Justin Sun has disputed "false" allegations made in an article by The Verge, which claimed that the controversial entrepreneur might face a slew of criminal charges.
Justin Sun, the founder of Tron, has angrily disputed various charges made against him in The Verge's blockbuster Wednesday report.
The piece was branded as "blatant slander" by the Sun, who threatened to pursue "legal remedies." He also defended his Poloniex transaction, praising its "distinguished repute."
Sun allegedly hurried to construct a phony know-your-customer (KYC) system after acquiring Poloniex, which would rubber-stamp any official IDs to quickly approve new users. A former staffer quipped that they could approve a "Daffy Duck movie."
In addition, Sun was accused of using a dedicated market maker to engage in insider trading in order to push up the value of his cryptocurrency and manipulate the market.
Also, he is accused of siphoning off 300 BTC worth approximately $12.5 million that were unintentionally put to Tether's Omni addresses by Poloniex clients, according to the article.
During a meeting with BitTorrent executives, Sun referred to himself as "Chairman Mao," according to the report.
Sun faced with a slew of allegations
Justin Sun was breaking so many regulations, according to a former employee, that catching up with them all could be "impossible."
For instance, the founder of Tron is facing a plethora of criminal allegations, according to The Verge, which claims to have received a subpoena.
These include wire fraud, money laundering, swindling, and aiding and abetting a crime. According to the article, the grand jury hasn't finalized the list.
It's worth mentioning that the United States has extradition treaties with over a hundred countries, so Sun is unlikely to flee if authorities decide to charge him.
Note that as per reports, the FBI is leading the investigation against the controversial entrepreneur.
According to The Verge, an unidentified source alleges that a handful of Sun employees are cooperating with authorities.