2023-06-01
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05/02/2023
Binance CEO Warns Tron Founder: No Whales Allowed on Launchpool

Binance CEO Warns Tron Founder: No Whales Allowed on Launchpool

by Lee Brooks

Tron founder Justin Sun has issued an apology after Binance CEO Changpeng “CZ” Zhao warned him about depositing 56.1 million TrueUSD (TUSD) to Binance.

CZ raised concerns about Sun's token transfer, suggesting that the Tron founder intended to use it to farm a new token soon to be launched. CZ tweeted that Binance Launchpool is meant for retail users and not for a select group of whales. 

Earlier, Sun had transferred over 115 million TUSD stablecoins to Binance, and TUSD, along with BNB, could be staked on Binance Launchpool to farm SUI, the native token of Mysten Labs' Sui Network. Yield farming involves earning tokens by providing liquidity to DeFi protocols.

Binance CEO CZ noticed the huge transfers of TUSD and warned that if Sun used any of those tokens to buy up large amounts of SUI tokens from Binance's Launchpool, Binance would "take action against it." Launchpool allows Binance users to farm new project tokens and acquire rewards by staking tokens like BNB and TUSD in staking pools on the platform.

The substantial transfer made in TUSD was flagged by Whale Alert, which tracks large blockchain transactions. Sun replied to CZ twenty minutes later with an apology. 

Sun stated that Tron DAO’s primary objective in depositing TUSD was to facilitate market-making between leading TUSD exchanges. However, he admitted that some team members inadvertently used a portion of the funds to participate in exchange campaigns. Upon discovery, Tron DAO immediately contacted Binance and arranged for a full refund. 

Sui is a layer-1 blockchain created by Mysten Labs. The project was founded by former Meta executives and raised $300 million in September 2022. On April 30, Binance LaunchPool opened the BNB-Sui and TUSD-Sui staking pools for its users. A total of 40 million Sui tokens, or 0.4% of the total supply, will be airdropped to users who stake their BNB or TUSD tokens over two days.

The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.

Justin SunBinance

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Lee Brooks

Lee Brooks

Lee Brooks is passionate about the world of blockchain and crypto and by the endless possibilities these technologies offer

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