- 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
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.