"Tron’s Justin Sun Faces Backlash Due to Scam in China"

in #news5 months ago

Something I ran into while seeking to learn more about this guy.

"The founder of the Tron blockchain project, Justin Sun, is facing harsh criticism in his home country of China after an alleged Ponzi scheme ended abruptly last week.

According to Chinese website Nuclear Finance, a pyramid-like investment scheme known as the “Wave Field Super Community” has been associated with Tron. In China, Tron and its TRX cryptocurrency is known as “Wave Field.”

The Wave Field Super Community reportedly managed to collect at least CNY 200 million (c. USD 29 million) from investors before it unexpectedly shut down, leaving the victims with no way to withdraw their money.

Chinese investors in the pyramid scheme have reportedly demanded that Sun disassociate himself and Tron from the fraudulent Wave Field Super Community. According to the accusers, Tron has benefited from the increase in interest and trading volume for the TRX token, as victims used TRX to invest in the fraudulent Wave Field Super Community."

Source: https://cryptonews.com/news/tron-s-justin-sun-faces-backlash-due-to-scam-in-china-4178.htm