Binance warns as Justin Sun transfers 59 million TUSD to Binance today.
Justin Sun, the co-founder of Tron, moved 56 million TUSD, valued at $56.4 million, to Binance. This is according to a tweet by WhaleAlert today, May 1, 2023.
In a swift reaction to the fund transfer, Binance CEO Changpeng Zhao said that Binance will take action against Sun if it discovers that the latter’s intention is to dominate its LaunchPool Sui token.
A preemptive warning
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
The Sui token is Binance’s 33rd project and was launched on April 30. While introducing the token, Binance wrote on its blog,
“Binance is excited to announce the 33rd project on Binance Launchpool: Sui (SUI), a DPoS layer 1 blockchain based on the Move programming language. The webpage is estimated to be available in 4 hours, before the launch pool starts. “
TUSD and BNB used in Sui farming
The statement further stated that the new LaunchPool token will be live as soon as there is enough TUSD and BNB (both of which are Binance tokens) liquidity in the pool. Users can farm the Sui token for profit by staking TUSD and Binance Coin (BNB).
In his reaction to the transfer by Justin Sun, the Binance CEO said that if Sun’s intention is to take control of the DPoS protocol, Binance will take action against him.
Not for the whales
Speaking on the fund transfer, CZ wrote,
“Our team told Justin that if he uses any of these to grab the LaunchPool Sui token, we will “take action against it”. SMH.”
He maintained that the pool was designed as an airdrop platform for retail investors. He frowned at the possibility that it could be the target of whale dominance.
CZ concluded by praising the transparency of blockchain technology.