Did Justin Sun just admit to wash trading?
Justin Sun, the creator of TRON and crypto billionaire suing the Trump family, posted a bizarre admission on X yesterday when he stated that his exchange Poloniex is now “the world’s only exchange used solely by the
Justin Sun, the creator of TRON and crypto billionaire suing the Trump family, posted a bizarre admission on X yesterday when he stated that his exchange Poloniex is now “the world’s only exchange used solely by the boss himself.”
In essence, Sun, while perhaps being tongue-in-cheek, seemed to admit that most of the volume on Poloniex is down to him.
The only way to create nearly $1 billion dollars in volume on an exchange would be by trading with yourself. In other words, wash trading.
We found HTX’s reserves at Poloniex
Read more: Is Justin Sun mixing HTX’s reserves with Poloniex?
In most countries, wash trading is considered illegal because it can be used to manipulate the price of an asset. However, unless it can be verifiably proven it’s rarely prosecuted.
The SEC previously alleged (in a since- dropped case) that Sun had engaged in wash-trading of TRX.
Freedom in loneliness and rumors about harm
While Sun has been posting about finding freedom in trading crypto assets with himself, the rumor mill went into overdrive during the weekend in Mainland China.
A few individuals began spreading a fake screenshot claiming that UAE media outlets were reporting Sun had been shot in Dubai.
Screenshot of the false rumors suggesting Sun had been shot in Dubai that were circulated on Chinese social media .
The news spread fast and wide with some people in China being upset and worried for the billionaire, while others were almost celebratory in their response.
Nonetheless, Sun put the rumors to bed by posting “All is well” with a smiling sunglasses emoji on X on Sunday.
Sun has been hopscotching between Chicago, where he’s promoting TRON ETFs getting listed, and Singapore, where he’s set to attend a conference this week.
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