Home Ponzi & Scams Unknown developer runs away with 15 million USD scamming investors, Justin Sun might be involved

Unknown developer runs away with 15 million USD scamming investors, Justin Sun might be involved

Shark Tron Justin Sun

Scam attacks are rising at an alarming rate over the crypto space these days and the latest scam that has created huge ripples of late is the SharkTron scam. As per the sources, SharkTron founder has fled with a whopping 15 million USD after conning a large line of investors over the last month. Worse, Justin Sun, the popular CEO of the leading blockchain network TRON, is supposedly involved in the fiasco. 

SharkTron and Daniel Wood

SharkTron is a DeFi project on TRON blockchain (TRC20) founded last month by an unknown developer called Daniel Wood- at least that’s how he had introduced himself online. SRX is the native token of SharkTron. The token was listed on TRON’s DeFi exchange JustSwap and soon became one of the top 10 tokens of the exchange.

Wood presented SharkTron as a token mining project where TRX investors can stake their tokens and, upon staking, the amount would be freezed to mine SRX tokens- and they would also be rewarded with SRX tokens. The contract allowed users to unstake their funds any time they wish to at a cost of 10 percent fee. Everything seemed hunky-dory and convenient terms of the project soon raked up the popularity of SharkTron online- drawing in a large number of investors to the platform. 

Involvement of Justin Sun

The popularity of SharkTron was further bolstered when Justin Sun listed SRX in his voting list and added it to his own token mining project named SUN. 

Sun is an influential figure in the contemporary crypto industry and the TRON founder’s support for the projects leveraged the credibility quotient of SharkTron- thereby drawing in a long line of investors to it.

Riding on the popularity of SharkTron, Wood launched a betting website named SharkDice and a week later announced his third project Tron foundation. Now, here comes the glitch. It has been claimed that, behind the banner of these new projects, Sun creates several scam cryptocurrencies into the Tron network as well as promotes and whitelists them on his own JustSwap exchange. Then, when investors invested several millions of dollars into the new cryptocurrency, he just removed the cryptocurrency, leaving them with just a ripped pocket.

The Twitter space is currently abuzz with the news of the SharkTron scam. As per some of the tweets, some of the investors who were scammed by SharkTron project reported to TRON for help but only met with futile results. The TRON team did not take any active step to freeze the scammer’s wallet. It kind of compelled the investors to suspect the possibility of TRON’s involvement in the scam and they have already informed the police about it.

Leading crypto expert Sydney Ifergan has also expressed his concern over the scam. He has assured to investigate the scam and is currently looking for more data on the entire affair.

This is not the first time and Sun and his TRON network have been involved in serious controversies of late. Recently he was criticised for declaring newly launched oracle JustLink as TRON’s first ever oracle while Bridge oracle had already been introduced on TRON before JustLink came to the scene.

“It was not exactly very professional of Sun to declare justLink as ‘TRON’s first oracle’ while Bridge Oracle was officially announced to be the ‘first ever public dedicated oracle on TRON network’. We have been in discussion with the TRON team for a year now about Bridge oracle and what Sun did is extremely hurtful”, stated Hassan Golmohammadi, the CTO of Bridge Oracle.

As of now, https://sharkdefi.com/ , https://lion-tron.com/ https://sharktron.com/ websites have been shut down. One of these might still be live but is likely to disappear in a few days.


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