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On May 1, Binance CEO Changpeng Zhao (Czech Republic) warned Tron founder Justin Sun regarding a deposit of 56.1 million TrueUSD on Binance. Binance CEO wrote:
“Our team has informed Justin that if he uses any of these to hijack the LaunchPool Sui token, we will “take action against him.” SMH. Binance LaunchPools are designed to be distributed over the air to our retail users, not just a few whales.”
In response, Sun said that the main purpose of the Tron DAO in escrowing TrueUSD “is to facilitate the creation of a market between the leading TUSD exchanges.” However, Sun said that some members of the team “inadvertently used some of them to participate in exchange campaigns.” Upon the discovery of Tron, the DAO immediately contacted Binance and arranged for a full refund. “We sincerely apologize for this oversight,” the blockchain spokesperson wrote.
Sui is a level 1 blockchain created by Mysten Labs. The project was founded by former Meta executives and raised $300 million in September 2022. On April 30, Binance LaunchPool opened the BNB-Sui and TUSD-Sui staking pools to its users. A total of 40 million Sui tokens, or 0.4% of the total, will be sent out to users who stake their BNB or TUSD tokens within two days. Binance explained:
“Binance will then list SUI when its liquidity is adequate and open trading for SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB trading pairs. The exact date and time will be announced as soon as they become available.”
At press time, over 9.4M BNB ($3.1B) and 686.8M TrueUSD have been placed in Sui Starter Pools on Binance. This feature requires a Know Your Customer verification and is not available in restricted countries such as the US or North Korea.
Regrettably, some of our team members were not fully aware of the intended purpose for these funds and inadvertently used a portion of them to participate in exchange campaigns. Upon realizing this error, we immediately contacted the exchange team and arranged for a full refund…
— HE Justin Sun 孙宇晨 (@justinsuntron) May 1, 2023
