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Justin Sun

Huobi co-founder to sell major stake worth over $1B?

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Huobi’s co-founder Leon Li is apparently in negotiations to sell the majority of his shares in the company, which may be worth over $1 billion.

According to Bloomberg, Li reportedly held talks with a number of investors about selling a 60% share in the cryptocurrency company, which may be worth more than $1 billion and, according to some, as much as $3 billion.

Without going into specifics, a Huobi representative told Bloomberg that the co-founder is in talks to sell his controlling stake in the cryptocurrency exchange with a number of global juggernauts. Li reportedly told the company’s other investors about his choices at a shareholder meeting in July of this year. Li has given Hua Zhu the CEO responsibilities so he can concentrate on his health.

FTX and Sun to invest in Huobi?

According to the Bloomberg story, Justin Sun, the founder of Tron, and the global cryptocurrency exchange FTX were among the initial investors in discussions with the co-founder of Huobi. At the time of publication, Huobi had not responded to Cointelegraph’s requests for comments.

The purchase might be completed by the end of this month, according to the article. Once completed, it may rank among the largest transactions since the upheaval that began in the crypto market in May of this year.

For crypto goliaths like FTX, who have pledged $1 billion to the rescue of crypto exchanges battling to stay afloat due to significant losses and a lack of money, the market slump has also turned into an opportunity.

However, Sun took to Twitter to deny his involvment.

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Source: Twitter

Huobi, which was established in 2013, now represents a daily trading volume of more than $1 billion. After BTCC was shut down, the cryptocurrency exchange rose in popularity and quickly became the main location for Chinese cryptocurrency traders. After Beijing declared all cryptocurrency exchanges illegal and forbade foreign exchanges from providing their services, the exchange eventually stopped serving Chinese users.

Since the Chinese government’s ban, Huobi has significantly increased its global presence by obtaining licences in Dubai and New Zealand, as well as one from the United States Financial Crimes Enforcement Network (FinCEN).

Justin Sun’s Poloniex Exchange Lists Ethereum Forked Tokens

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Justin Sun-backed Poloniex Exchange has finally listed Ethereum forked tokens. As per the official announcement the exchange published the listing of ETHS/USDT, ETHW/USDT, ETHS/USDD, and ETH/USDD trading pairs.

Among these tokens, ETHS stands for proof-of-stake-based tokens, while ETHW represents for proof-of-work-based tokens. At present, all ETHS and ETHW transactions have no transaction fees.

In an earlier blog post, the trading platform decided to extend support for these two tokens to mitigate the risk “from market volatility during the hard fork” as well as secure users’ assets.

The blog further stated that ETH holders can swap their tokens with the two potential forked tokens on Poloniex before Ethereum 2.0 upgrade at a 1:1 ratio or vice versa.

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Justin Sun's Poloniex Exchange Lists Ethereum Forked Tokens 3

The much awaited “merge” refers to the network’s transition to proof of stake which would essentially discontinue ETH mining, upsetting well-known miners like Chandler Guo.

As a result, Guo and his ilk are attempting to launch ETHW in order to allow GPU miners to continue to mine a form of Ethereum.  

If the merge, which is slated to occur on September, goes off smoothly, then Poloniex will automatically convert all ETHS into upgraded, post-merge ETH. And, if during that time, Guo and his followers fail to fork the Ethereum network, Poloniex will suspend and delist ETHW and its related markets, in accordance to the blog post.

Buterin Takes A Jibe At Justin Sun

TRON founder Justin Sun’s latest endorsement also correlates to his tumultuous relationship with Ethereum and the network’s co-founder, Vitalik Buterin who take a dig at Sun occasionally.

During South Korea Blockchain event, Ethereum founder, Buterin, without directly referring Justin Sun slammed those trying to push for a hard fork of ETH to retain proof-of-work as “simply trying to make a quick buck.”

Vitalik stated that he has received many support for proof-of-stake from within the community and claimed that most people who intends to keep proof-of-work are “outsiders.”

On the other hand, Chainlink protocol decided to not entertain the forked versions of the Ethereum blockchain and recommended developers and dApp teams to paused smart contract operations to avoid unforeseen incidents and help protect end users.

