Justin Sun Denies Allegations of Illegal Fundraising

Sun’s Tron has a market cap of more than $1.5 billion.

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.

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The news agency alleged that Sun illegally raised funds through his cryptocurrency project Tron and that the blockchain 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 with local regulations and laws. … and does not involve any flow of capital, or any crypto or fiat currency onramp,” he added.

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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.

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.

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