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Tron CEO Justin Sun Shrugs Off Money Laundering Accusations While TRX Price Plummets 20 Percent

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Tue, 07/23/2019 - 15:23
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  • Justin Sun attempts to save his face after damning accusations, but the TRX price continues to bleed 

Cover image via U.Today

In a recently published post on Chinese microblogging website Weibo, Tron CEO Justin Sun denied a scathing article published by local media outlet Chinese media 21st Century Business Herald.

The controversial crypto boss was accused of money laundering, which is supposedly the reason why he cannot leave China and have lunch with Warren Buffett.

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As Coindesk reports, Sun claims that the accusations are “wrong” and the Tron Foundation, which is based in Singapore, is compliant with all local regulations.

He explains that all Tron investors were refunded after the ICO ban in China came into effect, and there was no flow of capital involved.

“The illegal fundraise accusation is wrong. Tron complied with regulators and refunded investors on Sept. 20 in 2017, immediately after the order [of a ban on initial coin offerings] from seven ministries in China,” claims Sun.

As reported earlier by U.Today, Sun is allegedly prohibited from leaving China while there is an ongoing investigation. In the aforementioned post, Sun failed to provide more details about his current whereabouts.

Meanwhile, the price of TRX continues to tank with a 20 percent drop over the last 24 hours, according to CMC data. This is the worst-performing cryptocurrency inside the top 100 at the time of writing.

TRX takes a hammering
image by CoinMarketCap 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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