TRON [TRX] Is Now Available To 4.5M Users Of Crypto APIs

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TRON Mainnet is now integrated into the Crypto APIs blockchain infrastructure product suite granting access to the latter’s 4.5 million clients, the announcement post read. On the latest addition, it said,

“To address the growing demand for operating and building on TRON, we have incorporated it into several of our products. Crypto APIs customers can now interact with TRON and make requests to 20 REST API endpoints using our simplified and streamlined platform. We also provide support for all TRC-20 and TRC-721 tokens.”

The blockchain development platform boasts of having the support of over 30 networks with an average processing time of 25ms. Apart from that, the platform also supports top crypto exchanges such as Binance, Coinbase, Tron-backed Poloniex, and many more.

Recently Poloniex announced a new trading system to provide Market Makers and experienced traders with higher speed, as well as better stability and usability.

The trading platform has ramped its system’s order matching speed and transactions by at least 30x and 10x respectively, improving the exchange’s overall liquidity. 

Poloniex which was founded in January 2014, has received significant funding from Tron boss Justin Sun who termed the latest launch a “landmark step.”

Just yesterday, Tron set foot on a new milestone as its Total Value locked [TVL] figure exceeded $5 trillion, TronWeekly reported. The protocol became the second largest public chain by stablecoin market cap and the third largest public chain by TVL count.

Further, TRX recently gained entry to more than 81 million users of Wirex.

TRON Added To Over 81M Wirex Clients

“Introducing TRX, as our most recent addition to Wirex! You can now buy, hold, exchange and sell TRX in-app or spend it over 81 million retailers around the world with your Wirex card.”

Wirex, a digital payment platform, has expanded its ecosystem to enable 4.5 million users to access TRX tokens. By this, Wirex users can receive, send, store and exchange the token across its app, wallet, and payment platforms.

The crypto wallet provider was founded in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev. Wirex has over 4.5 million subscribers spread across 130 nations, including the United States.

TRON Became Top 3 Public Chain With Over $5 Trillion TVL

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TRON tapped a new milestone as its Total Value locked [TVL] figure exceeded $5 trillion, data from TRONSCAN revealed. Thus becoming the second largest public chain by stablecoin market cap and in the Top 3 largest public chains by TVL count.

The findings also revealed that the blockchain has currently a total of 105 million new users and that its network has processed over 3.6 billion transactions. The growth has been attributed to several developments undertaken by the TRON team.

One however stood out, and that is its partnership with WeFund, a multichain community crowdfunding incubator for blockchain and real-world projects, that intends to attract more users to the DApp market and provide use cases for TRON-based payments.

With respect to 24-hour international trade volume, the Tron network is a leading Proof-of-Stake [PoS] blockchain network. In addition to that, the native coin of the blockchain TRX is presently ranked 16th all-in-all.

At the time of publication of this article, TRX’s value is exchanging hands at $0.068, which is over 7 percent higher than the trade price in the weekly index.

The asset’s market cap stood at $6 billion.

TRON Backed Exchange Announced A Crucial Update

In other news, Poloniex, one of the oldest cryptocurrency exchanges globally, recently revealed the details of its key upgrade. Its engineers advanced its system’s order matching speed and TPS.

H.E. Justin Sun who is the founder of Tron as well as the Chief Executive Officer of BitTorrent [BTT], has been an instrumental figure behind the Poloniex exchange,

Throwing his weight behind the latest announcement, Sun said the upgrade will open up new exciting opportunities.

The launch of this new trading system is a landmark step forward for Poloniex as a world-class international exchange. It demonstrates our commitment to delivering benefits and the best services for our users. As one of the world’s oldest crypto exchanges, Poloniex has made impressive strides in optimizing its system and will continue to bring an incredible trading experience to retail and professional traders.

According to Poloniex’s team, this upgrade would provide the necessary tools to support experienced traders, retail market makers, and institutions.

TRON DAO Launches New Grants Program To Expand The Ecosystem

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TRON DAO has laid out Community Ambassador Grant Program to expand the ecosystem. Announcing the same, the DAO stated that the initiative is for eligible Community Ambassadors, Developers, and Influencers who BUIDL in the TRON ecosystem.

