Justin Sun deposits $100 million to Binance amid FUD campaign

Hull Invest

December 13th, Founder of TRON Justin Sun He tweeted that he had deposited $100 million on Binance. The accompanying transaction link confirmed that 100 million USDC was sent to address 0xd189…eb48 around 07:00 UTC.

Justin Sun Deposits $100 Million on Binance
Source: @justinsuntron on

In response, Binance CEO Zhao Changpeng (CZ) said the funds are related to a transaction that brings BUSD to the TRON blockchain. However, he is unsure of the exact nature of the deposit.

“I think this is part of deploying BUSD on TRON. Cross-chain swaps. Details unknown.

Binance Reserve Proof and Ethics Questions

Binance is currently in a firefight over solvency concerns and allegations of unethical management.

This issue stems from several incidents, including recent questions about the validity of Proof of Reserve (PoR) report From audit firm Mothers. According to reports, as of November 22nd, the exchange had sufficient assets to cover user balances. Knowledgeable observers, however, panned the scope of the report.

Kraken CEO Jesse Powell Mazar’s report states, “ Not a traditional reserves proofHe raised several points, including why collateral values ​​were used, the inclusion of negative balances, and the lack of wallet signatures.

If you intentionally FUD a competitor, Powell He denied the accusations, saying they pointed to “misinformation about reserve evidence”, including redefinition of terms and flaws in the use of collateral accounting.

Similarly, recent Reuters According to the article, the U.S. Department of Justice is considering filing a lawsuit against the exchange and key executives for compliance and money laundering charges.

In response to the, binance The press said it was “wrong again” and included a statement sent to the press and a link to a blog post about the company’s efforts to root out cybercrime.

Crypto Twitter fuels FUD

Crypto Twitter is flooded with warnings about Binance, including recent posts from investors. Mike Alfrednotified the user to remove the funds from the exchange.

Mike Alfred Warning on Binance
sauce: @mikealfred on

Alfred I later posted about selling pressure driving BNB price down and triggering BUSD unpegging. Binance’s native BNB token has fallen 5.7% over the past 24 hours. BUSD, on the other hand, dropped him to $0.981941, but recovered quickly, with him trading at $0.997600 at the time of writing.

Comments on the situation, analyst @Ambessa 100 FUD is “revenge for busting FTX”, calling the bankrupt platform “a US money laundering operation”.

CZ He called FUD “totally annoying” but admitted that “it helps us grow” and unites Binance supporters.

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