cyrpto accusations, Chain, Justin, manipulation, market, plans, sue, Sun Mark January 26, 2025 0 Comments

Chain plans to sue Justin Sun over market manipulation accusations

Blockchain Chain Protocol is considering legal action against the founder of Tron, Justin Sun, after having accused the market manipulation company.

Chain, a blockchain company supported by more than $ 40 million in investors, including Capital Pantera and Citigroup, threatened with legal proceedings against Sun Following allegations of market manipulation.

In A post X On January 24, Sun said that Chain used “a high lever effect and contracts that could cause serious damage to many exchange users”.

https://twitter.com/justinsrantron/status/1882741054618628385?s=20

Although Sun did not provide details on the alleged manipulations, he warned cryptographic exchanges to be cautious and said that he “would signal their illegal activities at the dry and the Doj for a more in -depth investigation”. He also tagged the main scholarships, including Coinbase, Kraken and Bybit, urging them to act.

The chain rejects market manipulation accusations

Chain was quick to answer, rejecting the allegations of Sun. In a follow -up article, the company said that it “is actively engaged in any XCN negotiation, or involved in any market manipulation, directly or indirectly”. Chain also specified that the XCN token is managed by Onyxdao and announced its intention to explore “legal appeals” against Sun concerning its complaints.

The Chain team is not actively engaged in any XCN negotiation, or involved in any market manipulation, directly or indirectly. We take these allegations extremely seriously and study legal appeals against @justinsun. XCN is managed by @Onyxdao and not by @Chain.

– chain (@chain) January 24, 2025

Shortly after Chain replied, Sun launched another message X. This time, the founder of Tron tagged Onyxdao and called the Securities and Exchange Commission of the United States and the Ministry of Justice to examine the situation. The accusations occurred just after the XCN token experienced a sharp price increase, since its price has climbed 149 % in a day and almost 400 % in a week, like Crypto.News reported earlier.

Founded in 2014, Chain raised more than $ 40 million from Khosla Ventures, Pantera Capital, Capital One, Citigroup, Fiserv, Nasdaq, Orange and Visa, the company complaints on its website. In 2018, Stellar acquired Chain to train Interstellar, a commercial branch of the Stellar Foundation. In 2020, Chain was bought.