- Justin Sun admitted that his exchange Poloniex is used solely by himself, implying wash trading to generate nearly $1 billion in volume.
- Wash trading is illegal in most countries but rarely prosecuted; the SEC previously alleged Sun engaged in such activity with TRX.
- Fake rumors circulated in Chinese social media claiming Sun had been shot in Dubai; he later posted “All is well” to confirm his safety.
- Sun is currently traveling between Chicago, where he promotes Tron ETFs, and Singapore for an upcoming conference.
Justin Sun, the TRON creator and crypto billionaire suing the Trump family, posted a bizarre admission on X yesterday when he stated that his exchange Poloniex is now “the world’s only exchange used solely by the boss himself.” In essence, Sun seemed to admit that most of the volume on Poloniex is down to him.
The only way to create nearly $1 billion in volume on an exchange would be by trading with yourself—otherwise known as wash trading. In most countries, wash trading is considered illegal because it can manipulate asset prices, though it is rarely prosecuted unless verifiably proven. The SEC previously alleged (in a since-dropped case) that Sun had engaged in wash-trading of TRX.
Meanwhile, the rumor mill went into overdrive in Mainland China over the weekend. A few individuals spread a fake screenshot claiming that UAE media outlets were reporting Sun had been shot in Dubai. The news spread fast and wide, with some people upset and worried while others were almost celebratory.
Consequently, Sun put the rumors to bed by posting “All is well” with a smiling sunglasses emoji on X on Sunday. He has been hopscotching between Chicago, where he’s promoting TRON ETFs getting listed, and Singapore, where he’s set to attend a conference this week. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.
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