The crypto world is witnessing a growing conflict between Chain and Justin Sun, the founder of TRON, following his market manipulation accusations.
Justin Sun's Allegations
On January 20, Justin Sun, founder of the TRON platform, accused Chain of market manipulation. He claimed they are using "high leverage and risky contracts" that could harm users on exchanges. Sun warned exchanges like Coinbase, Kraken, and Bybit to be cautious and stated his intention to report the illegal activities to the SEC and Department of Justice for further investigation.
Chain's Response
In response, Chain quickly denied Sun's allegations, stating that they are not involved in "ANY trading of XCN, nor involved in ANY market manipulation directly or indirectly." They also clarified that the XCN token is managed by OnyxDAO and announced their plan to take legal action against Sun over his claims.
XCN Information and Chain's Actions
XCN, also known as Onyxcoin, is the decentralized governance and utility token of the Onyx ecosystem. Holders can use it for transactions, staking, governance, and paying for services on Onyx and Chain.com. Sun reiterated his stance by tagging OnyxDAO and urging the SEC and DOJ for investigation. His allegations coincided with a sharp increase in the XCN token's price by 149% in a day and nearly 400% in a week.
The ongoing dispute between Chain and Justin Sun continues to draw attention within the crypto industry. Both parties have made their intentions clear, but the final outcome of this conflict remains to be seen.
