|

Tron (TRX) dives sharply as police raid Beijing offices on scam allegations

  • Ponzi victims accuse Sun of not dissociating Tron from the Ponzi Scheme.
  • Tron price sharply falls as new of Beijing office raid spread.

A Twitter user by the name ‘Hayden Otto” has just updated that Tron (TRX) Beijing offices have been raided by police officers. Moreover, the Twitter update says that a crowd of angry people is camped outside the offices uttering things like “Tron is a scam.”

This comes just a day after Yahoo Finance wrote a story on how Chinese victims of a billion dollar Ponzi scheme that made away with hundreds of thousands accuses the CEO and founder of Tron Justin Sun for acting complacent. The news was first reported by a Chinese crypto news website Nuclear Finance.

In China Tron is identified as “wave Field” however, the Ponzi-like “Wave Field Super Community” identified with the name and even claimed that they have an association with Tron Network as a way of convincing investors.

The scam platform closed down without warning last week and victims say that they have lost more than $30 million. In fact, Nuclear Finance says that the aftermath of the shutdown has led to one suicide case. As reported by Yahoo Finance:

“Investors are now enraged that Sun failed to disassociate Tron and BitTorrent, the other company he owns, from the fraudulent scheme. They claim that Tron’s crypto TRX benefited from increased activity and liquidity, as unwitting investors plowed their TRX into the scheme on the promise of major returns.”

Meanwhile, the news following the raid appears to be having a negative effect on Tron price as the value is depreciating sharply. From an intraday high around $0.036, TRX/USD is trading at $0.0337 amid a growing bearish trend. Technical indicators have turned negative as an indication of continuing declines. The next support target is $0.033, the 50 Simple Moving Average and $0.031.

TRX/USD 4-h chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Solana Price Forecast: SOL consolidation near resistance as ETF inflows offer mild support

Solana price is facing slight rejection as it approaches the upper boundary of the consolidation range at around $88 on Wednesday. Institutional demand is strengthening as spot Exchange Traded Funds recorded two consecutive inflows so far this week.

Bitcoin holds firm despite Middle East tensions, eyes recovery - K33

Bitcoin (BTC) held steady near $68,000 despite Middle East tensions, as K33 cited easing long-term selling pressure, rare derivatives signals, and improving inflows as indicators of a rebound.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple struggle for direction as consolidation persists

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) prices trade with a cautious tone at the time of writing on Wednesday as upside momentum continues to fade across the broader crypto market.

Ethereum Price Forecast: Whales step up buying as short positions contract

After holding firm heading into the last weekend, Ethereum (ETH) whales have returned to action, pouncing on the volatility stemming from escalating military actions between the US and Iran.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: Another month of losses, and it’s been five

Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Friday, but the Crypto King is poised to close February on a fragile footing, marking its fifth consecutive month of losses since October and a rare start to the year with back-to-back monthly corrections.