Binance CEO “CZ” Warns Justin Sun & Whales Over Misusing SUI Airdrop: Details

Varinder Singh
May 1, 2023
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Binance CEO Changpeng “CZ” Zhao on Monday said crypto exchange Binance will take action against Tron founder Justin Sun if he tries to misuse the Binance Launchpool’s SUI airdrop starting today, May 1. The move came after Justin Sun dumped millions of TUSD stablecoins to Binance.

Justin Sun responded that he has no intention of participating in any exchange promotions and the TUSD transferred earlier were part of providing liquidity between leading TUSD exchanges.

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Binance Pledges To Take Action Against Justin Sun

Binance CEO in a tweet on May 1 revealed that the Binance team has warned Justin Sun over potential action against him if he uses TUSD transferred to Binance to grab the Launchpool SUI Token airdrop.

Binance CEO further added that the Binance Launchpool airdrops are for retail customers and not for him or any whales. He ended the tweet with a rough statement, saying “On the bright side, blockchains are transparent.” It meant that if Justin Sun tries to get SUI tokens from this sale of TUSD they will get to know through blockchain data.

Justin Sun replied that the primary reason behind depositing TUSD is to facilitate market-making between leading TUSD exchanges, which provides liquidity and trading volume. Justin Sun clarifies that he will not be participating in any exchange promotions.

Further, Justin Sun argued that the transfers provided stability to TUSD price and enough liquidity to the exchanges. However, he noted that some members have unknowingly participated in exchange campaigns and plans to initiate a refund.

“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.”

Wallet linked to Justin Sun transferred 59 million and 56.1 million TUSD worth nearly $116 million to Binance in two transactions on May 1.

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Binance Introduced SUI Farming on Launchpool

On April 30, Binance announced its 33rd project on Binance Launchpool, SUI token. Users can farm DPoS layer 1 blockchain Sui’s SUI token by staking their BNB and TUSD into separate pools. The SUI tokens farming will be available for two days only.

Binance will list SUI and open trading with SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB trading pairs after meeting the liquidity requirement for the token. Moreover, the exchange will charge zero maker fees on the SUI/TUSD trading pair until further notice.

Also Read: Top Exchange Lists Pepe Coin After 200% Rally, Will It Flip SHIB and DOGE?

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.