Binance Warns Blockchain Whale Justin Sun Of The Consequences Over SUI Token Grab

Cryptocurrency exchange Binance is warning prominent blockchain entrepreneur Justin Sun against using his funds to grab LaunchPool SUI tokens.

Binance BNB/USD CEO Changpeng Zhao took to Twitter to express his concerns and ensure fair distribution of the tokens for retail users, rather than allowing a select few "whales" to corner the market.

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"Our team told Justin, if he uses any of these to grab the LaunchPool Sui token, we will 'take action against it'. SMH. Binance LaunchPool are meant as air drops for our retail users, not just for a few whales. On the bright side, blockchains are transparent...," Zhao tweeted.

In response to Zhao's tweet, Sun defended his actions, claiming that TRON TRON/USD DAO Venture's primary objective in depositing TUSD (CRYPTO: TrueUSD) is to facilitate market-making between leading TUSD exchanges, thereby enhancing liquidity and trading volume.

Sun added that the primary intention was not to participate in any exchange promotions.

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"As a partner market maker for TUSD, TRON DAO Venture's primary objective in depositing TUSD is to facilitate market-making between leading TUSD exchanges, thereby enhancing liquidity and trading volume, rather than participating in any exchange promotions. In just the past few hours, our market maker has achieved a total trading volume of 40 million USD, contributing to the stability of TUSD's price," Sun said.

He also acknowledged that some of his team members were not fully aware of the intended purpose for these funds and inadvertently used a portion of them to participate in exchange campaigns.

Sun stated that upon realizing this error, his team immediately contacted the exchange and arranged for a full refund of the funds.

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