Justin Sun, the crypto entrepreneur and founder of Tron, transferred 56.1 million True USD (TUSD), valued at over $56.4 million, to Binance on Monday, triggering speculation that he was planning to farm Sui (SUI) tokens on the Binance LaunchPool.
After Whale Alert flagged the transaction, Binance CEO Changpeng Zhao (CZ) confirmed that his team had advised Sun not to use any of the TUSD deposit to claim the SUI rewards on the platform.
SUI Farming on Binance LaunchPool
Binance recently announced that users can farm SUI, the native token of Sui Network, on its launchpool. Users can stake their Binance Coin (BNB) and TUSD in separate pools to farm SUI for two days, starting May 1, 2023. Binance plans to list the token on its trading platform, including SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB, if liquidity requirements are met. CZ made it clear that the Binance Launchpool is intended for the exchange’s retail users, not a select few.
Sun Apologizes
Shortly after CZ’s statement, Sun apologized for the transfer and explained that the Tron DAO had deposited the TUSD to improve liquidity and market-making. However, some members of the Tron team accidentally used the funds to participate in exchange campaigns, which was not the DAO’s intended purpose. They immediately contacted Binance and arranged a full refund.
Regrettably, some of our team members were not fully aware of the intended purpose for these funds and inadvertently used a portion of them to participate in exchange campaigns. Upon realizing this error, we immediately contacted the exchange team and arranged for a full refund…
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 1, 2023
