Blockchain protocol Chain is pondering actual action towards TRON founder Justin Sun after he accused the corporate of market manipulation.
Chain, a blockchain firm backed by over $40 million from investors in conjunction with Pantera Capital and Citigroup,has threatened actual action towards Sun following allegations of market manipulation.
In an X put up on Jan. 24, Sun claimed that Chain turned into the advise of “excessive leverage and contract that could maybe reason severe anguish to many swap customers.”
XCN @chain is presently taking part in foremost market manipulation. They’re the advise of excessive leverage and contract that could maybe reason severe anguish to many swap customers. I imply that main exchanges pay shut consideration to this effort. We can list their unlawful activities to the…
— H.E. Justin Sun 🍌 (@justinsuntron) January 24, 2025
Whereas Sun didn’t present info in regards to the alleged manipulations, he warned crypto exchanges to advise caution and stated that he would “list their unlawful activities to the SEC and DOJ for further investigation.” He also tagged main exchanges, in conjunction with Coinbase, Kraken, and Bybit, urging them to rob action.
Chain rejects market manipulation accusations
Chain turned into like a flash to answer, rejecting Sun’s allegations. In a discover-up put up, the corporate stated that it is “now not actively engaged in ANY trading of XCN, nor fascinated by ANY market manipulation right this moment or circuitously.” Chain further clarified that the XCN token is managed by OnyxDAO and announced plans to catch “actual treatments” towards Sun over his claims.
The Chain team is now not actively engaged in ANY trading of XCN, nor fascinated by ANY market manipulation right this moment or circuitously. We rob these allegations extremely critically and are exploring actual treatments towards @JustinSun. XCN is managed by @OnyxDAO and now not by @Chain.
— Chain (@Chain) January 24, 2025
Soon after Chain spoke back, Sun fired off one other X put up. This time, the TRON founder tagged OnyxDAO and known as on the U.S. Securities and Change Price and the Department of Justice to survey into the difficulty. The accusations came actual after the XCN token saw a gigantic heed leap, as its heed soared 149% in in some unspecified time in the future and close to 400% in per week, as crypto.files reported earlier.
Founded in 2014, Chain has raised over $40 million in funding from Khosla Ventures, Pantera Capital, Capital One, Citigroup, Fiserv, Nasdaq, Orange, and Visa, the firm claims on its web build. In 2018, Stellar got Chain to salvage Interstellar, a industrial arm of the Stellar Foundation. In 2020, Chain turned into re-got.
