more serious. So much so, according to the source, that an FBI probe may already be underway.

    Sun took to Twitter to deny all of the aforementioned charges, adding, “We reserve the right to pursue legal remedies against the falsehoods brought on by any companies.” As our legal advice, we are represented by Harder LLP.”

    According to local Chinese media, Justin Sun has taken to Sina Weibo, a Chinese microblogging platform, to establish the report is a “Rumor.”

    He has reportedly stated that if the foreign media maligns him by circulating stories, he may retaliate by running for President of the United States.

    Meanwhile, not everyone believes that the crypto billionaire will be prosecuted for the alleged offenses. In The Verge, one of Sun’s employees speculates, “If he [Sun] breaks so many laws at such a rapid rate, it’d be difficult for anyone to catch up to him.”

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