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You are here: Home / Archives for TRX

TRX

TRON DAO Eyes Expansion In China?

February 2, 2023 by Lipika Deka

TRON team is reportedly jubilant over China’s apparent shift in stance towards the crypto sector. Justin Sun, founder of the blockchain shared a post recently where he cited China loosening its tight grip over crypto. He wrote,

China has taken a big step towards cryptocurrency regulation with the implementation of a tax on crypto transactions. The tax on crypto transactions is a clear indication that the Chinese government views cryptocurrencies as a legitimate form of wealth and wants to ensure its proper taxation.

Sun’s tweet came in response to tech journalist Colin Wu’s report on Jan. 25. In it, Wu revealed that Chinese tax authorities were investigating the nation’s ‘crypto whales’ revenue in order to tax their income.

Wu asserted that he had information from an unnamed whale that a local tax office had been in touch with the latter since early 2022, requesting an audit of its personal income tax. There are numerous individuals and a thorough list of the whales that have undergone inspection.

Wu also revealed that the audit process is still underway and that the tax inspectors are looking to apply the basic Chinese income tax rate to their earnings.

“The tax rate of property transfer income in personal income tax is 20% of personal profit/income, in the above specific cases, it should be 20% of the income from the fund.”

This, according to Sun, is an encouraging sign as China has imposed a ban on all kinds of cryptocurrencies since 2021.

TRON DAO has not made any official announcements

The TRON founder also stated that this new approach by tax authorities would boost cryptocurrency adoption in China.

As per him, “it provides a clear regulatory framework for individuals and businesses,” hoping “that the government will further regulate the crypto industry, providing further legitimacy and stability.”

Additionally, Sun emphasized TRON and Huobi’s “significant contributions” to “the growth and development of blockchain technology in China.”

As of now, TRON has not yet made any official announcements about its aspirations for China. However, the fact that it did so in response to China’s cryptocurrency policy shift reflects its desire to venture into a territory known for its anti-crypto stance.

Still, one can treat all of TRON’s potential interests in China within the spectrum of speculation.

Filed Under: Altcoin News, News Tagged With: Justin Sun, tron, TRX

TRON: Huobi Comes Clear On Justin Sun’s Role

January 20, 2023 by Lipika Deka

Justin Sun, the founder of TRON blockchain, has been revealed to be in charge of Singapore’s Huobi exchange, and not simply as a member of the Global Advisory Board.

In a blog post, the leading crypto platform stated that it was able to set off on a revival path due to “the leadership of Justin Sun.”

It needs to be recalled that the TRON founder was reported to be the core investor of the crypto exchange Huobi.

Shortly after the revelation went public, Sun slammed the reports as “wrong”, denying being the shadow investor, TronWeekly reported.

The series of claims began when Huobi declared that all of the HuobiGlobal shares held by the fund of About Capital Management had been transferred to the controlling shareholder firm.

The principal investor in this M&A fund was “found” to be Justin Sun, as first revealed by WuBlockchain, who cited multiple sources to reach that conclusion.

Although he remains tightlipped on his exact role at Huobi, Sun publically acknowledged that he is “one of the biggest holders” of HT tokens.

The exchange also grabbed the limelight recently for news of staff cuts and the manner in which those were executed.

Huobi defended the move by saying that layoffs were done to protect the interest of the majority of employees and ensure that the company could survive.

“Otherwise, more people’s interests will only be damaged once the company collapses”.

Next, the exchange took on the issue of “Rat Traders”.

Rat trading is a form of front-running in which fund managers exploits personal accounts to buy shares cheaply, then sell them at a profit after purchases from the funds they manage have boosted their value.

TRON’s Huobi To Take Action Against Rat Trading

Huobi claimed that numerous accounts frozen for their unusual behavior are distinguished by their absence of activity during regular hours.

As per the firm, these accounts often exchanged ecology tokens and Huobi’s new tokens while moving money in and out swiftly.

Huobi noted in a statement that it had “zero tolerance for rat trading” and that “under the new management, it will continue to perform in-depth audits, hold accountable responsible individuals, and disseminate information in due time.”

Following recent developments, TRON’s Justin Sun told Reuters that he was ready to spend $1 billion of his own money to buy assets from Digital Currency Group [DCG], the parent firm of ailing crypto lender Genesis. However, he did not specify which assets he would be purchasing

Filed Under: News, Altcoin News Tagged With: Huobi, Justin Sun, tron, TRX

TRON’s USDD Stablecoin Dips Lower Despite Drop In Withdrawals

January 9, 2023 by Lipika Deka

TRON’s algorithmic stablecoin USDD de-pegging got no respite despite withdrawals from Huobi slowed down on the weekend, Nansen data showed.

