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March 10, 2022

Justin Sun Speaks Up On Recent Allegations

Recent claims leveled against Justin Sun have been refuted. Justin Sun, the founder of the Tron network, responded to the Verge’s reports that he was being probed by the FBI and the US Securities and Exchange Commission in a series of tweets posted today.

Sun maintains that the exchange is dedicated to cooperating with regulators and to implementing KYC facilities for its consumers. Poloniex, according to the Tron inventor, is not registered in Seychelles, does not operate in the United States, and does not serve US customers. He concludes by revealing his legal position on the matter.

Sun’s answer comes after The Verge published a piece on March 9th criticizing Justin Sun, Zhao Changpeng, and Poloniex. The piece effectively poked fun at Sun’s dubious reputation in the crypto market throughout the years.

The paper also stated that trading crypto assets on Poloniex was dangerous. It went on to say that Sun fled Beijing for Seoul in order to dodge the ICO prohibition, which could have a negative impact on the TRX coin.


As these charges emerge, they add to the already-existing criticisms leveled at cryptocurrency exchanges over the years.

Previously, exchanges such as Binance were beset by regulatory repercussions. Many of the aforementioned exchanges, as well as a few others, were forced to relocate to crypto-friendly locales in order to keep operations running.

Apart from the regulatory controversy, exchanges were hacked many times during that time period. The largest theft to date occurred in 2018, when hackers stole $534 million from Coincheck.

However, some of the largest exchanges have recently gotten into trouble with the SEC. Binance was hit with a slew of penalties last year, forcing it to close its doors in Singapore and Israel. The SEC also threatened to sue Coinbase, a US-based exchange, last year.