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Exchange News- Tron CEO Justin Sun made a deposit of 56.1 million TUSD to Binance.
- Binance CEO, CZ issued a Twitter warning to Justin Sun.
On Monday, Changpeng “CZ” Zhao, the CEO of Binance, tweeted that the cryptocurrency exchange will take legal action against Justin Sun, the founder of Tron, if he attempts to misappropriate the SUI airdrop offered by Binance Launchpool beginning on May 1.
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
Binance introduced the SUI token, its 33rd project on Binance Launchpool, on April 30. Users can farm Sui’s SUI token on the DPoS layer 1 blockchain by staking their BNB and TUSD into separate pools. The farming of SUI tokens will be accessible for only two days.
A statement from Justin Sun, the main reason for TUSD investment is to enable market-making among major TUSD exchanges that offer liquidity and trading volume, like Binance. In line with his stated policy, Justin Sun won’t take part in any stock market promotions.
Binance CEO additionally clarified that he or any whales are not eligible for airdrops from the Binance Launchpool, which are instead intended for retail users. Justin Sun further indicated that the transfers gave the exchanges enough liquidity and stability for the TUSD pricing.
However, he made a point of leading out that some members had unwittingly joined exchange campaigns. And also he intended to start a refund. In two transactions on May 1, the wallet connected to Justin Sun sent Binance 59 million and 56.1 million TUSD. That is totaling almost $116 million.
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Source: https://thenewscrypto.com/binance-ceo-cz-warns-justin-sun-of-potential-consequences/