- Recent claims have suggested that Tron founder Justin Sun was arrested.
- Sun has denied the claims, citing FUD with Binance's CZ trademark "4".
- TRX has dropped 0.3% in the last hour and 1% in the last 24 hours.
Tron founder Justin Sun has denied claims of being arrested, citing FUD using the characteristic "4" that Binance CEO Changpeng Zhao (Alias CZ) uses whenever he wants to discredit a claim.
4
— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 11, 2023
Who said Justin Sun was arrested?
There were rumors spread that Justin Sun was arrested in Hong Kong and held at Michinawanamun Station. The post has since been deleted. The notification was perceived to be true, given that the source, FXhedge, was among the first to publicize the news. The high reputation that @FXhedgers enjoys made Twitter users believe the development was legit. Further, Sun had twitted when he arrived in Hong Kong, which added credence to the possibility of an arrest in the region.
Arrived HK pic.twitter.com/8PgKsCrDeQ
— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 11, 2023
If the rumor were true, it would be similar to what happened to Terra executive Do Kwon, who was arrested and detained in Montenegro at the Podgorica Airport. Nevertheless, prominent players in the crypto arena have come forward to discourage such moves meant to spread Fear, Uncertainty, and Doubt (FUD) in the market.
Binance CZ is at the forefront, saying, "Not for myself. Just really sad to see people spreading FUD in the industry. I unfollow/block them."
4
— CZ Binance (@cz_binance) April 11, 2023
Not for myself. Just really sad to see people spreading FUD in the industry. I unfollow / block them.
As previously reported, the same joke was pulled against CZ recently, claiming that Interpol had issued a Red Notice against him. In his case, however, the perpetrator photoshopped the image to make it appear real.
This is a photoshopped image. 4 https://t.co/vE5XlvvuQt
— CZ Binance (@cz_binance) April 3, 2023
Just like the CZ-related case affected Binance Coin (BNB), causing it to plummet almost 3% in minutes, this has affected the native token of the Tron ecosystem TRX. Data on CoinGecko shows that Tron's TRX is down 0.3% in the last hour and around 1% in the last 24 hours.
At the time, CZ had cautioned traders and investors against dancing to every whim of FUD, noting that panic selling would never get anyone rich.
Binance CEO Changpeng Zhao's involvement in Justin Sun's latest web indicates the close relationship between the two executives and their companies. Barely a week ago, the two were entangled in another story around an alleged deal for Sun to sell his stake in the Huobi exchange to Binance.
We have always regarded Binance as one of our most important partners and will continue to work closely with them on all levels. However, I must point out that in the past week or so, I have not proposed any offer to CZ regarding the purchase of HuobiGlobal, nor have we even discussed Huobi in the past week or so.
Tron price drops 0.3% on FUD-induced reaction, recovers almost instantly
Tron price (TRX) dropped by around 0.3% after the news rumor spread but has since rallied 0.7% north after Justin Sun discredited the news
TRX/USDT 4-hour chart, TRX/USDT 1-hour chart
At the time of writing, TRX is auctioning for $0.066748, with a 24-hour trading volume of $325.9 million, up 60% as investor activity for the token continues.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.