Justin Sun, the founder of the TRON blockchain, faces an uphill task after Archblock founder filed a lawsuit alleging that the crypto entrepreneur purchased TUSD stablecoin via illegal means. According to the filing, Sun clandestinely executed the acquisition by employing a range of entities and individuals while remaining anonymous.
Below are the screenshots shared by a Twitter user showing Sun’s insistence on maintaining the secrecy of any acquisition.
The crypto billionaire reacted to the news in his trademark fashion, using the number “4” that Changpeng Zhao [CZ], CEO of Binance, uses to denote FUD. Given that there have been prior allegations regarding True USD [TUSD] and its dubious connections to the TRON founder, community reactions have mostly been neutral.
Launched in 2018, the price of TUSD, which is intended to stay fixed at 1:1 to the US dollar, did not react significantly. The stablecoin first made headlines on April 30, when Binance announced TUSD staking for Sui Network [SUI] farming.
But things took an odd turn on May 1, when a True USD wallet connected to Sun moved over $56 million worth of TUSD to Binance. CZ swiftly clarified that the TRON founder had been warned not to use any of the transferred funds for the SUI airdrop in order to allay any worries.
In general, TUSD, Huobi, and other Chinese shell businesses’ secrecy caught the attention of on-chain sleuths, as they feared that there was more going on than what was visible to the general public.
TRON Founder and TUSD connection shrewd in mystery
On May 3, an investor at Cinneamhain Ventures, mostly known for his extensive and viral threads on Twitter, Adam Cochran, alleged that Sun had already purchased TUSD.
In his tweet, Cochran revealed the intricate network connecting the stablecoin to Justin Sun, prompting a strong reaction from the TUSD team, which threatened legal action against him for associating them with Sun. The investigation led to the discovery of Techteryx, a mysterious entity whose existence is only confirmed in auditing statements from TUSD.
The most recent lawsuit might be an opportunity for the TUSD team to finally come clean on the raging matter which they have so far chosen to remain silent.