Justin Sun of TRON Violates Community Provisions and Weibo Account DeletedDecember 13, 2019
The Weibo account of Justin Sun, TRON founder, and Yi He, Co-founder of Binance, have been deleted on Thursday for the violation of community provisions.
Anyone who clicks onto Justin Sun or Yi He’s account, get the following message: “The account has been blocked due to violations of laws and regulations and the relevant provisions of the Weibo Community Convention.” Justin has, however, stated that he would resolve the situation.
Critics did not take it easy about Justin Sun resolving the situation. Several of them are making fun of him about how he promised that TRX would be in the top-4 cryptocurrencies by the end of this year.
When Justin Sun spoke about the 4th rank, CZ Binance responded by stating, “This is borderline price prediction. Please don’t do it.”
So, Justin has been forever pulling out controversial market tactics. The value of TRON is trending in the ranges at $0.013536.
Jared Tate, the DigiByte founder, called TRON a “Chinese government scam coin.”
Following the news, TRON has been losing its ground. TRX/USD has been down by 6% on a weekly basis, with more than 31% on a month-to-month basis. As the price approached, $0.0148, the recovery was limited.
Justin Sun has been celebrating 916M Tether (USDT) on TRON. More than 916M of the controversial stable coin Tether (USDT) has been migrated to TRONs blockchain during mid-December. Not many people expected that Tether’s relationship with TRON would have this kind of impact.
Around March, TRON announced that it would likely be the latest blockchain which will deploy a Tether Stable Coin. Ever since the amount of USDT on TRON has exploded. The stable coin with a market capitalization of $4.1B has made this deployment surprising.
Several token swaps have moved USDT to TRON’s blockchain. In several cases, USDT was mined right away, and it was deployed on TRON without a need to have a token swap done.
TRON has since then accumulated $916M worth in USDT on its blockchain. This is more than one-fifth share of the entire market capitalization on the TRON Network.
Justin Sun Tweeted: “Yes! We did it! 916 million $USDT on #TRON! When 1 billion? #TRX $TRX.” Considering the overall market capitalization, USDT migration to TRON does not make sense; however, the value of TRON’s market capitalization is valued at $944M as it represents $916M in USDT. In reality, TRON is down from when it started to migrate USDT to its blockchain.