Justin Sun Transfer 56 Million TUSD Stablecoins To Binance, Netizens Are Noisy Because Of This!

Justin Sun, the founder of TRON. (Photo; Doc. CryptoGlobe)

JAKARTA - The founder of Tron (TRX), Justin Sun, moved 56.1 million True USD (TUSD) worth more than $56.4 million to the Binance crypto exchange last Monday. This action sparked rumors about his intention to try the newly released farming Suicide token on Binance Launch Pool.

However, Binance CEO Changpeng Zhao (CZ) revealed that the stock exchange team had warned Sun not to use part of TUSD deposits to take SUI rewards on the platform. SUI itself is a native token of Sui Network, a layer-1 blockchain with DPoS based on the Move programming language.

Binance LaunchPool allows traders to invest their crypto assets in the liquidity pool of new blockchain projects that arise to get the rewards calculated every day. The SUI token is the 33rd project in Binance Launch Pool and users are allowed to invest Binance Coin (BNB) and TUSD in separate pools to get SUI for two days starting May 1, 2023.

According to a Cryptopotato report, Binance will add the token to its trading platform through several trading pairs, including SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB, if token liquidity meets the required amount. Binance also promises investors that there is no market-maker cost to SUI/TUSD trading pairs until further notice.

CZ insists that Binance Launchpool is meant for airdrops for stock exchange retailers, not just a few "paus". He also stressed that the Binance team is ready to take action against Tron founders if he uses the assets he deposits to collect Sui tokens during the farming period.

Sun then apologized for his team's actions related to the transfer. He explained that DAO Tron deposited TUSD to facilitate inter-exchange markets and increase liquidity and trading volume.

However, some team members were not fully aware of the main purpose of the deposit and used the funds to participate in stock exchange promotions and campaigns. Sun stated that after realizing the error, his team immediately contacted the stock exchange team and set a full refund.