Tron [TRX] Gains 12% as Justin Sun Promotes a Latent Ponzi Scam

By Nivesh Rustgi
Published December 23, 2019 Updated January 14, 2020
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Tron [TRX] Gains 12% as Justin Sun Promotes a Latent Ponzi Scam

By Nivesh Rustgi
Published December 23, 2019 Updated January 14, 2020

Tron [TRX] gained 12.34% as price soared past $0.015,  it rose from $0.135. It logged a high at around $0.016 as the price upside eventually cooled down after the launch of the game.

TRXUSD
TRX/USD 1-Day Chart on Bitfinex (TradingView)
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“Playing the game” is essentially just buying a box on the just.game website. According to the about page, it will help the box holders to earn rewards through the game.

It sounds like a huge Ponzi scam, Justin Sun, however, noted,

It is one of the big moment for the DApp industry. Running on the tron blockchain is right now the best app on the DApp ecosystem.

Justin Sun Fails to Get in Himself

The rise can be attributed the Justin Sun opened up a live streaming of the launch of the game with an attempt to get in on the action.

However, despite his continuous attempts to buy the “box”, the site continued showing an error message. Justin Sun seemed overwhelmed by the game, he couple of times screamed,

“I don’t know why, why I can’t buy it.”

While he was attempting to buy the boxes himself, a couple of people in the live chat expressed similar concerns, hinting at possible bot action running the program.

justin sun ponzi scam
Cryptic Game based on Tron (Screenshot)

Eventually after successive tries, the lead creator of Tron got in the game. He further reports that more than 400 million TRX has been spent in the game. However, about 125 million of those were invested by him only live on screen.

So What is the Game?

The game actually involves only buying up of boxes using TRX. This is a part of an experiment to build a decentralized system.

just game tron
The About Section of Just.Game

It requires the participants to invest in the program and spread it and earn loyalty rewards from it. Sounds like a classic ponzi scam.

Ironically, Sun also kept pulling up the price chart of Tron [TRX] on his screen looking at the action. The upside to the price is partly because of positive price action in Bitcoin [BTC] as well. However, while Sun aims to achieve a total investment of about $15 million today. The “boxes” are expected to earn the rewards for owners.

The price of Tron [TRX]at 5: 00 hours UTC on 23rd December, 2019 is $0.0147.

What do you think about the “game”? Please share your views with us. 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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