The recent announcement of a new listing in the world’s largest brokerage started controversy and even caused some discomfort among billionaires. This is because Binance CEO Changpeng Zhao (CZ) warned about cryptocurrency deposit by Justin Sun in TUSD.
It all started last Sunday (April 30), when Binance announced the 33rd cryptocurrency to appear on its Launchpool, Sui (SUI).
With the announcement, the broker stated that all users who bet on BNB and TUSD can earn rewards for free. The announcement even caused a rise in a false cryptocurrency, also called Sui, but with the ticker “IOU”.
This Monday (1) users started depositing funds into the brokerage to take advantage of the new cryptocurrency.
Binance CEO warns Crypto Whale that action can be taken against him
Following the announcement of the new listing, Binance’s customer community saw a large TUSD whale making a deposit in the cryptocurrency.
This is because blockchain transactions can be tracked by anyone who is interested. This makes the address of, for example, the Chinese billionaire Justin Sun one of the most followed in the world.
And it is precisely Sun who made a billionaire deposit of TUSD to Binance, which caught the attention of CZ, who showed a certain sadness about the situation.
In a public response on his social network, Binance’s CEO warned the whale that if he stakes the deposited funds to receive SUI, action may be taken against him.
“Our team told Justin that if he uses any of them to acquire the LaunchPool Sui token, “we will take action against it.” SMH. The Binance LaunchPool is for airdrops to our retail users, not just some whales On the other hand, blockchains are transparent.”
Our team told Justin that if he uses any of these to grab the LaunchPool Sui token, we’ll “take action against it.” SMH.
Binance LaunchPool is meant to be a drop of air for our retail users, not just a few whales.
On the plus side, blockchains are transparent… https://t.co/8Xs1oXjfVd
— CZ 🔶 Binance (@cz_binance) May 1, 2023
In total, Sun deposited more than $56 million on Binance, an amount that was eventually caught by a “whale alert”.
Baleia defends himself by saying he just wants to “offer money to cryptocurrency” and apologises
Justin Sun is a controversial figure in the cryptocurrency market, known for founding Tron (TRX) and later BitTorrent (BTT).
After the warning from Binance’s CEO, Justin posted on his Twitter that he was not willing to participate in any promotions. According to him, “TRON DAO Venture” has a partnership to increase the liquidity of TUSD in brokerage houses, and had only that intention when making the deposit.
“As a partner market maker of TUSD, TRON DAO Venture’s main goal in depositing TUSD is to facilitate market creation between major TUSD exchanges, increasing liquidity and trading volume, rather than participating in any market promotion.”
However, the whale confessed that part of the team put the TUSD deposited into the SUI campaign. Second justin sunhas the error been corrected and apologizes for the misappropriation of the deposit.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
