Binance CEO CZ sounded the alarm on Tron founder Justin Sun and other prominent crypto investors, for attempting to exploit the Binance Launchpool’s SUI airdrop. The warning comes after reports emerged that Justin Sun had dumped millions of TUSD stablecoins onto the exchange.
CZ tweeted “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.”
Twitter account @Whale_Alert reported Justin Sun transferred 56,100,000 $TUSD, around 56,444,454 USD to Binance. The news quickly reached the ears of Binance CEO CZ, who wasted no time in responding to the Tron founder’s actions.
Justin Sun has spoken out to clarify that TRON DAO Venture’s deposit of TUSD is to facilitate market-making activities between leading TUSD exchanges.
As a partner market maker for TUSD, Sun believes that this move by TRON DAO Venture has helped to enhance liquidity and trading volume, rather than participating in any exchange promotions.
Justin Sun replied, “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.”
Sun added that as soon as he became aware of the error, he contacted the exchange team and arranged for a full refund of the funds.
“We sincerely apologize for this oversight @cz_binance!” Justin Sun noted.
The incident serves as a reminder of the importance of diligence and attention to detail when dealing with complex financial transactions.
Also Read: Justin Sun Denies Reports about Binance-Huobi Deal
