Binance CEO Changpeng ‘CZ’ Zhao said the exchange would prevent crypto entrepreneur Justin Sun from farming Sui tokens with his $56.1 million True USD (TUSD) deposit.
May 1 Whale Alert report that Sun made the above deposit to Binance, speculation He revealed that he was trying to acquire SUI tokens through the exchange’s LaunchPool.
But CZ Calm down Community fears that Binance warned Sun that they would “take action” against him if he tried to farm tokens. The exchange’s LaunchPool is intended as an airdrop for retail users, not just a few whales, according to the CEO.
of Binance Sui Launch Pool allow Users will stake TUSD and BNB to farm SUI tokens over the next two days. At the time of writing, there are $558.8 million in TUSD and 9.2 million BNB tokens staked in the pool.
Sun’s problem response
Sun responded Tron DAO Venture made the transfer in its role as co-market maker for TUSD. He added that the deposit is intended to smooth out TUSD price gaps and increase liquidity and trading volume for pending orders.
Meanwhile, some of the funds appear to have been staked in SUI LaunchPool, despite claims that the funds were not intended to participate in any activity on the exchange.
Sun said this was a mistake by colleagues who did not understand the purpose of the funds. “We contacted the exchange as soon as possible to fully refund the funds for the exchange activity. We apologize for this mistake,” he added.
But not everyone believes Sun.Several idea He’s only backtracking after being publicly called out. Sun is a smart money man who used his access to funds to make very profitable trades. For example, he took advantage of his USDC depeg to make about $3 million in profit.
The post that Binance would take action if Justin Sun farmed SUI tokens first appeared on CryptoSlate.
