Tron (TRX) Down 20% Amid Justin Sun Reports From Chinese Media
Tron CEO Stuck in China, Media Alleges
Earlier today, Tron (TRX) began to drop in the wake of an announcement from Justin Sun. Announced in a Twitter post, which was pushed through other mediums, the cryptocurrency entrepreneur announced that he would be unable to attend the charity lunch with Warren Buffett due to a health concern, and thus had to delay the event. The health concern cited was kidney stones.
However, new reports suggest that his sudden announcement that he would not be able to attend the lunch, which ran for about $4.5 million (which has been sent to the San Francisco-centric Glide Foundation) on eBay, stems from a tussle with Chinese authorities.
Chinese news site Caixin reports that Sun was charged by a special Chinese committee on internet safety for his allegedly participating in money laundering, illegal fundraising, spreading pornography, and gambling. This news has been shared by prominent media outlets Sina Finance and Global Times, who cited Caixin as the original source.
Per CnLedger, a prominent cryptocurrency insider situated in the nation, he has thus been barred from leaving the country, presumably because the case is still ongoing.
The reason why this case didn’t occur sooner, as Tron has been a live cryptocurrency for a number of years now, is purportedly due to the fact that prior to this Warren Buffet news, Sun was flying under the radar of Chinese authorities.
As a result of this news, Tron is down 20% in the past 24 hours. During the same time frame, Bitcoin lost 3%, as did Ethereum, XRP, and other leading altcoins.
Update: Justin Sun has since come out to deny the reports from Caixin, and even revealed that he is currently situated in San Francisco.