Cryptocurrency exchange Binance warns prominent blockchain entrepreneur Justin Sun against using his funds to acquire LaunchPool SUI tokens.
Binance (CRYPTO: BNB) CEO Changpeng Zhao took to Twitter to voice their concerns and ensure fair distribution of tokens for retail users, rather than allowing a select few “whales” to grab the market.
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“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 to be air drops for our retail users, not just for a few whales. On the bright side, blockchains are transparent…” Zhao tweeted.
🚨 🚨 🚨 56,100,000 #THOUSAND ($56,444,454) transferred from Justin Sun to #Binancehttps://t.co/OWFJNQ3oXO
— Whale Alert (@whale_alert) 1 May 2023
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In response to Zhao’s tweet, Sun defended his actions, claiming that THRONE (KRYPTO: TRON) DAO Ventures primary goal with deposits THOUSANDS (CRYPTO: TrueUSD) is to facilitate market making between leading TUSD exchanges, thereby increasing liquidity and trading volume.
Sun added that the primary intention was not to participate in any exchange promotions.
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“As a partner market maker for TUSD, TRON DAO Ventures’ primary objective in depositing TUSD is to facilitate market making between leading TUSD exchanges, thereby increasing liquidity and trading volume, rather than participating in any exchange promotions. Only the last hours, our market maker has achieved a total trading volume of USD 40 million, which contributes to the stability of TUSD’s price,” Sun said.
He also acknowledged that some of his team members were not fully aware of the purpose of these funds and inadvertently used a portion of them to participate in exchange campaigns.
Sun stated that upon discovering this error, his team immediately contacted the exchange and arranged for a full refund of the funds.
As a partner market maker for TUSD, TRON DAO Ventures’ primary objective in depositing TUSD is to facilitate market making between leading TUSD exchanges, thereby increasing liquidity and trading volume, rather than participating in any exchange promotions.
— HE Justin Sun 孙宇晨 (@justinsuntron) 1 May 2023
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