Justin Sun, the Chinese born tech-preneur and founder of TRON has expressed his intention to file a lawsuit in response to explosive statements made by tech journals, the Verge, about his management of the Poloniex crypto-exchange and leadership of the TRON blockchain network. The Verge said that Poloniex’s investment in 2019 was a blatant fabrication and a defamation of the Poloniex company.
Sun was accused of utilizing Poloniex and TRON to engage in a range of unlawful business actions. An essay titled “The Many Escapes of Justin Sun ” was written by Christopher Harland Dunawayin September 2020. was an equally explosive piece on Sun’s purchase of BitTorrent.
Sun, in a series of tweets, says that Poloniex has strong risk management and strong financial assets. This has allowed Poloniex to provide top-of-the-line services to its customers over the course of its history.”
He added , “Furthermore, we have always strived to collaborate with regulators and invested in state-of-the-art KYC facilities in line with the industry standard.”.”
He goes on to contradict the article’s allegation that the exchange is based in Seychelles, as well as the fact that it does not serve US residents. Following Circle’s purchase of Poloniex, the exchange announced that US customers would be unable to access the site beginning in December 2019.
Poloniex pushed forward with a platform to launch initial exchange offerings in April 2020. The exchange will provide a venue for launching initial coin offers (ICOs) as well as a mechanism for selling tokens on the platform. This is despite the United States Securities and Exchange Commission’s regulatory oversight. The exchange allegedly settled with the United States Securities and Exchange Commission (SEC) for a whooping $10 million over the agency’s allegations that it listed securities before Sun’s purchase of Poloniex.
Sun is no stranger to controversy from buying dinner for Warren Buffett, an anti-Bitcoin investor, to allegedly paying celebrities to promote TRON, an allegation he vehemently denies and more recently complaining that Ukraine would not airdrop crypto to TRON users. Let’s wait and see what more Sun has in store for us.