A new report claims that Justin Sun holds over 60% of all Tron tokens. Although the project ostensibly aims to promote decentralization, one man allegedly holds control over TRX.
TRX price hasn’t wildly reacted to this rumor yet. The jury’s still out as to whether or not this scandal causes lasting reputational damage.
Justin Sun’s Tron Holdings
Justin Sun has been involved in a few controversies this month, apparently offering to invest in WLFI after World Liberty froze his wallets.
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Today, however, a new report from Bloomberg made a bold claim that Justin Sun himself controls over 60% of all Tron (TRX) tokens.
This report, which allegedly sourced its Tron data from Justin Sun’s own team, would be a bombshell for the community. TRX is marketed as a decentralized blockchain smart contract system, aiming to advance decentralization across the Internet.
Simply put, there’s nothing decentralized about one man owning more than half of all circulating tokens. Tron’s price has been volatile througout the week, but it hasn’t reacted wildly to the latest rumors.
Tron Price Performance. Source: CoinGeckoOne Battle After Another
Justin Sun has been pursuing a legal battle against the publication over these Tron claims, although the courts ruled against him this week.
In past years, Sun has levied lawsuits towards a few media outlets regarding critical press coverage, but this effort has apparently been unsuccessful. If he wishes to sue Bloomberg for libel, that’ll force both parties to publicize their proof.
All things considered, social media chatter has been fairly tame, with most commentators acting unsurprised. To be clear, reactions have not been positive, but crypto analysts have been more likely to affectionately call Justin Sun “the second-biggest market manipulator in the game” over his Tron holdings than act indignant.
It’ll be interesting to see how these bold claims actually impact TRX’s market performance in the long run. Justin Sun already faced controversy when Trump’s SEC dropped its investigation after huge WLFI purchases.
Will one more round of bad press change the community’s opinion any further?
Source: https://beincrypto.com/justin-sun-tron-holdings-controversy/
