Just-In: Tron (TRX) Price Drops On Rumors Of Justin Sun’s Arrest; What’s The Truth?

What comes as a surprise to many, rumors are on the rise that Tron founder Justin Sun has been handcuffed by law enforcement officers in Hong Kong. The details shared on Twitter are vague, however, many have come forward to call it out as a deliberate attempt to FUD the crypto project. At the time of writing, the TRX token has succumbed to the ongoing rumor as its price dropped by 1.2% in minutes following the news.

Justin Sun Replies To Controversy

However, Justin Sun has finally responded to the rumor and his statement consists solely of the number “4”. This comes after the CEO of Binance, Changpeng “CZ” Zhao, said the same thing not long ago in response to reports that the CFTC had filed a lawsuit against the cryptocurrency exchange. The number 4 refers to a tweet that CZ had previously sent out with the goal of “Ignore FUD, fake news, attacks, etc.”

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Moreover, Sun had been actively sharing developments from his Hong Kong tour. He had even shared a picture with his former mentor.

With my mentor in Hupan University, former CSO of Alibaba group. pic.twitter.com/uo3dwDo0vL

— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 11, 2023

Not just Sun, there have been others who have vehemently refuted the claim as well. While some questioned the legitimacy of the rumor as the Tron founder was seen to attend several events, others outright termed it as an ill-attempt of spreading fake news.

Sun’s Growing Number Of Hurdles

On March 22, 2023, The US Securities and Exchange Commission (SEC) announced charges against Sun alleging unregistered offer and sale of crypto asset securities Tronix (TRX) and BitTorrent (BTT). The agency also charged Sun and his companies with fraudulently manipulating the secondary market for TRX through extensive wash trading.

As things currently stand, the price of TRX is exchanging hands at $0.061, which represents a drop of 0.90% over the past 24 hours in contrast to a gain of 0.64% recorded over the last seven days.

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