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CDS Crypto News Justin Sun Transfers $59M TUSD To Binance, CZ Warns Justin Sun

Crypto News

Justin Sun Transfers $59M TUSD To Binance, CZ Warns Justin Sun

Aziz KARTAL01/05/20232 Mins read481

Justin Sun Transfers $59M TUSD To Binance, CZ Warns Justin Sun

Justin Sun transfers 59 million TUSD to Binance for liquidity, CZ warns against using TUSD to join Sui LaunchPool.

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Justin Sun Transfers $59M TUSD To Binance

Justin Sun, the creator of TRON, has recently transferred a noteworthy amount of 59 million TUSD to Binance, as per the latest news. Sun clarified that the purpose behind this transfer was to improve liquidity.

However, Binance’s CEO, Changpeng Zhao (CZ), cautioned Sun and said that if he intends to use TUSD to participate in Sui LaunchPool, there will be consequences. CZ emphasized that Binance LaunchPool is primarily meant for retail users and not just limited to a few wealthy individuals.

Our team told Justin, if he uses any of these to grab the LaunchPool Sui token, we will "take action against it". SMH.

Binance LaunchPool are meant as air drops for our retail users, not just for a few whales.

On the bright side, blockchains are transparent… https://t.co/8Xs1oXjfVd
— CZ 🔶 Binance (@cz_binance) May 1, 2023

The current situation underscores the significance of transparency and responsible utilization of funds in the cryptocurrency industry. It is crucial for all parties involved to have a clear understanding of the intended purpose of the funds and to act in an ethical and responsible manner. It is noteworthy that TRON DAO Venture functions as a partner market maker for TUSD, facilitating market-making between top TUSD exchanges, rather than participating in exchange promotions.

Subsequently, Justin Sun disclosed that some of his team members mistakenly used some funds to partake in exchange campaigns. They immediately rectified their mistake and refunded the funds. This serves as a reminder that proper communication and management of funds are of paramount importance, especially in the fast-paced realm of cryptocurrency.

Regrettably, some of our team members were not fully aware of the intended purpose for these funds and inadvertently used a portion of them to participate in exchange campaigns. Upon realizing this error, we immediately contacted the exchange team and arranged for a full refund…
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 1, 2023

Looking at the positive side, this situation sheds light on the transparency of blockchains. The transparent nature of blockchain technology facilitates easy tracking and verification of transactions, ensuring that all actions are transparent and accountable.

Regarding the future partnership between TRON and Binance, it is uncertain. Nevertheless, this incident has highlighted the necessity for clear communication and ethical utilization of funds in the cryptocurrency industry. This situation underscores the significance of responsible and transparent conduct to uphold the trust of the larger community.

To access more crypto news: cryptodataspace.com

References

news.coincu.com

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Aziz KARTAL

Aziz Kartal is 21 years old. He is a student at the Gazi University, Department of Electrical and Electronical Engineering. He works as content writer, researcher and social media manager. He generally research about Web3, Blockchain Security and Cybersecurity.

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