Tron Boss Justin Sun also reiterated that the scheme aims to cultivate relationships between the DAO and established Ambassadors engaged within the Community.

In accordance with the press release, the Community Ambassador Grant Program will open a new corridor between the DAO and several stakeholders to broaden the TRON ecosystem.

Beginning with a quarterly grant allocation of $30k, the Community Ambassador Grant program is aimed to establish better connections between the DAO and Ambassadors who are actively engaged within the TRON Community.

Next, a quarterly grant allocation of $90,000 exclusively for the developer community, has been formulated to engage and empower creators to promote new use cases of the TRON blockchain.

In addition to the Developer Grant Program, the network has a Bug Bounty Program to incentivize developers to search for system vulnerabilities.

The program will help make our ecosystem safer, more robust, and more functional. Grants will be awarded depending on the bug’s complexity, level of vulnerability, and the replicability of the problem found.

Lastly, a quarterly grant of $45,000 has been allocated for dedicated influencers to help spread valuable information and create an authentic stream of highly informative content.

Tron Welcomed WeFund To Attract a Large User Base

Founded in September 2017 by H.E. Justin Sun, the TRX network has gained significant traction in recent years. By July 2022, it has tapped over 103 million total user accounts on the blockchain, more than 3.5 billion total transactions, and above $11 billion in total value locked [TVL].

Not long ago, the over-collateralized decentralized stablecoin USDD was launched on the network, backed by the first-ever crypto reserve for the blockchain industry.

This past week, Tron extended its support to WeFund to collaborate and reach a larger audience in the competitive dApp market.

“WeFund will be operating to provide crowdsourced launchpad and incubator alternatives for the community. It will be able to support a wide range of ecosystems and projects as it evolves into a multichain system”, the P.A read.

TRON Founder Justin Sun Believe Warren Buffett Still Holds BTC & TRX

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Tron founder Justin Sun thinks that multi-billionaire investor Warren Buffett holds Bitcoin [BTC] and Tron [TRX] despite being a hardcore crypto skeptic.

Sun met the chairman and CEO of Berkshire Hathaway at a charity feast, in 2020. Buffett has auctioned off a dinner with himself every year since 2000, with participants’ funds directed toward charity.

The crypto entrepreneur placed a record-breaking $4.5 million bid to win the dinner with the “Oracle of Omaha.”

Sun also gifted Buffett a Samsung Galaxy Fold 2 phone loaded with 1 Bitcoin and 1,930,830 TRX tokens, making one of the most influential investors a cryptocurrency holder. Some users noticed that the wallets containing gifted crypto had remained inactive.   

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TRON Founder Justin Sun Believe Warren Buffett Still Holds BTC & TRX 5

However, after the dinner, Buffett reportedly told Sun that he gave the phone to the GLIDE Foundation, a San Francisco-based nonprofit saying, “I don’t own any cryptocurrency. I never will.”

Hence, it is likely that the billionaire no longer has anything to do with the gifted crypto given that he has a strong distaste for cryptocurrencies.

The Berkshire Hathaway boss, the seventh richest person on the planet with an estimated net worth of $97 billion, is known as one of the bitter crypto critics who once called bitcoin as “rat poison squared.”

The comment caused a huge uproar in the crypto community with many advocates declaring him as crypto’s arch-enemy.

TRON Boss Refuse To Disclose What Transpired With Warren Buffett

Recently, the veteran investor said that he wouldn’t spend $25 for ‘all of the bitcoin in the world’, indicating that he would not be adding BTC to his portfolio any time soon.

Although TRON declined to comment on what was discussed over the meal, Sun had originally said he hoped the meal would “bridge the gap between institutional and traditional investors and the realm of cryptocurrency and blockchain technology.”

The founder of the major blockchain network threw his weight behind FTX CEO Sam Bankman-Fried a.k.a SBF in offering financial support to firms in the digital asset space that are struggling amid the market downturn.

In a tweet earlier this month, Sun stated that he and the Tron protocol are “ready to serve.” According to a report from TronWeekly, Sun said he could spend up to $5 billion on acquisitions.

