The Tron Foundation issued an official response to a recent protest against a ponzi scheme that went under a Tron-like name, today, July 8.

As Cointelegraph previously reported, protestors swarmed the Beijing research and development offices of Raybo technology — a partner firm of Tron’s — to express outrage at a local cryptocurrency scam operating under a Tron-like name that reportedly led to $30 million worth of losses and one suicide.

The offices were eventually surrounded by police, who contained and subsequently removed the protestors.

In its official statement, Tron said that it communicated with the protesters and discovered that some people were defrauded by the so-called “Wave Field Super Community” scheme that traded on its similarity to the Chinese-language version of Tron’s name. The ponzi scheme promised potential investors high return rates on their investments on behalf of Tron, BitTorrent and uTorrent. The Tron Foundation stated:

“Tron officials expressed their sympathy and understanding for those who had been deceived, however, the company strongly condemns acts of violence that may be perpetrated as a result of events that are not in its direct control.”

Tron further states that Raybo contacted Wave Field Super Community, asked the firm to cease and desist from acting in Tron’s name, and reported the firm to authorities. Speaking with Cointelegraph, Tron founder Justin Sun stated:

“I was happy to see many calls for the truth behind the unfortunate events which unfolded in our partner offices today. I believe in having honest, candid discussions on any medium, and yet the twisting of events and rush to judgment did nothing to help investors who were defrauded, while it hurt investors in the Tron community who saw the value of the holdings decline on fake news.“

Tron is currently up 0.51% over the past 24 hours and is trading at $0.034 according to data from CoinMarketCap.

Just recently, the Criminal Investigation Department of India arrested four individuals for allegedly creating the cryptocurrency ponzi scheme dubbed KBC Coin. KBC coins were reportedly issued at 10 paisas apiece, with the promise that they would skyrocket in value to 10 rupees in a short time ⁠— a 100-fold return on investment.