Category: Cryptocurrency News

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Hayden Adams’ account released a tweet encouraging its more than 254,000 followers to click on a malicious link, falsely claiming that users’ tokens were at risk.

Crypto analyst Adam Cochran recently caused a stir in the cryptocurrency community when he called attention to a series of TrueUSD (TUSD) transactions made by Tron founder Justin Sun.  Cochran highlighted a series of transactions made by Sun’s address on the Tron blockchain, including minting $62 million worth of TUSD, withdrawing $50 million in USDT from Huobi, and depositing $50 million in USDT on Bitfinex. Justin Sun’s Dubious TUSD Transactions Perhaps most concerning, however, was Sun’s apparent burning of $50 million TUSD, which Cochran suggested could be an attempt to temporarily “snapshot or unwind” debt using a “fake” balance that was “unbacked”.  Cochran also pointed out that Sun appeared to be using Poloniex and Huobi as his own “piggy” banks to borrow against, with large amounts of Huobi assets being plowed into JustLend – an official lending platform on the TRON blockchain – for him to borrow against shitcoins. Related Reading: Bitcoin Bulls Rejoice: Blofin Forecasts $49,000 Price High With Potential Spot ETF Launch These transactions have raised questions about Sun’s motivations and the potential impact of his actions on the broader cryptocurrency market. In particular, Cochran expressed concern that Sun’s apparent “manipulation” of TUSD could create the appearance of greater liquidity in the market and potentially lead to price manipulation. Compounding these concerns is that Changpeng Zhao, the CEO of Binance, one of the world’s largest cryptocurrency exchanges, has reportedly offered voluntary termination packages to employees in multiple departments.  This move has raised questions about the financial stability of Binance and its potential exposure to Sun’s actions. Cochran concluded: CZ offered multiple departments “voluntary termination” offers where any staff member could apply to resign today, sign a new NDA and get a 3 month severance to quit. Totally normal thing to do after already big cuts…. The Uncertainty Of Justin Sun’s Cryptocurrency Moves The potential risks of Justin Sun’s transactions are unclear, as his motivations for these actions are unknown. However, several possible concerns have been raised in the crypto community.  One potential risk is the possibility of price manipulation. If Sun was attempting to manipulate the price of specific cryptocurrencies by creating the appearance of greater liquidity in the market, this could lead to price distortions that could harm investors and destabilize the market. Another risk is the possibility of a liquidity crisis. If Sun’s actions caused a sudden influx of TUSD or USDT into the market, this could lead to a sudden drop in the value of these cryptocurrencies, potentially causing a liquidity crisis and harming investors. There is also a risk that Sun’s actions could ripple throughout the broader cryptocurrency market, potentially causing other investors to panic or leading to a broader sell-off. Related Reading: SEC Allegedly Delays Assistance For US Crypto Market Bill Finally, there is a risk that Sun’s actions could trigger regulatory scrutiny or legal action, mainly if he is found to have engaged in illegal or unethical behavior. This could harm the reputation of the cryptocurrency industry as a whole and lead to increased regulatory oversight. Despite these concerns, it remains unclear precisely what Sun’s intentions were with the transactions highlighted by Cochran. Featured image from Unsplash, chart from TradingView.com

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The new feature is now available in beta for Plus users outside the EU and U.K., with a full rollout expected in the coming weeks.

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The money was intended to add to Bankman-Fried’s political influence and goodwill and did not benefit FTX or Alameda Research.