Justin Sun, the founder of Tron, has made an offer to purchase the 41,490 bitcoin seized by the US government in the Silk Road case. According to court documents, the US government plans to sell these bitcoins in four separate batches this year.

Sun’s proposal comes at a time when he has been facing legal troubles with the SEC for market manipulation and fraud. He also lost his position as a goodwill ambassador for Grenada, and the US government has been closely monitoring his activities.

Sun’s offer to purchase all the bitcoin at a 10% discount through an over-the-counter (OTC) deal is an attempt to minimize the impact of the sale on the market. It is no secret that such a large sale of bitcoin can significantly affect its price, and Sun is trying to prevent this from happening.

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The US government has already sold 9,861 bitcoin on March 14, 2023. However, it is unclear whether the US government will accept Sun’s proposal, given the ongoing legal issues he is facing.

It is worth noting that this is not the first time Sun has attempted to buy a significant amount of bitcoin. In 2019, he bid $4.6 million in a charity auction to have lunch with Warren Buffet, with the intention of convincing him of the potential of cryptocurrencies.

Overall, Sun’s offer to purchase the 41,490 bitcoin seized by the US government is an interesting development in the cryptocurrency world. It remains to be seen whether the US government will accept his proposal or continue with its plan to sell the bitcoin in batches. Nonetheless, this story highlights the potential impact of government actions on the cryptocurrency market and the efforts of individuals to prevent such impacts.

#JustinSun #TRON #BTC #bitcoin #azcoinnews

This article was republished from azcoinnews.com

In a surprising turn of events, Grenada has reportedly recalled all of its diplomats following the June 2022 election, in which the party supporting Justin Sun, the founder of Tron, was ousted, according to the Grenada Broadcasting Network (GBN).

GBN reported that Sun has been stripped of his ambassadorial status after the National Democratic Congress (NDC), the party in power, was overthrown by the National Democratic Alliance (NDA) during the mid-year election.

All ambassadors were reportedly recalled early in the government’s tenure. However, Sun does not appear to have publicly acknowledged his removal from office. Notably, this news comes after weeks of speculation on social media that Sun may have lost access to his login information.

Sun was appointed as ambassador to the World Trade Organization by the Grenadian government in 2021, and since taking office, he has been self-promoting his credentials and referring to himself as “His Excellency” in interviews and on social media.

His last tweet on his @HEjustinsun ambassadorial Twitter account was in October 2022. However, he still lists “HE” (indicating ambassadorial status) in his personal Twitter profile. Currently, Sun has not indicated any signs of being dismissed as ambassador to Grenada.

Officials from Grenada’s foreign office and some government media representatives have also not disclosed any details about whether Sun is still serving as an ambassador or not.

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The recall of all diplomats by Grenada after the NDC’s defeat in the June 2022 election is a significant move that raises questions about the country’s foreign policy direction under the new government. It remains unclear whether Sun will be reinstated or replaced by a new ambassador.

Meanwhile, the Tron founder’s social media presence and self-promotion raise questions about the appropriateness of an ambassador using their position to promote their personal brand. The situation also underscores the importance of transparency and accountability in government appointments and the need to avoid appointing individuals based solely on their celebrity status.

As AZCoin News reported, Justin Sun is facing legal action from the U.S. Securities and Exchange Commission over accusations of selling and disseminating unregistered securities, committing fraud, and manipulating the market. The lawsuit is related to Sun’s alleged involvement in the unregistered sale and offer of two cryptocurrency securities named “TRX” and “BTT”. Sun reportedly utilized multiple companies that he owns and controls, including Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry, Inc., to distribute billions of TRX and BTT to the public and establish active secondary markets for trading them.

#JustinSun #TRON #TRX #Grenada #azcoinnews

This article was republished from azcoinnews.com

Justin Sun has denied reports that he was removed from his position as Grenada’s ambassador. Several media outlets had reported that Sun was stripped of his position after the National Party, which appointed him as ambassador, was overthrown by the National Democratic Congress in June 2022.

In a recent tweet, Sun declared that these reports were “completely untrue.” He also shared a screenshot taken on March 31 (local time) showing that he still held the position of Grenada’s ambassador on the World Trade Organization’s internal registration website. Prior to this, Grenada Broadcasting Network had reported that Sun had been stripped of his ambassadorial status.

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“In addition, I have had the opportunity to communicate and collaborate with counterparts from several countries and regions, including the European Union, France, Russia, Switzerland, Malaysia, Singapore, Hong Kong China, India, and the Organisation of Eastern Caribbean States”, Sun says.

