In a lawsuit that has recently been filed, the founder of Archblock has made explosive claims against Justin Sun, the founder of TRON, accusing him of secretly acquiring significant quantities of the stablecoin TrueUSD (TUSD).

Speculation and rumors about Sun’s ownership of TUSD have persisted within the crypto community for some time. Both Sun and TrueUSD have consistently denied these allegations in the past. However, the lawsuit presents fresh accusations, suggesting that Sun used a network of entities and individuals to execute the acquisition of TUSD while ensuring that his involvement remained hidden.

The controversy surrounding Sun’s alleged ownership of TUSD is not a new development. TrueToken launched TrueUSD, a stablecoin designed to maintain a 1:1 peg with the US dollar, back in 2018. The value of TrueUSD is backed by corresponding USD reserves held in escrow accounts. Despite its relative stability, TrueUSD currently ranks as the smallest of the Big Five stablecoins based on market capitalization, according to CoinMarketCap.

In response to the lawsuit, the crypto community has remained relatively calm, considering the persistent rumors surrounding Sun. Screenshots shared on Twitter seemingly depict Sun specifically requesting that any details regarding the acquisition of TUSD remain private. This lack of transparency within the crypto industry raises concerns about accountability and regulatory compliance.

It is important to note that the price of TUSD, which is designed to remain pegged to the US dollar at a 1:1 ratio, has not experienced any significant fluctuations following the allegations made in the lawsuit.

However, the legal issues involving Sun go beyond the TUSD controversy. Earlier this year, in March, the US Securities and Exchange Commission (SEC) charged Sun and three of his companies with multiple offenses. The SEC accused Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. of unlawfully offering and selling crypto asset securities, specifically Tronix (TRX) and BitTorrent (BTT).

The SEC further alleged that Sun and his companies engaged in fraudulent manipulation of the secondary market for TRX through extensive wash trading. Wash trading involves simultaneous or near-simultaneous buy and sell transactions designed to create the appearance of substantial trading volume and manipulate prices.

Additionally, the SEC claimed that Sun and his companies orchestrated a scheme to pay celebrities for promoting TRX and BTT without disclosing their compensation. This lack of transparency created the illusion that the celebrities were genuine supporters rather than paid advertisers, potentially misleading the public.

Despite these ongoing legal issues and the recent lawsuit concerning TUSD, Justin Sun has consistently maintained his innocence, firmly denying any wrongdoing or covert acquisition of the stablecoin.

As the lawsuit progresses and the crypto industry eagerly awaits further developments, the allegations against Sun raise significant questions about transparency, regulatory compliance, and investor protection within the cryptocurrency ecosystem. The outcome of these legal proceedings will likely have far-reaching implications for Sun’s reputation and the future of TRON.

In conclusion, the recently filed lawsuit against TRON founder Justin Sun, accusing him of covertly acquiring TrueUSD (TUSD), has added a new layer of controversy to Sun’s ongoing legal battles. Despite consistent denials, the allegations suggest that Sun employed clandestine methods to acquire TUSD while concealing his involvement. The claims highlight the need for increased transparency, regulatory compliance, and investor protection within the crypto industry.

As the crypto community closely monitors these developments, the outcome of the lawsuit will undoubtedly shape discussions about accountability, trust, and the integrity of the market. It remains to be seen how the allegations will impact Sun’s standing within the industry and whether they will lead to further regulatory scrutiny in the future.