TRX Price Surge Despite Twitter Hack & Scam; Justin Sun Urges OKX To Freeze Funds

Highlights

Justin Sun's Tron network underwent a major upgrade boosting the TRX token price.
Scammers hacked Tron's official X account to promote a scam and stole funds.
Despite this scam, the TRX token surges by about 7% over the past month.

As Justin Sun’s Tron network has undergone a significant upgrade, the TRX price has seen a major rally despite the recent hack. Reportedly, scammers hacked the official Twitter account of Tron and used it to steal user funds. While Sun traced the stolen funds to OKX, he contacted them to freeze the assets.

Notably, the TRX price, currently trading at $0.2482, surged by a marginal $1.6% over the last 24 hours and a notable 7.2% over the past month despite a 0.6% weekly dip. Though TRX reached a daily high of $0.2498 following the upgrade, the Twitter hack pulled the price down.

Tron Upgrade Boosts TRX Price Despite Recent Security Breach

Justin Sun’s Tron blockchain received a major upgrade, only to be hit by a security breach on the platform’s official X account shortly after. However, Tron’s TRX token stood largely unaffected by the hack, surging by nearly 2%.

Immediately after the upgrade, the token saw a significant surge of 7%, with its trading volume increasing by a whopping 43%. According to TronScan’s on-chain data, transaction volume on the TRON network surged 15% to over 5.8 million transactions by 1:00 PM UTC

Despite the hack, the TRX token is now trading around $0.24, sparking optimism within the Tron ecosystem.

Twitter Hack: What Happened to Tron?

Following the upgrade, the Tron ecosystem faced a security breach, with scammers hacking the firm’s official Twitter account to promote a scam. Using the compromised account, the scammers stole funds and moved them to accounts allegedly linked to OKX, a top crypto exchange.

Taking quick action on the matter, Justin Sun urged OKX to freeze the funds connected to the scam. Addressing X, Sun wrote on X,

We urgently call on @okx to immediately freeze and investigate the fraudulent funds deposited following the illegal takeover of the @trondao Twitter account. We trust that OKX will act swiftly and responsibly, ensuring that its platform does not become a safe haven for scam proceeds.

Further, seeking support from the investigation team, Sun exposed the scammer’s deposit address: EuzLBJdKCxYEPW7SDrn8GSaFkMEPxnW9Vk6fZr8ZrqwH. He also provided two transaction hashes:

5iA3uxng1Fu………..ZvMrZEA
5a1egGEwnxquSDK…………NNdHvhyH53ad

OKX Responds

In response to Justin Sun’s request, OKX Founder Star Xu posited that the platform will collaborate with law enforcement and may freeze funds based on preliminary evidence. However, he added that continued freezing requires legal documentation from authorities.

Despite these incidents over the past few hours, the TRX price remains stable, trading in a green zone.

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Nynu V Jamal

Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape. Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master's degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet. Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn

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