Tron DAO Pumps $20M USDD & TRX To Its Reserve

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The TRON DAO Reserve has added a total of $20 million worth of USDD and TRX to its reserves. Announcing via Twitter the DAO stated the move was undertaken “to safeguard the overall blockchain industry and crypto market.”

Minutes later Justin Sun, the blockchain’s founder, too chimed in by confirming the same. 

USDD, TRON’s algorithmic stablecoin launched just before the collapse of terraUSD drew inspiration from the latter’s model- creating and destroying units of UST and its sister coin called luna to have reserves to back the stablecoin.

Although, it did not meet the same fate but has struggled to maintain its peg to the U.S. dollar.

Last week, the DAO Reserve, which oversees and manages the stablecoin, said a certain degree of volatility in USDD’s price is inevitable, given its “decentralized” nature.

“Certain % of volatility is unavoidable,” the organization tweeted. “Currently, the market volatility rate is within +- 3%, an acceptable range. We will watch the market very closely and act accordingly.”

USDD was trading at around 99 cents at press times.

Tron’s Founder is willing to spend $5B to bail out Ailing crypto firms

Justin Sun, expressed his interest to join FTX’s Sam Bankman-Fried and Binance’s Changpeng Zhao in offering support to distressed crypto firms and could spend as much as $5 billion on acquisitions. 

“Lots of” companies have reached out to Sun and the team for help, Sun told The Block after his tweet emerged saying “ready to serve”.

Currently, Tron’s DAO has $2.3 billion in reserves. Sun also mentioned that the $5 billion would be a combination of Tron’s money, as well as his own.

Further he believes that the worst of the crypto winter is over: “I think currently the de-leverage process is passed the worst time. So we just need to clean it up and move forward. I don’t think [the] market will be super bullish, of course.”

As reported by TronWeekly, Tron’s total users reached 100 million on the blockchain’s 4-Year Anniversary.

At the time of publication, TRX’s value stood at $0.07, jumping by 75% from its recent low.

Tron’s [TRX] Total Users Tap 100M; Justin Sun Says ‘Just A Beginning’

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Tron Blockchain charted a new milestone as the total number of accounts reached 100 million. Announcing the same, the team also pointed out that Tron was ‘the world’s fastest-growing public chain with 3.4 billion transactions, millions of daily active users, and continuous daily new accounts every day.’

Echoing similar sentiments, Justin Sun, the project’s founder and former CEO took to Twitter stating that 100 million users were just the beginning of the project’s mass adoption journey and thanked the community for the support. He stated:

“TRON’s total users just surpassed 100 million. It is just the beginning of our mass adoption journey! Always remember there are 7 billion people on this planet!”

Tron Celebrates 4-Year Anniversary as an Independent Blockchain.

Coinciding with the 100 million milestone is the project’s fourth anniversary as an independent chain after its migration from Ethereum on June 25th, 2018.

The DAO team marked the event with a 2018 quote from Sun saying, ‘ Tron is founded on a community of active users who should have their voices heard.’

In terms of Price, the token is exchanging hands at $0.64 with a market cap of $5.98 billion. In the past 24 hours, the 18th-ranked coin has risen by more than 7% in the weekly index.

Meanwhile, its stablecoin project is being called out by a Youtuber who is a self-styled crypto crusader.

Tron’s Stablecoin project might be a Ponzi scheme?

As the digital asset industry continues to expand, Pump and dump scams, as well as Ponzi schemes, have unfortunately become increasingly common.

The latest to face the ire is TRON’s stablecoin USDD, a cryptocurrency issued by its DAO Reserve.

On June 24, Stephen Findseisen, a.k.a. Coffeezilla published a video titled, “The Next LUNA Ponzi Scheme” where the YouTuber cast doubts over the token’s legitimacy.

The viral video which garnered nearly 400k views called out Sun of running a Ponzi scheme under the garb of a stablecoin project.

Following the loss of the dollar peg on June 13, USDD saw a significant decline, with Sun vowing to deploy $2 billion to “fight them”.

TRON’s team is yet to make any comments with regards to Findseisen’s claim. At present, the USDD value stood at $0.97, 3% down from its pegged mark of $1.