Sun was appointed as Grenada’s WTO ambassador by the country’s government in December 2021. The news had come as a surprise to many, as the Chinese entrepreneur had no prior experience in diplomacy or any apparent connections to Grenada, a country located in the Caribbean.

Since taking on the role, Sun has referred to himself as “His Excellency” on social media accounts. He continues to use the title “H.E.” on his verified personal Twitter account and his diplomatic Twitter account. As of now, neither the WTO nor the Grenadian government have issued a statement in response to these reports.

In addition to these developments, Sun and TRON are facing troubles from US regulatory agencies. On March 22, the US Securities and Exchange Commission (SEC) filed a lawsuit against Sun for selling unregistered securities, including TRX (TRON) and BTT (BitTorrent). The regulatory agency also accused Sun of manipulating the price of TRX from April 2018 to February 2019.

It remains to be seen how these legal and diplomatic issues will play out for Sun and TRON. Nevertheless, they mark a significant turn of events for the founder and his company, and they will undoubtedly be closely watched by both the crypto and diplomatic communities.

#JustinSun #crypto2023 #TRX #TRON #azcoinnews

This article was republished from azcoinnews.com

In a recent turn of events, Lookonchain has reported that a wallet, suspected to belong to JustinSun, has made a profit of over $3.3 million by buying USDC with USDT during the USDC depegging. The wallet reportedly transferred 150 million USDC to Coinbase on March 15, 2023, possibly to exchange for USD cash.

The wallet, identified as “0xbcb7,” withdrew 50 million USDC stored on Aave and exchanged it for 50 million DAI at a 1:1 ratio after the USDC depegging. Then, the wallet withdrew USDC from Binance and exchanged it for DAI, before withdrawing 214.9 million USDT from Binance. Out of this amount, 100 million USDT was exchanged for 103.3 million USDC, while 75 million USDT was exchanged for 75.5 million DAI.

The wallet then exchanged all USDC for DAI before exchanging 30 million DAI for 30 million USDC. The wallet also bought 20 million USDC with USDT before transferring 50 million USDC to the address “0x30Dff”. Interestingly, the same address also received 100 million USDC from JustinSun and transferred all 150 million USDC to Coinbase.

According to Lookonchain’s report, JustinSun exchanged all 82 million USDC from Aave and exchanged it for 82 million DAI during the USDC depegging. This move reportedly helped him avoid losses during the depegging and earn more than $3.3 million by buying USDC with USDT.

The news has generated a lot of interest and speculation in the crypto community, with some questioning whether JustinSun was indeed behind the wallet’s activity. Others have praised the move as a smart investment strategy that helped JustinSun make a significant profit.

The USDC depegging occurred on March 14, 2023, and saw the stablecoin’s price fall below the US dollar. This resulted in a lot of market activity, with traders looking for opportunities to profit from the situation. While some traders may have suffered losses, JustinSun’s reported strategy seems to have paid off, generating significant profits.

As the crypto market continues to experience fluctuations, it remains to be seen how investors will respond and adapt to these changes. However, JustinSun’s reported strategy could serve as a blueprint for other investors looking to capitalize on such opportunities in the future.

#USDT #USDC #TRX #JustinSun #TRON

This article was republished from azcoinnews.com

Chinese cryptocurrency entrepreneur Justin Sun’s recent U.S. fraud charges have raised concerns about the impact they could have on the plans of a digital asset exchange that he advises, according to Nekkei Asia.

Huobi Global, for which Sun serves as an adviser, had announced its intention to relocate its Asia headquarters from Singapore to Hong Kong and apply for a virtual asset service provider (VASP) license in the Chinese territory.

However, the U.S. Securities and Exchange Commission’s (SEC) recent civil suit against Sun and three of his companies, including the Tron Foundation, could potentially make it more difficult for the Hong Kong Securities Futures Commission (SFC) to approve Huobi’s VASP application.

Several lawyers have suggested that the allegation of past market misconduct could complicate Huobi’s application process, with the SFC being under notice to exercise extreme scrutiny. Sun, however, has dismissed the concerns, saying the U.S. fraud charges would have no effect on Huobi’s business plans in Hong Kong. A spokesperson for Huobi has also confirmed that there have been no changes to their plans.

Hong Kong is positioning itself as an Asian digital asset hub, with a licensing framework set to come into effect on June 1, 2023, that will allow retail investors to trade cryptocurrencies. Nevertheless, virtual assets listed on platforms require regulatory approval, and the SFC will consider the regulatory status of a VASP’s operations and virtual assets listed on its platform in other jurisdictions, not just Hong Kong.

Lawyers advising crypto companies on licensing matters have emphasized the need for VASPs to consider whether a virtual asset is subject to any pending regulatory or enforcement actions relating to its issuance before listing it for trading.

