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Discover Crypto, a crypto-focused YouTube channel, has commented on the future of the HTX exchange. The channel warns investors about potential parallels between Justin Sun, the founder of Tron, and Sam Bankman-Fried, the currently incarcerated founder of FTX. According to the channel, Justin Sun’s operations resemble a house made of cards and bear similarities to the collapse of FTX. The channel suggests that Justin Sun could be the next Sam Bankman-Fried.
Warnings About Justin Sun
An analyst at Discover Crypto claims that Justin Sun shares similarities with Sam Bankman-Fried. The analyst points out recent significant setbacks and highlights the need to shed light on allegations against Justin Sun, including generating fake volume and involvement in illegal activities such as workplace harassment, considering his influential role in the Tron blockchain, a multi-billion-dollar crypto project.
Discover Crypto examines the history of Tron’s initial coin offering (ICO) for the TRX token in 2017 and emphasizes that despite the Chinese government’s ban on crypto ICOs, Justin Sun controversially made profits exceeding 70 million dollars.
The channel highlights that Justin Sun allegedly moved to South Korea to evade potential prosecution, suggesting that the establishment of TRX took place under “illegal conditions.”
Unpleasant Past Incidents
The channel also references the workplace harassment controversies involving Justin Sun and the Tron Foundation, citing a 70-page document filed against them in the United States in 2019. The allegations include physical assaults by Sun during office meetings and favoritism towards Chinese employees.
Discover Crypto further claims that the Tron Foundation attempted to manipulate personal files and corporate email addresses in a cover-up attempt. Another issue addressed by the analyst is the allegations made by US regulators against Justin Sun.
Discover Crypto highlights that this year, US regulators accused Justin Sun of fraud and violations of securities laws. The SEC accused Sun and his organizations of manipulating TRX through widespread wash trading. Wash trading refers to misleading and deceiving market participants regarding the price and volume of transactions conducted on an asset.
Discover Crypto notes that these allegations have not been proven. However, the developments have undoubtedly cast a shadow over Justin Sun’s reputation and the Tron project. The channel expresses concerns about Justin Sun and his affiliated crypto projects potentially following a trajectory similar to Sam Bankman-Fried and FTX, referring to a series of scandals.