The crypto exchange was in the limelight following the revelation of cutting down its workforce by 20%. As reported by TronWeekly, Justin Sun, the founder of TRON and a Huobi adviser, finally acknowledged Huobi layoffs in a text message to Reuters after days of denying them.

Its native token, TRX slid down by over 10% in a span of just 2 days and is currently trading at $0.054.

Soon Huobi customers began withdrawing to the tune of over $60 million in just 24 hour period and have surpassed $94 million.

After declaring that the exchange was firing staff, TRON founder Justin Sun moved $100 million worth of his stablecoins to his cryptocurrency exchange Huobi as a trust-building measure.

A closer look into data from Nansen revealed that the funds were moved from Binance to Huobi, where Sun owns a controlling share.

The money was distributed using Tether and USD Coin [USDC] [USDT]. Sun stated that he sent the “personal funds” to demonstrate confidence in the Huobi exchange in a later statement.

Martin Lee, a Nansen analyst, commented that the move “might be to help with the increased withdrawals or maintain a level of confidence in the exchange.”

By the middle of January 8, the rate of withdrawals had fallen to a little under $12 million compared to the previous day, according to Nansen data, demonstrating the impact of the steps taken to increase trust. Weekly withdrawals were down to $84 million from Friday’s $94.2 million total.

TRON’s USDD Price Is Still Down By 97 Cents

The price of Tron’s USDD, which is meant to be tethered to the value of the dollar like other stablecoins, has shifted between $0.983 and $0.972 over the course of the last week, though. It cost $0.977 at the time this article was being written.

In contrast to Tether and USD Coin, Tron’s USDD is an algorithmic stablecoin that relies on trading incentives and collateralized storage of crypto assets to maintain its price.

Algorithmic stablecoins came under scrutiny from the general public after Terra’s stablecoin, UST, unexpectedly dropped and lost $40 billion in value last year.

Filed Under: Altcoin News, News Tagged With: Justin Sun, tron, TRX, USDD

TRON Founder Attempts To Calm Nerves As USDD Drops Below $1

December 13, 2022 by Lipika Deka

TRON founder Justin Sun has announced infusing more capital as the stablecoin project USDD is spiraling out of control. The tweet also came with a link showing a wallet addressed to him that transferred nearly $1 million worth of TUSD.

Sun also asserted that USDD is 200% overly collateralized by numerous popular digital assets.

The price of the TRON USDD algorithmic stablecoin has dropped to $0.97, losing even more of its dollar parity. This could potentially put unwanted stress on USDD-paired DeFi pools on Curve.

Currently, USDD consists of over 80% of the USDD/3CRV pool reserves under Curve Pool DeFi protocol, down from a previous figure of 86%. The depeg would have a negative impact on swapping other DeFi assets like DAI or USDC in exchange for USDD.

The token’s prolonged depeg has cast doubts over the project’s sustainability. Some even wondered whether the dollar-pegged asset would go down like Terra’s stablecoin UST.

Last month, the crypto community speculated that USDD might be unsafe to hold with regard to certain unusual activities around the Tron stablecoin.

When USDD lost its $1 peg then, Twitter user Lookonchain on Nov 14 alleged that $548 million of the $990 million in the USDD’s reserve disappeared.

TRON Stablecoin Project Is Doomed like UST?

The tweet was accompanied by transaction trails showing that the USDD founder, Justin Sun, transferred $550 million from the stablecoin reserve to three different addresses for loan repayment.

1/ $USDD is not safe!#USDD has been depegged since Nov 9 and has not returned to the peg!#USDD reserves decreased by 548M $USDCJustin Sun used the 350M $USDC in the reserve to repay the loan in #Justlend.The real Collat. Ratio is only 50%!Here is some evidence.

— Lookonchain (@lookonchain) November 14, 2022

However, drilling deeper, the online sleuth alleged that almost 99% of the TRX tokens in the USDD reserve were unavailable. The implication is that the collateral ratio of the USDD stablecoin reserve is only 50%.

Furthermore, blockchain data showed that the USDD founder withdrew $170 million of a stablecoin token from Binance to the USDC issuer, Circle.

The UST algorithmic stablecoin reportedly lost its peg eight months ago as a result of some malicious actors drastically skewing the liquidity pool that includes the coin and three others.

Later, LUNA, a sibling token of UST, would experience a six-week decline from its all-time high price of $119.18 to $0.00001675.

