Friday, May 24, 2024

Justin Sun’s apology after Sui LaunchPool clashes with Binance CEO

HOT NEWS! On 1st May, Binance CEO Changpeng “CZ” Zhao issued a warning to Tron founder Justin Sun regarding a deposit of 56.1 million TrueUSD (TUSD) to Binance. The Binance executive said, their team told Justin that if he uses any of these to grab the LaunchPool Sui token, they will take action against it. Binance LaunchPool are meant for air drops to their retail users, not only for a few whales.

Next, in response to this, Sun said that Tron DAO’s primary objective in depositing TrueUSD is basically to facilitate market-making between the leading TUSD exchanges. Also, Sun said that some team members inadvertently used a portion of them to participate in exchange campaigns. Soon after, upon discovery, Tron DAO immediately contacted Binance and arranged for a full refund. The blockchain personally wrote that they sincerely apologize for this oversight.  

Sui is known to be a layer-1 blockchain created by Mysten Labs. The project was founded by former Meta executives and raised $300 million in September 2022. On 30th April, Binance LaunchPool opened the BNB-Sui and TUSD-Sui staking pools for its users. A total of 40 million Sui tokens, or 0.4% of the total supply, will be airdropped to users who stake their BNB or TUSD tokens over two days.

Binance also explained that they will list SUI when its liquidity meets the requirement and open trading with SUI/BTC, SUI/USDT, SUI/TUSD and SUI/BNB trading pairs. Lastly, the exact date and timing will be announced once available.  At publication, over 9.4 million BNB ($3.1 billion) and 686.8 million TrueUSD have been staked in the Sui launch pools on Binance. The feature requires Know Your Customer verification and is unavailable in restricted countries, such as the United States or North Korea.

Source :

Sun, Z. (2023, May 1). Justin Sun issues apology after Sui Launchpool clashes with Binance CEO. Cointelegraph. Retrieved May 4, 2023, from https://cointelegraph.com/news/justin-sun-issues-apology-after-sui-launchpool-clash-with-binance-ceo1

Explore additional categories

Other News