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.
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 & Service4. 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.
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.
Cover image from Unsplash, chart from Tradingview