A Reddit post alleged that Justin Sun sold billions of TRX tokens, leading to FUD and a dip in TRX price. The TRON founder has now clarified the situation.
The Reddit post points towards a wallet (0x60dfe511ef939e25843471e34e856e5b2e07c92a) and claims that it belongs to Justin Sun, and shows that 6 billion TRX were sold for ETH and cashed out for hundreds of millions of dollars.
The poster then goes on to question the project’s legitimacy, worrying investors and leading to a dip in TRX price, which went from a high of $0.20 to a low of $0.14 today
The two reasons why the Reddit poster and the community believe the wallet belongs to Justin Sun are:
The large volume of TRX tokens
The wallet (0x60dfe511ef939e25843471e34e856e5b2e07c92a) is linked to a CryptoKitties account called justinpets
Following the allegations, even Litecoin creator, Charlie Lee sent out a Tweet, asking Justin Sun whether he sold his TRX worth $500 million. Interestingly Justin had earlier said that Charlie Lee selling his LTC was ‘a pity’.