Filed Under: Altcoin News, News Tagged With: Justin Sun, tron, TRX, USDD

TRON Founder Backed Poloniex Could Be Merging With Huobi; Details

November 25, 2022 by Lipika Deka

TRON founder Justin Sun’s backed Poloniex exchange would merge with the recently acquired Huobi exchange as personnel from both parties have already begun to integrate.

The trading platform has been reportedly bought by Sun from Circle in 2019, WuBlockchain disclosed citing anonymous sources. The latest collaboration might be a part of an expansion drive carefully orchestrated by the TRON founder.

As reported by TronWeekly, Sun who is a global advisor in his other firm Huobi has laid out three strategies to enhance its position as the market leader and rise to the top among other major players in the sector.

The Seychelles-based cryptocurrency exchange recently rebranded its name from “Huobi Global” to “Huobi” via a press statement.

The new name is made up of two Chinese characters, the first of which stands for eternal energy and the second of which expresses the will to triumph.

As part of a new roadmap for international expansion, Huobi will be ramping up its investments in South-East Asia, Europe, and other regions.

Sun further hinted that the country could set up shop in the Dominican Republic where TRON blockchain partnered with the Caribbean island state to issue a national digital currency, the DMC token, as legal tender.

With regards to Poloniex, its merger with Huobi will widen its customer base as its daily spot trading volume is only 1/10 of that of Huobi, per Coingecko.

While there have been no official comments from any of the exchanges, Sun responded that the Poloniex network brand will continue to exist.

TRON Founder Teased A Possible Collaboration With BNB chain

Just the other day, the exchange suspended BSC stablecoins without providing the reason for the abrupt announcement.

Furthermore, the team urged users to use the ERC20 and TRC20 networks for stablecoin deposits and withdrawals and would be offering equivalent multichain solutions for the different stablecoins.

On 25 Nov, Sun teased a possible collaboration with the BNB chain without specifying more. “I fully support the BNBCHAIN ecosystem and BUSD. Actually, we will have a big partnership announcement soon.”

In an earlier tweet, Sun notified the community of the arrival of a new BEP-20 TRX token on the BNB Blockchain.

But owing to continuing upgrades in Tron, DEX PancakeSwap delayed the rollout of the Tron syrup/pool These stake pools would enable users in staking CAKE and gain TRX.

Filed Under: Altcoin News, News Tagged With: Huobi, poloniex, tron, TRX

TRON Founder Is Keeping “All Options” Open With FTX

November 24, 2022 by Lipika Deka

Justin Sun, founder of the TRON blockchain revealed that he is open to “any kind of deal”  and “all options” are on the table with regard to the fallout of the once-dominant FTX led by Sam Bankman-Fried.

In an interview, Sun stated that representatives from Tron and the Huobi exchange are examining the platform’s assets with the intention of buying and are in talks with the FTX Group in the Bahamas.

“Right now we are evaluating assets one by one, but as far as I understand the process is going to be long since they are already in this kind of bankruptcy procedure,” he added.

After Binance backed out of an acquisition deal citing funds misappropriation, Sun, a crypto entrepreneur emerged as a savior by extending a helping hand to the beleaguered crypto exchange

Initially, Sun announced that they were working with the FTX team to allow withdrawals and trading for tokens related to him. Several crypto assets related to Justin Sun, include Tron (TRX), Just (JST), Sun (SUN), BitTorrent Token (BTT), and Huobi Token (HT).

Following FTX’s filing for bankruptcy, Bankman-Fried stepped down as CEO of FTX on Nov. 11. Still, SBF continued tweeting multiple threads speaking about the debacle.

This prompted the new CEO John Ray III to distance himself from Bankman-Fried saying his views do not represent the firm as he no longer works there.

TRON Founder Said FTX’s Fiasco Would Leave A Footprint

However as the dust began to settle down, SBF’s tweets mellowed down. Recently, the former CEO issued apologies to the FTX employees saying he felt “deeply sorry about what happened” and that he “froze up in the face of pressure.”

“As we frantically put everything together, it became clear that the position was larger than its display on admin/users, because of old fiat deposits before FTX had bank accounts,” he said. “I did not realize the full extent of the margin position, nor did I realize the magnitude of the risk posed by a hyper-correlated crash.”

The founder of TRON, on the other hand, claimed that mistakes committed by Bankman-Fried will damage cryptocurrency in the eyes of regulators, institutional investors, and other parties.

The collapse of SBF, according to Sun, “will leave a very negative impression on mainstream American society about the cryptocurrency industry.”