#JustinSun #TRON #TRX #Huobi #azcoinnews

This article was republished from azcoinnews.com

In a recent tweet that has captured the attention of the financial world, Justin Sun, the founder of the cryptocurrency platform Tron, has proposed to acquire Credit Suisse for $1.5 billion and integrate it into the Web3.0 world. This comes in the wake of UBS’s bid for Credit Suisse falling short.

Sun’s vision for the future of finance involves embracing the potential of blockchain technology and cryptocurrencies. He sees Switzerland as one of the most crypto-friendly countries in the world, and by integrating Credit Suisse into a crypto-friendly financial institution, he believes that we can pave the way for a more innovative and decentralized financial system.

Sun’s proposal has generated a lot of interest and discussion within the financial community. Some analysts are skeptical about the viability of the proposal, citing regulatory hurdles and the potential disruption to Credit Suisse’s existing operations. However, others see Sun’s proposal as an opportunity for Credit Suisse to embrace the potential of blockchain technology and cryptocurrencies, and position itself as a leader in financial innovation.

Switzerland has been at the forefront of embracing cryptocurrencies, and integrating Credit Suisse into the crypto-friendly financial landscape of Switzerland could be a game-changer for the financial industry.

On Sunday, UBS Group AG has put forth a bid of up to $1 billion to acquire Credit Suisse. As financial markets prepare to open on Monday, there is a sense of urgency to find a solution to rescue the embattled 167-year-old bank. The Swiss government is said to be pressuring UBS to acquire its struggling rival in order to bring the unfolding crisis under control.

Sun’s proposal could offer a fresh start for Credit Suisse and position it as a leader in the crypto and blockchain industry. Sun has a track record of successful cryptocurrency ventures, including Tron, which has a market cap of over $5 billion. By integrating Credit Suisse into a crypto-friendly financial institution, Sun believes that we can create a new standard for financial innovation that benefits everyone.

However, the proposal faces several hurdles, including regulatory approval, as well as potential disruption to Credit Suisse’s existing operations. Credit Suisse’s management and board may also be hesitant to sell the bank to a cryptocurrency entrepreneur.

Nevertheless, Sun’s proposal has sparked a conversation about the future of finance and the potential of blockchain technology and cryptocurrencies to transform the financial industry. As we continue to move towards a more digital and decentralized future, it will be interesting to see how traditional financial institutions adapt and evolve to meet the changing needs of their customers.

If Sun’s proposal were to be successful, it would mark a significant milestone for the crypto and blockchain industry. It would show that traditional financial institutions are willing to embrace new technologies and innovations, and that the crypto and blockchain industry is here to stay. It would also position Switzerland as a leader in financial innovation and cement its position as one of the most crypto-friendly countries in the world.

In conclusion, Justin Sun’s proposal to acquire Credit Suisse and integrate it into the crypto-friendly financial landscape of Switzerland has generated a lot of interest and discussion within the financial community. While there are several hurdles to overcome, the proposal offers a fresh start for Credit Suisse and the potential to create a new standard for financial innovation that benefits everyone. As we continue to move towards a more digital and decentralized future, it will be interesting to see how traditional financial institutions adapt and evolve to meet the changing needs of their customers.

#JustinSun #crypto2023 #CreditSuisse #BTC #azcoinnews

This article was republished from azcoinnews.com

Several sources on March 19 claim that UBS Group has agreed to pay $3.2 billion to acquire the troubled European bank Credit Suisse.

UBS Will Purchase Credit Suisse

The agreement was announced in the evening, based to news sources from the Associated Press. To avoid a financial disaster, the government mediated the agreement.

Over the course of the day, the deal's worth grew. For only $1 billion, UBS Group first offered to purchase Credit Suisse. #UBS Group later increased their offer, and even though Berset first withheld the deal's value, numerous sources put it at $2 billion.

8 o'clock p.m. The deal, based on the Associated Press and UTC, is worth $3.2 billion. In line with the most recent information, the Swiss National Bank will give UBS Group access to $162 billion in liquidity, an increase from the $54 billion previously indicated.

Prior to the sale, Credit Suisse faced distinct problems. A new set of problems emerged on March 14 after managers revealed "significant deficiencies" in the bank's financial reporting controls, despite the corporation having long-running scandals.

Credit Suisse stock (CHF) is currently valued at $1.86, a decrease of 32.85% over the past month as a result of worries surrounding the company.

The Crypto Proposal By Justin Sun

#JustinSun who is well-known for his leadership at Huobi and his previous position as CEO of TRON, made an earlier-in-the-day offer to purchase #CreditSuisse for $1.5 billion.

