Tron Crypto Down 7.5% as Justin Sun Rejects Allegations Of Money Laundering

Tron promoter and CEO Justin Sun rejected allegations of unauthorized fundraising, facilitating porn transactions, betting and money laundering charges in a statement released on July 23 on China’s social media site Weibo.

Chinese media 21st Century Business Herald stated claimed that unknown sources told its journalists that Justin Sun seems to be on Chinese land.

The page also mentions pornography-related activities in Peiwo social media, fundraising, and casinos.

The outlet additionally argues that Sun can not abandon the nation, and that is the true motive why Sun chose to reschedule the Warren Buffett lunch and news conferences to an unknown deadline.

Sarcastically, the channel doubts if Sun can join Buffett in a Lunch without first addressing the above-mentioned issues.

In a Tweet, Sun earlier stated that a medical urgency is the reason to postpone the conference. Justin discusses the charges in the following Weibo article.

As per his article, the unauthorized allegations of fundraising are incorrect since the Tron Foundation repaid the collected money after the Chinese government prohibited initial coin offerings in September 2017.

Sun also claims that there is no justification for money laundering charges since the Tron Foundation is headquartered in Singapore, conforms to local legislation, and does not include fiat on or off-ramp facilities.

He also observed that the firm is collaborating with authorities with regard to Peiwo supposedly enabling illegal porn-related activities, monitoring customers and trying to make sure the content is good. Sun also discussed the charges of facilitating illegal activity by ruling out that Tron is a decentralized internet network and that the Foundation fights the protocol’s illegitimate use.

Finally Sun says:

“We understand the concerns over the development of blockchain technology, and we are willing to open up and communicate to jointly promote the development of blockchain technology in China.”

At the time of writing this article, Tron (TRX) has lost 7.5% in the past 24 hours to trade at $0.0235. Sun encouraged more prominent individuals from the crypto sector to join his $4.6 million dinner with Warren Buffett earlier in July.