key takeaways:
- Sun expressed regret for the significant TUSD transfer to Binance during SUI farming and attributed the occurrence to an incompetent team member.
- The transparency reminder meant that Binance would be aware of Sun receiving any SUI tokens via the blockchain-based recorded TUSD sales.
Binance CEO Changpeng “CZ” Zhao responded after Justin Sun, the founder of Tron, dumped 56,1 million and 59 million TUSD to Binance on May 1. Sun was forewarned by CZ that he would be subject to punishment if he sought to abuse the SUI airdrop offered by the Binance Launchpool.
Sun responded to CZ by saying that increasing liquidity rather than taking part in LaunchPool was the main goal of deposits to Binance. However, his coworkers used the money to take part in the Sui LaunchPool.
He expressed his regret to Zhao and informed him that the group would set up a complete reimbursement of the money.
Justin Sun reportedly deposited 56,100,000 $TUSD, or 56,444,454 USD, to Binance, according to the Twitter account @Whale_Alert. The CEO of Binance, CZ, heard the news swiftly and spent no time objecting to the acts of the Tron father.
Binance’s CEO Changpeng Zhao revealed that the exchange’s team had urged Sun not to use any of the TUSD deposit to claim the SUI incentives on the platform shortly after Whale Alert raised an alert about the transaction.
CZ addressed the community’s worries, though, saying Sun had received a warning from Binance that if he attempted to farm the tokens, the company would “take action” against him. The CEO claims that the exchange’s LaunchPool is intended to be airdrops for regular customers, not just a select few whales.
CZ continued by saying that Binance’s Launchpool platform is designed for retail users—individual investors rather than institutions—and “not just for a few whales.” Launchpool enables Binance users to stake tokens like BNB and the platform’s dollar-pegged stablecoin TUSD in staking pools to farm new project tokens and earn incentives.
The purpose of the TRON DAO Venture’s deposit of TUSD, according to Justin Sun, is to allow market-making activities between the top TUSD exchanges.
As a partner market maker for TUSD, Sun thinks that rather than taking part in exchange promotions, TRON DAO Venture’s action has improved liquidity and trading volume.
Sun claims that team members accidentally spent a portion of the cash for exchange campaigns since they were not aware of the funds’ intended usage. Sun realised the mistake and contacted the exchange office to get a complete refund.
It is also important to note that this development comes soon after Binance US decided To Delist Justin Sun’s Tron in April.
