CZ Binance Calls Out Justin Sun On Twitter
In a recent turn of events, CZ Binance, CEO of the world’s largest cryptocurrency exchange, Binance, called out Justin Sun, the founder of TRON, on Twitter. This exchange of words came after Sun transferred $56 million worth of TUSD to Binance. The conflict arose as CZ expressed concern that Sun might use the funds to manipulate the LaunchPool Sui token. “This launch pool is designed to be an airdrop for retail users, not just a few whales,” CZ stated.
Our team told Justin, if he uses any of these to grab the LaunchPool Sui token, we will “take action against it”. SMH.
Binance LaunchPool are meant as air drops for our retail users, not just for a few whales.
On the bright side, blockchains are transparent… https://t.co/8Xs1oXjfVd
— CZ Binance (@cz_binance) May 1, 2023
CZ Binance addressed the issue by quote-tweeting a tweet from @WhaleAlert, a bot on Twitter that tweets major transactions across chains. The tweet from Whale Alert stated that $56 million worth of TUSD was transferred from Justin Sun to Binance.
This tweet highlights the importance of maintaining fairness and transparency in the rapidly growing crypto market. By publicly addressing the issue, CZ Binance sends a clear message to market participants. As most of you may know, CZ highly values adhering to ethical practices and safeguarding the interests of retail investors.
Justin Sun Replied To CZ, Claiming This Was A Misunderstanding
In response to CZ’s tweet, Justin Sun clarified the intentions behind the massive TUSD transfer.
As a partner market maker for TUSD, TRON DAO Venture’s primary objective in depositing TUSD is to facilitate market-making between leading TUSD exchanges, thereby enhancing liquidity and trading volume, rather than participating in any exchange promotions.
Justin Sun, CEO Of Tron Foundation
After the initial reply, Sun made sure to clarify his intentions even more. He stated that in just the past few hours before the transaction, the market maker of Tron had achieved a trading volume of $40 million. According to him, this contributed to the stability of TUSD’s price. He then went on to blame some of its team members. In a tweet, he claimed that they “were not fully aware” of the intended purpose of the funds.
Sun claims that these members used a portion of them to participate in exchange campaigns. Nevertheless, Sun also stated that he took action immediately after finding out about this mistake. He and his team allegedly contacted Binance’s team and arranged a full refund.
Regrettably, some of our team members were not fully aware of the intended purpose for these funds and inadvertently used a portion of them to participate in exchange campaigns. Upon realizing this error, we immediately contacted the exchange team and arranged for a full refund…
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 1, 2023
Sun’s response indicates that the primary purpose of the transfer was to improve the liquidity and trading volume of TUSD across various exchanges. This would turn down the alleged intention of taking advantage of exchange promotions or manipulating the LaunchPool Sui token. However, CZ Binance’s tweet serves as a reminder that crypto exchanges and industry leaders must remain vigilant. Additionally, they should take action when necessary to maintain a level playing field in the market. Such an occurrence showcases the importance of transparency that blockchain provides.
The Twitter exchange between CZ Binance and Justin Sun highlights the ongoing efforts by industry leaders to ensure transparency, fairness, and ethical practices in the cryptocurrency market. As the market continues to grow and attract more retail investors, it is crucial for exchanges and other stakeholders to work together to maintain a trustworthy and equitable trading environment.
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Filed under: Bitcoin - @ May 1, 2023 7:09 pm