Chain Considers Legal Action Against Justin Sun Over Market Manipulation Claims – BitRss

The blockchain protocol Chain is evaluating legal action against Justin Sun, the founder of TRON, due to allegations of market manipulation. On January 24, Sun claimed that Chain engaged in activities that could harm cryptocurrency exchange users, specifically highlighting the use of high leverage and contracts.

Legal Steps Against the TRX ($0.25) Founder

Following intense discussions on the X platform, Chain officials announced their intention to take legal action against Justin Sun. Sun argued that Chain’s practices pose risks to cryptocurrency exchange users and suggested that Chain should be reported to the SEC and DOJ.

Justin Sun has urged major exchanges like Coinbase, Kraken, Bybit, KuCoin, and HTX Global to investigate Chain’s activities. He warned Chain about issues related to high leverage and contract usage. Despite facing several devastating allegations over the years, Sun has managed to remain a prominent figure in the crypto space.

What’s the Reason Behind This?

These developments occurred after a significant increase in the market value of the XCN ($0.00) token. The token appreciated by 149% in one day and nearly 400% over the week. Sun’s claims complicated the situation further by suggesting that these price movements were linked to manipulation.