
Justin Sun, founder of Tron recently posted on X where he accused Chain, a blockchain infrastructure platform, of significantly manipulating the market through high-leverage trading contracts. According to Sun, these contracts pose a risk to the exchange users. Sun urged major exchanges such as Coinbase, Kraken, KuCoin and Bybit to investigate these alleged dangers. Sun even reported Chain’s activities to the U.S. Securities Exchange Commission (SEC) and the Department of Justice (DOJ), requesting further examination.
Chain Responds to Justin Sun’s Allegation
As a rebuttal, Chain replied back to Sun’s tweet and denied the allegation. Chain also asserted that it only operated as an independent entity that does not engage in trading activities or market manipulation involving its native token, XCN. The company clarified that XCN management is overseen by OnyxDAO, an independent organization, and not Chain directly.
Chain Plans To Take Legal Action
Chain’s official response, posted on X, stated: “The Chain team is not actively engaged in ANY trading of XCN, nor involved in ANY market manipulation directly or indirectly. We take these allegations extremely seriously and are exploring legal remedies against Justin Sun.”
Now according to Chain, Justin Sun’s allegation has led to serious damage to its reputation and wish to hold him accountable through legal channel.
This dispute is just another chapter in the ongoing tension between Chain and Sun, highlighting the high stakes and contentious nature of the cryptocurrency industry. With the possibility of legal actions from both the sides, the situation depicts the critical need for transparency and accountability in the digital asset market.
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