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“Justin Sun to undo $56M Binance transfer following CZ’s warning of possible SUI token acquisition”

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“Binance CEO Changpeng Zhao stated on Twitter that Binance Launchpool is intended for all retail users, not just a select few whales, after Justin Sun transferred $56 million in TUSD to Binance.”

Justin Sun, the founder of Tron, tweeted that he will be fully refunding a $56 million transfer to Binance exchange platform. He took this step after Binance warned against the possibility of acquiring the new SUI token without proper distribution.

On Monday, a large amount of TrueUSD (TUSD) was transferred and it was detected by Whale Alert. The CEO of Binance, Changpeng Zhao, wrote on Twitter that he had warned a person named Sun that Binance would take action if he used any of the transferred funds to buy a large number of SUI tokens from Binance’s Launchpool.

Zhao stated that Binance LaunchPool was designed to distribute tokens to all their regular users, not just a select group of wealthy individuals known as whales.

The SUI token is a digital currency that belongs to a technology called Sui. It will be launched on May 3 when the mainnet goes live. Binance, a popular platform for buying and selling digital currencies, announced on Sunday that the SUI token will be available through a service called Launchpool. This service lets people put their digital currency into a pool of money that other people can use, and in return, they can get rewards.

Sun responded to Zhao’s message by saying that his team did not fully understand what the funds were supposed to be used for. Sun explained that the funds were intended to improve trading and the amount of money being traded between different exchanges that use TUSD, instead of being used for promotions on a specific exchange like Binance.

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Sun tweeted that as soon as they realized their mistake, they contacted the exchange team and returned all the funds.

 

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