The Latest Sun Controversy is Kind of Embarrassing...

Article source, here.

TL;DR

• 56,100,000 TUSD ($56,444,000 USD) was transferred early Monday morning from Justin Sun to Binance.

• LaunchPool allows users to stake their TUSD or BNB to provide funds into a liquidity pool and get rewards in return.

• To paraphrase CZ: "LaunchPool is designed for the mom and pop investors to support projects and be rewarded for doing so."

• Sun responded to CZ, apologized, and the money has now been transferred back to the Tron DAO.

Full Story

TRON founder, Justin Sun, is in the news...again.

In case you missed it, in mid-April we wrote about how Sun had been charged with fraud and other securities violations by the SEC.

It's all only alleged at the moment so let's not be too hard on him right now - but this new little mishap, while not 'illegal,' is just kind of embarrassing.

So here's the scoop:

56,100,000 TUSD ($56,444,000 USD) was transferred early Monday morning from Justin Sun to Binance.

It was picked up by the Whale Alert automated Twitter bot.

Why would someone want to transfer money into TUSD on Binance?

Well it just so happens that Binance has a new layer-1 blockchain called Sui, which is available to be farmed on 'Binance LaunchPool' right now.

LaunchPool allows users to stake their TUSD or BNB and get rewards in return.

With Sui's mainnet planned to go live this Wednesday, suddenly the large transfer into TUSD on Binance starts to look a bit suspicious...

And that's exactly what was called out by Binance CEO, CZ.

To paraphrase CZ: "LaunchPool is designed for the mom and pop investors to support projects and be rewarded for doing so. Take your big bag of money elsewhere you son of a..."

In any case, Sun responded to CZ, apologized, and the money has now been transferred back to the Tron DAO.

As we said at the start: not illegal, just kind of embarrassing.