Justin Sun Accused of Secretly Buying TUSD Stablecoins
Date: 2023-07-18 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
The founder of Archblock alleges in a lawsuit that Justin Sun secretly acquired a large number of True (TUSD) stablecoins
Does Sun secretly own TUSD?
This is not the first time that the founder of the Tron project, Justin Sun, has encountered rumors and assumptions that he is the secret owner of the TUSD stablecoin reserves. Both Sun and TrueUSD have separately denied these allegations.
Now, a lawsuit has been filed accusing Sun of secretly acquiring TUSD. In the lawsuit, the founder of Archblock alleges that Justin Sun used a range of entities and individuals while hiding his own role in these purchases.
TrueToken launched the TrueUSD (TUSD) stablecoin in 2018. It maintains a peg to the U.S. dollar through corresponding dollar reserves held in escrow accounts. According to CoinMarketCap, TrueUSD is currently It is in last place in terms of market capitalization in the "big five" stablecoins.
Judging by the screenshots posted on Twitter, Sun asked not to disclose the details of the transactions for the purchase of coins and to maintain their confidentiality. Participants in the crypto space regarded this as a bitter irony, if we proceed from the fact that transparency should be the fundamental principle of the digital industry. However, its acute shortage is felt constantly.
San is no stranger to problems
The reaction of the crypto community to the news was generally calm, given that various rumors have plagued Sun over the years. The price of TUSD, which should remain pegged to the US dollar 1:1, has also not changed significantly.
The founder of Tron this year often appeared in the press for not the most flattering reasons. In March, the U.S. Securities and Exchange Commission (SEC) sued Justin Sun and three of his companies. Sun was accused of selling unregistered Tronix (TRX) and BitTorrent (BTT) securities, market manipulation and fraud.
In particular, the regulator said that Sun has created an extensive wash trading scheme. As part of this form of market manipulation, a trader buys and sells an asset in order to create artificial activity and inflate volumes. This helps to deceive other bidders into thinking that the demand for the asset is greater than it actually is.