Before FTX sought bankruptcy protection, Sun and Tron held discussions with FTX regarding how to safeguard owners of Tron tokens.

Filed Under: Altcoin News, News Tagged With: Justin Sun, SBF, tron, TRX

Binance Claims “Undisclosed Wallet” is a TRX Cold Wallet Amidst Rumours

November 18, 2022 by Lipika Deka

Binance, the world’s biggest crypto exchange has hogged the limelight as it brought attention to the significance of Proof Of Reserves [PoR] in the wake of FTX’s bankruptcy.

But of late, the crypto community took note of a $2.7 billion USDT transfer from its proof-of-reserves wallet that occurred less than 24 hours after publication.

A Reddit post by a user called OneThatNoseOne accused the trading platform of not disclosing the wallet in their proof-of-reserves article.

The Redditor also argued that Binance’s involvement in such activities was hypocritical given how the company supported customers in their efforts to remove cash from exchanges and promoted proof of reserves following the FTX fiasco.

Not only that, there were some additional funds missing from other wallets in the platform’s PoR snapshot, the user alleged.

Sure, companies have the right to manage and store their funds in whatever way they like. They aren’t bound to keep it in any particular wallet. But that begs the question, why not just disclose their new wallet with a simple addition to their published proof of reserves statement? Why not properly organize and manage their funds so that they wouldn’t look shady making such transactions after the fact [of publishing reserves].

At a time when customers’ trust in crypto is at an all-time low, the anon user called upon Binance to take steps in providing transparency so that users don’t have to sift through tons of data for something they could have easily provided.

“Whether this is funny business they are engaged in or just management incompetence, either way, it is not good at all,” the post concluded.

Binance Termed The Transfer As “Standard Operations”

In response, Binance commented that the ‘undisclosed wallet’ in question is one of its cold TRX wallets and that the transfer of the assets was a “standard operation between internal wallets.”

With regards to the Proof of Reserves, the crypto exchange said its PoR audit is not yet completed, causing “confusion” among users. Additionally, they will soon produce a “Merkle tree proof of reserves” in collaboration with Ethereum founder Vitalik Buterin.

“This will ensure that users no longer have to “trust” Binance or any other platform because it will be verified by code. This is as it should be, and frankly, we feel that we’ve let the industry down by not developing this sooner.”

Filed Under: Altcoin News, Fintech, News Tagged With: Binance, ftx, TRX

TRON-Centric Tokens Inflated Prices Comes At The Expense Of FTX Users

November 11, 2022 by Lipika Deka

TRON-based tokens like JUST [JST], BitTorrent [BTT], and the Sun Token [SUN] have reached skyrocketed prices trading at 1200% in excess of their market value due to an agreement signed on Nov 10 with crisis-ridden FTX.

As a result, users who hold these assets have started bidding up the prices to recover their locked funds at FTX. Market experts believe that this overinflation will cause further realized losses for its investors if they sell it on other exchanges.

A realized loss is when assets are sold for less than they were originally purchased for.

Data from coinmarketcap showed that TRX is changing hands at $0.05, at the time of writing this post, while on FTX, it is trading at $0.28, almost 500% more.

On the exchange, BitTorrent [BTT], JUST [JST], and the Sun Token [SUN] are all selling at premiums that range from 500% to 1,196% over the market price.

A day after a proposed acquisition with FTX’s bigger rival Binance collapsed on the grounds of failing due diligence, the embattled firm found a helping hand from TRON’s Justin Sun.

The deal was to establish a special facility to permit holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX 1:1 to external wallets.

TRON’s Agreement Amidst USDD De-Pegging

“We hope this is just step one: beginning to find ways to bring liquidity to users,” SBF said on Twitter. “That is the core thing that I am fighting for right now, and will continue to fight for in whatever ways I can.”

Tron had its own issues when the network’s algorithmic stablecoin USD [USDD] dropped below its peg and as low as 97 cents across several cryptocurrency exchanges in the late hours of 9 Nov., TronWeekly reported.

Recently, USDD was trading for 98 cents. Tether [USDT], a rival stablecoin, too temporarily lost its peg and fell to 97 cents, although it has since recovered.

However, a Tron spokesperson downplayed the news saying they don’t consider the recent decline a depeg, as TRON DAO has established the permissible degree of volatility in the price of USDD to 3% under exceptionally unpredictable market conditions.

Filed Under: Altcoin News, News Tagged With: BTT, ftx, JST, Justin Sun, SUN, TRX

TRON DAO Signs Up Wintermute To Mint & Redeem USDD

August 10, 2022 by Lipika Deka

TRON DAO onboarded one of the largest crypto exchanges Wintermute as its ninth whitelisted member to mint and redeem its algorithmic stablecoin USDD.