Justin Sun to the rescue of USDD

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In an attempt to save the peg of USDD, Justin Sun revealed today that he was increasing the reserve by 500 million USDC. To combat the exceedingly challenging market conditions, the TRON DAO Reserve team stated that USDD is now collateralized by 310 percent. The extra effort is being made to guarantee that the USDD does not end up like the UST.

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TRON’s recently established stablecoin (USDD) may be in peril only a few months after its inception. USDD is experiencing its toughest test yet, with the US-pegged stablecoin falling to $0.9807 at 07:52 UTC this morning. USDD has rebounded significantly as of press time, but it is still one cent short of the dollar, trading at $0.969412.

However, the de-pegging of USDD had trembled the crypto market enthusiasts by instilling a sense of fear in them. Nonetheless, Justin Sun had given clarity regarding the same.

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TRX workforce to increase as Justin Sun follows Binance

Justin Sun is following Binance’s lead in extending recruiting to help those who have lost their jobs due to the current market conditions. Justin Sun, the founder of Tron, has offered his support to anyone who has been laid off by a number of crypto companies.

Sun stated on Twitter that those who have lost their employment might apply for various positions in the TRX ecosystem.

“For those who have lost their jobs over the current extreme market condition, trondao, Poloniex, BitTorrent, usddio, apenftorg, DeFi_JUST, defi_sunio are all actively hiring! We are targeting to hire 50% more.”

Additionally, Binance appears undeterred by corporate hiring sprees and continues to hire. Crypto companies such as Crypto.com, Gemini, Coinbase, and BlockFi have all announced layoffs and hiring freezes.

Other companies, such as Bitso, Mexico’s largest cryptocurrency exchange, have just let off 10% of their workforce. Buenbit, a cryptocurrency exchange based in Argentina, has laid off 45 percent of its workforce.

In other news, Coinbase just revealed that, because of the difficult market conditions and economic volatility, it will lay off 18 percent of its workforce. Almost 1,100 employees were laid off, according to the company’s release.

TRON Founder- “USDD’s New Makeover Will Spearhead The Stablecoin 3.0 Era”

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TRON founder Justin Sun today announced a new upgrade in its stablecoin project USDD which involved increasing transparency and adding collateral.

According to the medium post published, the project has upgraded itself to the first over-collateralized decentralized stablecoin [OCDS], which it claims to offer faster transactions with the highest collateral ratio.

By doing this, it aspires to advance the Stablecoin 3.0 era, making finance accessible to all.

As per the blog post, USDD enjoys a guaranteed collateral ratio of at least 130%, higher than the 120% set by DAI. The real-time collateral ratio of USDD is published on the TRON DAO Reserve’s website, publicly available 24/7.

Sun stated that the “upgraded, over-collateralized USDD will add more diversified features to underpin its stability. Currently, the 200%+ collateral ratio offers USDD a very strong safety net,” he claimed.

USDD, just like Terra’s algorithmic stablecoin UST, made its appearance on the TRON blockchain on May 5. The latest move is seen as a preventive measure to avoid a Terra Luna situation.

Tron Founder’s Future Roadmap of USDD

On May 31, founder Sun published a blog outlining the lessons he learned from Terra’s dramatic fallout. According to Sun, these lessons will be implemented in TRON’s decentralized stablecoin USDD.

In his blog, Justin mentioned that “Inorganic and unsustainable growth is bad” and “Transparent over-collateralization is critical to preventing depegging” were the lessons he learned after the Terra crash.

In addition to that, the attempt of Terra to establish the Luna Foundation Guard to diversify UST’s collateral and prevent depegging was already too late. The reserve consisted of just $3 billion worth of BTC, which was not enough to secure the nearly $19 billion UST supply, he wrote.

In Sun’s plans, The TRON DAO Reserve will create a utility for USDD across crypto markets to help drive its adoption. USDD trading pairs aim to have more liquidity than USDT or USDC on both centralized and decentralized exchanges.

The blog post concluded with a rough blueprint of USDD’s journey to be crypto’s new settlement currency.

USDD is also planning to extend its support to multiple chains. Currently, they are active on TRON, BNB Chain, and Ethereum.