A whirlwind of controversy is once again surrounding Sun Yuchen, the founder of TRON ($TRX). After a highly publicized dinner with Donald Trump, new reports are surfacing about his controversial history of "harvesting" investors and his latest alleged pump-and-dump scheme. This is a must-read for every crypto trader. 🤯
A History of 'Harvests':
Since his entry into crypto in 2017, Sun has been a master of what the community calls "Sun Cut" — a series of strategic moves to profit at the expense of retail investors.
The ICO: He raised over $70 million for TRON ($TRX) during the ICO craze, then allegedly fled overseas just as China declared them illegal, leaving many investors in the lurch.
The Pump & Dump: In early 2018, he reportedly sold off billions of TRX at its all-time high, cashing out a cool $300 million while retail investors were left holding the bag.
From 'Referee to Athlete':
Sun didn't stop at just issuing coins. He built a crypto empire, acquiring major platforms like BitTorrent, Poloniex, and, more recently, taking control of Huobi (now HTX). This gives him unprecedented power to manipulate markets, acting as both a coin issuer and the owner of the trading venues. It's a textbook conflict of interest that puts user funds at risk. 🏦
The Latest Controversy: WLFI Coin:
According to reports, Sun Yuchen allegedly engaged in a 'pump and dump' on the Trump-family-backed WLFI coin. He's accused of attracting retail investors with a deposit product on his exchange, then using their funds to cash out his own holdings on other exchanges. However, the Trump team reportedly caught on and blacklisted his address, freezing his remaining tokens. This dramatic turn of events shows the high-stakes, and often ruthless, nature of crypto trading at the top. 🥶
While the crypto market is on the rebound, stories like this remind us of the risks involved. Always be vigilant, do your own research, and be aware of the on-chain data.
#CryptoScams #TRON #SunYuchen #MarketManipulation #PumpAndDump
