Altcoin News: Chinese Media Confirmed the Investigation of the CEO of Tron

July 24, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

TRON CEO Justin Sun is under investigation in China and cannot leave the country, writes cnLedger a source of cryptocurrency news from China on Twitter with reference to the country’s largest news agency Caixin.

Earlier, the Sun and the TRON Foundation reported that the project’s founder would not be able to attend a charity dinner scheduled for July 25 with Warren Buffet due to illness.

Later, one of the local portals suggested that the true reason for postponing the meeting lies in the fact that Sun cannot leave China, where he probably is now. Sun, in turn, hastened to reject the accusations made against him in the media.

According to cnLedger, the Internet Financial Crime Prevention Service recommended that the public security authorities launch an investigation. It is reported that the CEO of TRON did not fall into the view of Chinese regulators before the hype around the meeting with Buffett.

A special commission formed by the State Council of the People’s Republic of China suggests that Sun may be involved in money laundering, illegally raising funds, distributing pornography and organizing gambling, and demands his arrest, The Block reported.

TRX rate over the past day has fallen by more than 20%.

Chart credit: TradingView

In addition to TRON and BitTorrent, Sun previously also owned Peiwo. The Peiwo mobile app was publicly accused by the local Xinhua news portal of distributing pornographic content and organizing escort services.

The last time outside of China, Sun was on July 1 — then he attended the Asian blockchain summit in Taipei, writes The Block.

In his offense, Sun on the Chinese social network Weibo called the Caixin message “absolutely unreliable.” The Block journalist Mike Dudas writes that the CEO of TRON is actually in San Francisco, really has health problems and cannot travel back to China. Sun posted photos on his Twitter to confirm his current whereabouts.

Sun also organized a live broadcast on Periscope, where his speech focused entirely on the recent successes of TRON and BitTorrent and the degree of decentralization of these projects. During the broadcast, he did not comment on Chinese media reports.

Author: Marko Vidrih