Direct from the desk of Dane Williams.
No, Justin Sun has NOT been arrested in Hong Kong. This was all just a rumour.
Justin Sun, the founder of TRON (TRX) and Steemit’s benevolent dictator, is certainly a controversial figure in the cryptocurrency world.
Okay, I can’t do it.
He’s a scammer.
We all know it's true so there, let’s just get it out of the way early.
He's been accused of everything from plagiarism to wash trading and all the way to straight up fraud.
No matter what his mate CZ says, Justin Sun is not a friend of the industry and quite frankly deserves what is coming to him.
So, when the latest rumour of his arrest started circulating on social media, it wasn't exactly surprising.
But was there any truth behind these latest rumours?
Let’s take a look at what happened.
Where did the Justin Sun arrest rumour come from?
The rumour of Justin Sun's arrest started with a tweet from Crypto Bitlord, a well-known influencer in the cryptocurrency space.
I know LeoFinance doesn’t support Twitter embeds, but PeakD does so I’m posting it as is:
In case you can’t read it or click the link, the Tweet read:
BREAKING
****JUSTIN SUN ARRESTED IN HONG KONG ****
-SOURCE AT LOCATION
AUTHORITIES HOLDING SUN AT MICHINAWANAMUN STATION
-MORE TO COME.
So yep, obviously super vague and dodgy.
But all the same, this tweet immediately sent shockwaves through the cryptocurrency market, as Justin Sun is a well-known figure in the space.
If it could happen to him just attending an industry event in Hong Kong, who was next?
This latest rumour came on the back of some other real allegations against the founder of TRON.
The US Securities and Exchange Commission (SEC) finally filed a lawsuit against him, accusing Sun of securities fraud and market manipulation.
The SEC alleges that Sun sold and promoted unregistered crypto assets, in violation of securities laws.
This has undoubtedly increased scrutiny on the TRON project and its associated cryptocurrency, TRX.
It remains to be seen how these legal challenges will affect Sun, but I wouldn’t hold my breath for a US legal agency prosecuting a Chinese national with no real ties to the country.
What was Justin Sun's response to the rumour of his arrest?
In response to this latest rumour of his arrest, Justin Sun posted a cryptic message on his own Twitter in reply:
Yep "4"... that’s it.
What does it mean?
Well Changpeng "CZ" Zhao, the CEO of Binance, used the same number in response to reports of a lawsuit against his own exchange by the CFTC.
CZ went on to say "Ignore FUD, fake news, attacks, etc.”
To me, Justin Sun’s response is basically giving a big fat rude finger to not only the authorities but the rest of us in the crypto community who apparently aren’t even worth a full explanation.
Get in the bin.
What does this mean for TRON crypto (TRX)?
It means nothing really.
The impact of the Justin Sun arrest rumours on TRON (TRX) have been minimal, with only a slight increase in price volatility.
TRON's price did drop slightly following the rumour, but it quickly recovered.
At this point, the market knows that TRON is a scam and quite frankly doesn’t care.
I mean just look at the fact that STEEM has a market cap at all, let alone one that big.
At this point, the market is what it is and we just have to accept it has no reflection on the true value of a project.
Best of probabilities to you.
Posted Using LeoFinance Beta
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