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Breaking News: Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO
Justin Sun TRON TRXUSDT

BREAKING: TRON Founder Justin Sun Addresses Arrest Rumors

Reynaldo Marquez
by Reynaldo Marquez
2 years ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Former diplomatic representative for Grenada to the World Trade Organization and TRON Founder Justin Sun replied to the rumors about his alleged arrest. The crypto entrepreneur arrived in Hong Kong in the past 24 hours to participate in one of his company’s event, the crypto exchange Huobi.

Related Reading: Most People Purchase NFTs For Utility And Profits, Coingecko Study

Crypto Community Reacts To Justin Sun’s Arrest Rumors

Following Sun’s arrival, influencer Crypto_Bitlord shared the message below. This tweet triggered a reaction from the crypto community has been the target of regulatory scrutiny for allegedly violating U.S. securities laws:

BREAKING 🚨

****JUSTIN SUN ARRESTED IN HONG KONG ****

-SOURCE AT LOCATION

AUTHORITIES HOLDING SUN AT MICHINAWANAMUN STATION 🚨🚨🚨

-MORE TO COME.

— Crypto Bitlord (@crypto_bitlord7) April 11, 2023

A few minutes later, Sun replied to the Tweet by commenting “4,” a signal that has gained popularity in crypto. Many in the industry criticized the news outlets for sharing Bitlord’s tweet without “proper confirmation.”

Binance CEO Chanpeng “CZ” Zhao joined the debate via his Twitter account. CZ popularized using “4” to respond to the news surrounding the crypto industry in 2023.

The sector has seen regulators worldwide launching actions against crypto-friendly companies. The Securities and Exchange Commission (SEC) and other regulators have investigated CZ and Sun.

On each one of these occasions, CZ replied with the “4,” which is a call to “ignore FUD (Fear, Uncertainty, Doubt), fake news, attacks, etc.” In that sense, the Binance executive believes it is more relevant to focus on “education, compliance, product, and service.”

Will try to keep 2023 simple. Spend more time on less things. Do's and Don'ts.

1. Education
2. Compliance
3. Product & Service

4. Ignore FUD, fake news, attacks, etc.

In the future, would appreciate if you can link to this post when I tweet "4". 🙏

— CZ 🔶 BNB (@cz_binance) January 2, 2023

On Sun’s rumors, CZ said:

4. Not for myself. Just really sad to see people spreading FUD in the industry. I unfollow / block them.

As Bitcoinist reported, the SEC charged Sun, some celebrities, and three of his companies with conducting “unregistered sales of a crypto asset security.” The regulator also accused Sun of allegedly committing fraudulent activities regarding TRON’s native token, TRX.

As Bitcoinist wrote at the time:

The SEC alleges that Sun and his companies engaged in extensive wash trading to “fraudulently manipulate” the secondary market for TRX. These allegations of wash trading involve the simultaneous buying and selling of the same crypto asset to make it appear that there is more trading activity than there is.

Related Reading: Days After Arresting Do Kwon, Montenegro Wants To Develop A CBDC With Ripple

Sun has been careful about commenting on the SEC investigation and any other rumors regarding his financial activities. As of this writing, TRON’s native token TRX, trades sideways at $0.06.

Tron TRON TRX Justin Sun
TRX’s price is moving sideways on the daily chart. Source: TRXUSDT Tradingview

Cover image from Unsplash, chart from Tradingview

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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