Justin Sun Denies Allegations of Illegal Fundraising

Amid serious allegations of illegal fundraising against Tron founder Justin Sun by a Chinese newspaper, he responded to deny all claims.

The allegation by the news outlet 21st Century Business Herald came on Tuesday, hours after Sun canceled his lunch reservations with Waren Buffet citing health issues.

The news agency alleged that Sun illegally raised funds through his cryptocurrency project Tron and that the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term network of his company operated illegal gambling services for Chinese residents.

It further alleged that Sun’s previous venture Peiwo, a social media network, was involved in the distribution of pornographic content.

Calculated response?

In response to these allegations, Sun wrote on his Weibo account: “The illegal fundraise accusation is wrong. Tron complied with regulators and refunded investors on Sept. 20 in 2017, immediately after the order [of a ban on initial coin offerings] from seven ministries in China.”

“The Tron foundation is based in Singapore in Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term with local regulations and laws. … and does not involve any flow of capital, or any crypto or fiat currency onramp,” he added.

Sun won a charity auction after paying more than $4.5 billion to have lunch with billionaire investor Warren Buffet, which was scheduled for July 25. However, both Sun and Tron confirmed that the lunch was rescheduled as the crypto tycoon is suffering from kidney stones.

TRON Foundation announces postponement of Warren Buffett lunch, press conferences after founder Justin Sun falls ill with kidney stones. Parties agreed to reschedule at a later date. @GLIDEsf @WarrenBuffett

— TRON Foundation (@Tronfoundation) July 22, 2019

The Chinese newspaper also alleged that Sun is currently in mainland China, which is confirmed from multiple sources.

“Without a clear answer to these questions raised, will Justin be able to have this $4 million meal?” the newspaper questioned.

Sun, however, did not mention anything about his current location in the Weibo response.