On March 19, Sun posted a series of tweets:

"I would like to propose my own offer of $1.5 billion to acquire Credit Suisse and integrate it into the Web3.0 world. Switzerland has been one of the most crypto-friendly countries in the world."

In his letter, Sun criticized UBS's initial offer as "falling short" and outlined his own ideas for integrating #Cryptocurrencies and #blockchain technologies with Credit Suisse. In terms of regulation, he pointed out that Switzerland is one of the world's most crypto-friendly nations.

It's unclear if Credit Suisse and the Swiss government gave Sun's proposal any thought.

Fortune claims that the nation believed nationalization to be the only viable alternative to the UBS agreement, indicating that Sun's offer was not given any thought.

In a recent tweet, Justin Sun, the founder of TRON and BitTorrent, announced that the two companies are exploring ways to integrate the ZK Ethereum Virtual Machine (ZKEVM) into their ecosystems.

This integration could potentially provide several benefits to the TRON and BitTorrent platforms, including increased privacy and security for smart contract transactions, improved scalability, and enhanced interoperability with other blockchain platforms.

ZK-EVM is a trustless and secure smart contract execution environment that uses zero-knowledge proofs to ensure the privacy of transaction data. This technology has gained popularity among blockchain developers due to its ability to enhance the privacy and security of smart contract transactions while also improving scalability.

It’s important to note that any plans for integration are still in the exploratory stage, and there is no guarantee that it will be implemented in the future. However, TRON and BitTorrent are known for their commitment to innovation and pushing the boundaries of blockchain technology. So, it’s not surprising that they are exploring new avenues for improvement.

This potential integration is particularly noteworthy as it could provide TRON and BitTorrent with an edge in a competitive blockchain market. With the increased privacy and security of smart contract transactions, the platforms could attract more users looking for enhanced protection for their data. Additionally, improved scalability and interoperability with other blockchains could make TRON and BitTorrent more versatile and useful for a wider range of applications.

Overall, this is an exciting development for the blockchain industry, and many are eager to see what comes of this exploration. If TRON and BitTorrent move forward with integrating ZK-EVM into their ecosystems, it could mark a significant step forward in the adoption and advancement of blockchain technology.

#TRON #BitTorrent #JustinSun #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

The U.S. Securities and Exchange Commission has taken legal action against Justin Sun, the founder of Tron, on allegations of selling and distributing unregistered securities, fraud, and market manipulation. The charges were made public in a press release on Wednesday.

The lawsuit stems from Sun’s involvement in the unregistered offer and sale of two crypto asset securities known as “TRX” and “BTT.” Sun allegedly worked through several companies that he owns and controls, including Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry, Inc., to distribute billions of TRX and BTT to the public and create active secondary markets for trading them.

Despite engaging in widespread public offers and sales of TRX and BTT, neither Sun nor his entities ever filed a registration statement with the SEC, and no exemption from registration was available. Additionally, Sun allegedly directed manipulative wash trading of TRX to create the appearance of legitimate investor interest and maintain its price.

To generate public interest in TRX and BTT, the Sun Defendants paid celebrities, including Austin Mahone, DeAndre Cortez Way, and others, to promote or tout the crypto assets on their social media accounts, which had millions of followers. The SEC claims that these touts did not disclose that the celebrities had been paid, misleading the public into believing that they had an unbiased interest in TRX and BTT.

Sun also allegedly made false statements about the touting campaign, stating on social media that paid celebrities were required to disclose their payments when he himself arranged the payments and knew that they were not being disclosed.

The SEC charges the Sun Defendants with violating registration and anti-fraud provisions of the Securities Act of 1933 and anti-manipulation and anti-fraud provisions of the Securities and Exchange Act of 1934. Mahone and Way are also charged with violating the anti-touting provision of the Securities Act.

Following the news of the charges, Tron’s native token TRX fell over 10%, trading at around 0.06 at press time. Other tokens related to Justin Sun, including Huobi (HT), Just (JST), and Sun Token (SUN), also fell more than 5% on Wednesday.

TRX/USDT 1 hour-chart on Binance | Source: TradingView

In addition to Sun, the SEC is suing Lindsay Lohan, Jake Paul, Soulja Boy, Lil Yachty, Ne-Yo, Akon, and Michele Mason on illegal touting charges for allegedly promoting TRX and BTT without disclosing that they were paid to do so. Most of these celebrities have settled the charges.

The SEC has indicated that if the Sun Defendants are not restrained and enjoined, they will continue to violate federal securities laws.

#JustinSun #SEC #TRON #BTT #azcoinnews

This article was republished from azcoinnews.com