Recently unlikely claims that a wallet selling huge quantities of TRX belonging to Justin Sun have surfaced, this caused panic in the Tron community. The recently discovered Ethereum wallet has sold over 6 billion Tron TRX coins to different exchanges in the past 20 days. These coins, which total 10% of the circulating supply, are worth $1.2 billion at the current TRX price of approx. 0.2USD. Tron investors were worried that Justin may have been cashing out early, potentially indicating that the Tron project is a scam. This is not that case though, as Justin has confirmed on Twitter. The account actually belongs to a Tron private investor/market maker. The people that are still repeating these rumours are likely just trying to spread fear, uncertainty, and doubt so that they can exploit inexperienced investors and load up on cheap Tron coins prior to upcoming partnership announcements.
You may be asking, Why do people think it's Justin Sun?
There are two pieces of information that people are claiming relates him to the wallet in question.
1. The owner has sold over 6 billion TRX
Justin has confirmed that the owner of the account had a large amount of TRX because they are a private Tron investor that assists in maintaining market liquidity. They were able to acquire a large amount of TRX during Tron’s private offering period, where they invited large investors to purchase up to 15% (15 billion) of all Tron coins. Additionally, the investor did not purchase 6 billion TRX directly from Tron, or have 6 billion TRX in their wallet at any one time. By examining the wallet, it can be seen that while the owner does sell TRX to exchanges, they are also constantly buying it. This makes sense, as constantly buying and selling TRX would make it always available on exchanges, therefore increasing the liquidity.
2. The wallet is linked to an account on CryptoKitties called "Justinpets"
"Justinpets" the name of the CryptoKitties account associated with the wallet, was confirmed by Justin Sun to be merely an unfortunate coincidence. The private investor just so happens to have the same name as the Tron founder and used it when registering a CryptoKitties account.
Finally, to see for yourself that none of the Tron developers have cashed out, the wallet which holds their TRX is publically viewable. This wallet contains 35% of all TRX (35 billion), the amount which Tron said they would set aside in their whitepaper. By looking at this wallet, you can see that none of the coins have been moved since they arrived. In fact, the Tron Foundation couldn’t access these funds even if they did want to cash out, as Justin Sun has publicly stated that these coins are locked until 2020. So you can guarantee that everyone working at Tron will be trying their best to improve the project in the meantime!
Link to TRON (TRX) Public developers wallet:
https://etherscan.io/token/0xf230b790e05390fc8295f4d3f60332c93bed42e2?a=0xa18ff761a52ce1cb71ab9a19bf4e4b707b388b83
Don't believe everything you read! Crypto is a dark world and everyone is looking to profit. Let's stay happy, humble and smart and work together to achieve our goals! Thanks for reading everyone!
Please consider having a look at another post I've written on TRON (TRX)
BTC Wallet: 1Fd1FG11BBuwWCuPKLyqC6nFtr3tXk2idY
ETH Wallet: 0x9690Bfeee38801109C5Dc5cAf2bc6e848667F1f7
LTC Wallet: LNp8vSBmnnv42T83HFyBfMd8EHjPSwz9bE
Thank you so much for reading my post. If you have any Cryptocurrency or topics you would like me to make a post on please let me know!
Your article definitely deserved more upvotes, given that it has brought 1861 views. Nice information you shared. thanks.
Exactly!
Thank you for this. The weak hands selling are driving me nuts. This is from all the newbies in the market and the day traders that just do not understand the concept of hodl.
I will be holding all my Tron and when the Whales come in for round 2 of pump get ready to see all these people completely silent in regret.
Tron is the future Investment. I see BIG BIG profits for all Tron HODLERS
Never believe FUD :)
Amen, Everyone is always trying to bring you down just have to keep going and truly believe in yourself and what you're investing in.
He says he only uses his chinese name for registrations while tweeting from an account that uses his English name.
How is someone with the same first name registering that unprofessional?
Idk, a "private" investor with the coincidental same first name dumping a large amount of coins is definitely suspicious.
And no, I'm not trying to spread FUD so I can buy this coin. I've yet decided to even invest.
Not sure relying on a single "market maker" is really great for their long term anyway. Who knows though maybe I'm just being skeptical. I think a little skepticism in crypto is wise though.
It 100% okay to be skeptical! I agree.
Here is the link to Trons Developers Wallet
https://etherscan.io/token/0xf230b790e05390fc8295f4d3f60332c93bed42e2?a=0xa18ff761a52ce1cb71ab9a19bf4e4b707b388b83
As you can see all 34 billion TRX Are still there. This skepticism is very easily disproven (:
The private investor could be him. There is nothing preventing private investors from also being on the dev team.
Just saying, it isn't cleared up 100% but it isn't an obvious scam either.
Wao these information are so interesting i believe that the future will be in digital currency:)
Do Upvote and comment back thanks
i made my fruist post on steemit concerning TRX too.. it's an illustration!? would you have a look and give me some suggestion!? tnx.