“We strive to function as the decentralized crypto reserve while consolidating the value of USDD as the true settlement currency. Welcome more institutions on board!”, the announcement read.

USDD is an algorithmic stablecoin on Tron, that is supposed to keep a one-to-one exchange rate with the U.S. dollar. It relies on an automated balancing mechanism that requires alternately creating and destroying units of USDD and its sister token TRX, the native cryptocurrency of the Tron blockchain.

To elaborate further, when the value of USDD falls below the $1 target, users can burn their USDD to mint TRX, restoring USDD’s price back to the target level.

Apart from that, the USDD stablecoin also maintains the peg with centrally controlled reserves. This reserve comprises of various tokens worth more than USDD’s total value and is held as collateral to prop up the stablecoin in the event of a crisis.

image 6
TRON DAO Signs Up Wintermute To Mint & Redeem USDD 2

TRON DAO Expands Its Whitelisted Institutions

With respect, to the latest addition, Wintermute is now a part of the selected cahoots that have the exclusive right to swap between USDD and TRX. These parties are referred to as whitelisted institutions.

The leading global crypto market maker now joins eight other members of the Tron DAO, which are Alameda Research, Amber, Ankr, FalconX, Poloniex, Mirana, Multichain, and TPS Capital.

On being the newest member, David Micley, business development director at Wintermute stated,

“There is a lot of exciting activity going on in the Tron ecosystem which we’re seeing in terms of total value locked [TVL] and projects being built and we’re excited to find ways to get involved and contribute.”

Besides being a well-known crypto market maker on both centralized and decentralized crypto exchanges, Wintermute trades billions of dollars per month that comes with a vast experience in digital assets.

It has over $5 billion in average daily trading volume and is a one-stop shop for OTC trading, providing liquidity for both CEXs and DEXs.

The collaboration between the Reserve and Wintermute will see the latter act as an adviser and “make recommendations to enhance, develop, and supply general aid for the USDD network,” the statement said.

Filed Under: Fintech, News Tagged With: tron dao, TRX, USDD, Wintermute

Upbit Urge Caution On Investment In Tron & Waves’ stablecoins

June 14, 2022 by Lipika Deka

South Korea’s largest crypto exchange Upbit warns of possible risks to TRON [TRX] and WAVES after the duo’s algorithmic stablecoins projects- USDD and USDN started de-pegging. The TRON’s USDD has headed towards its all-time low at $0.57.

WAVES’ Neutrino USD too followed suit to stand at 95 cents, at press time. In the notice issued, the trading platform stated,

There is a concern that the pegging of USDN and USDD is not going well. As a result, the possibility of price fluctuations of WAVES and TRON [TRX] associated with each of the above stable coins may increase, so please be careful about investing in WAVES and TRON [TRX].

Upbit, further said it will continue to monitor these algorithmic stable coins or related digital assets, and urged members to be aware of increased price volatility if the de-pegging phenomenon escalates in the future.

Following the TerraLuna meltdown, stablecoins have been bearing the brunt and are on the brink of annihilation. Attention has been particularly shifted to Tron’s USDD as it continues to fall, with founder Justin Sun vowing to deploy $2 billion to prop up.

Amidst the current market mayhem, regulators around the world including South Korea have been putting up guardrails.

Upbit Removes Litecoin Over Privacy Function Concerns

A day ago, five South Korean cryptocurrency exchanges including Upbit announced to collectively delist Litecoin citing the crypto asset’s Mimblewimble Extension Blocks [MWEB] upgrade violates the country’s laws.

Three days back, South Korea’s Financial Supervisory Service [FSS] began an investigation into payment gateway services that focuses on digital assets. The FSS is the nation’s financial watchdog that operates under the Financial Services Commission [FSC], both of which are government institutions.

As per a local source, the FSS had recently demanded reports from 157 payment gateways about any service related to crypto, its plans for the future, and the disclosure of digital assets. But, an FSS report stated that only six held any digital assets.

The country’s authorities on May 31, 2022, announced that it is planning to launch a Digital Assets Committee which is deemed as a temporary solution to bring structure to the virtual asset industry following the Terra fiasco.

The proposed committee would bring forth new guidelines including screening criteria for newly-listed assets, market monitoring, trade monitoring, a level of disclosure, and other investor protections.

Filed Under: Altcoin News, Fintech, News Tagged With: south korea, TRX, upbit, USDD, USDN, WAVES

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