Skip to main content

Binance CEO vs. Tron founder over SUI token issue


On April 30, Binance announced the launch of the 33rd project on its Launchpool, namely Sui. The Sui project, with its SUI token, is a level 1 DPoS blockchain based on the Move programming language. 

Staking and farming of SUI started yesterday, in BNB and TUSD. 

It must be remembered that since Binance USD (BUSD) had problems, the exchange’s preferred stablecoin has become True USD (TUSD). 

When SUI’s liquidity meets Binance‘s requirements, the exchange will start trading SUI/BTC, SUI/USDT, SUI/TUSD and SUI/BNB pairs.

The problem caused by Justin Sun according to CZ at Binance

Just yesterday, Whale Alert reported that over 56 million TUSD were transferred from Justin Sun to Binance. 

Upon hearing the news, the CEO of Binance posted a tweet reporting that the exchange team told the Tron founder that they would take action against him if he used any of those tokens to purchase SUI. 

The reason is that Binance’s LaunchPool is supposed to be a tool for small retail investors, not whales.

Tron founder’s response 

Justin Sun also later publicly responded to CZ’s tweet. 

He first stated that TRON DAO Venture is a market maker partnering with TUSD, and that the main objective of this multi-million dollar deposit was to facilitate market making of TUSD among major exchanges to improve liquidity and trading volume. 

In fact, he denied, albeit indirectly, that he wanted to participate in SUI’s LaunchPool. 

However, he also admitted that some members of his team were not fully aware of the intended use of these funds and thus “inadvertently” used some of them to participate in the very purchase of SUI. 

Sun admits that this was a mistake and reveals that he immediately contacted the Binance team and arranged for a full refund of the funds.

Finally, he apologizes to CZ.

Problem solved?

The specific issue regarding the possible purchase of SUI on Binance’s LaunchPool with funds from the TRON DAO venture seems to have been resolved. 

But one question remains: how was this possible? 

Note that CZ himself had stated in his initial tweet that blockchains are transparent, which means that such actions cannot go unnoticed. 

And for this very reason, it seems really strange that Justin Sun was aware of such an initiative, since he would have immediately realized that it would certainly not go unnoticed. 

While it is by no means possible to say that similar things will not happen again in the future, it does show how much easier it is in the crypto world to not let such initiatives go unnoticed. 

On the other hand, this issue is emblematic because it shows once again how active the whales are in this market. The fact is that the actions of the whales, who can easily deploy huge amounts of capital, have little impact on the markets. 

In fact, in many cases, when a market is tight or very young, the whales can do as they please.

All of this is practically inevitable, however, because incentivized blockchains cannot prevent large capital transfers by the whales in any way, so they are actually free to manipulate markets in some cases. 

Sui is now listed on BINANCE , at that point it is fair to wonder if the whales will be able to manipulate its price, for example by letting it rise in order to sell what they bought cheaply before.

DYOR

Comments

Contact us

Name

Email *

Message *

Popular posts from this blog

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry.  The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling.  Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk ab...

Coinbase to Require Recipient Information for Crypto Transfers From Users in Canada, Singapore and Japan

  Customers in those countries who send crypto outside their Coinbase accounts must provide recipients’ names, addresses and in some cases, additional information, as of early April. Cryptocurrency exchange Coinbase Global (COIN) will soon require its customers in Canada, Japan and Singapore who send cryptocurrency to another financial institution or exchange to provide the name, address and in the case of Japan, the destination wallet of the recipient. Coinbase has been sending notices to its customers in those countries that the changes will take effect in early April in order to comply with local travel rules in those places. Coinbase didn't immediately respond to requests for additional comment on the moves, but confirmed that they were taking place. The move  does not seem to be going over well  with Coinbase customers in those countries, who value the anonymity of transactions using cryptocurrency. According to a  FAQ provided by Coinbase , for Canadian users, ...

Farm GRASS earn MONEY

  Use your Unused Internet Bandwidth to make $$$ In today’s interconnected world, the concept of passive income has taken on new dimensions, offering innovative ways for individuals to monetize underutilized assets.  One such groundbreaking avenue involves earning money by selling your unused internet connection.  By participating in decentralized networks like Grass, individuals have the opportunity to turn their dormant bandwidth into a valuable asset, contributing to a fairer and more equitable digital landscape while generating income. Grass is a decentralized network sharing application designed to offer an alternative to existing centralized networks.  It allows users to sell their unused bandwidth directly, without the need for exploitative middlemen.  The platform operates by enabling users to download a web extension that runs in the background, assisting others in accessing public web data in exchange for payment using the protocol’s native token. How ...