Circle, a leading issuer of stablecoins, has recently addressed and strongly refuted allegations regarding its involvement in illicit financing and alleged connections with Justin Sun, the founder of Tron. These claims, brought forward by the nonprofit watchdog organization, Campaign for Accountability (CfA), prompted Circle’s Chief Strategy Officer and Head of Public Policy, Dante Disparte, to write a formal response to U.S. Senators Elizabeth Warren and Sherrod Brown.
In the letter, Disparte emphatically denies any involvement of Circle in facilitating or financing activities related to Hamas or any other illicit actors. He highlights Circle’s unwavering commitment to combating illicit financial activities. Circle has been an active partner with regulators and law enforcement in the United States, Israel, and other jurisdictions, ensuring that their stablecoin, USDC, is not used for illicit activities. The company’s dedication to legal compliance was recently acknowledged by the U.S. Secret Service, recognizing Circle’s efforts in identifying fraud and assisting in fund recovery.
Addressing specific allegations, Disparte referred to an incident where the National Bureau for Counter Terror Financing of Israel identified digital wallets linked to the Palestinian Islamic Jihad (PIJ) with assets amounting to $93 million. A report by the blockchain firm Elliptic initially suggested that all assets in these wallets were used to finance PIJ, but this was later corrected. Public blockchain ledgers revealed that of the $93 million, only $160 in USDC was transferred among those wallets, and none of that amount originated from Circle. This example underscores Circle’s stance against the misrepresentation of its role in alleged illicit activities.
Furthermore, Circle clarified its relationship with Justin Sun, stating that it does not provide banking services to him or his associated entities, including the TRON Foundation or Huobi Global. Despite the absence of specific designations by the U.S. government, Circle terminated all accounts associated with Mr. Sun and his affiliated companies in February 2023.
Circle also emphasized its status as a highly regulated financial entity. It operates under the regulatory frameworks of multiple U.S. states and federal bodies, including the Ohio Department of Commerce Division of Financial Institutions and the New York Department of Financial Services. As a Money Services Business registered with FinCEN, Circle adheres to the Bank Secrecy Act, anti-money laundering laws, and other regulatory standards. This regulatory compliance is a cornerstone of Circle’s operations, reflecting its commitment to legal and ethical business practices.
In its advocacy for regulatory reforms, Circle has been a vocal proponent for a comprehensive federal framework governing stablecoins. The firm has actively participated in legislative processes, seeking to establish robust reserving, redemption, disclosure, liquidity, and operational risk management standards for stablecoin issuers. Circle’s CEO, Jeremy Allaire, has testified before Congress, advocating for standards that would elevate the safety and reliability of stablecoin issuers.
Circle’s response to the allegations made by the CfA is a strong affirmation of its dedication to regulatory compliance and ethical practices in the digital assets space. The company remains committed to collaborating with regulatory bodies to enhance the regulation of digital asset markets and to combat money laundering and terrorism financing effectively.
Alphapo, a payment processor for various gambling services, reported a breach of their hot wallets today, July 23, 2023. The breach resulted in a loss of over $23 million in Ethereum (ETH), TRON (TRX), and Bitcoin (BTC) cryptocurrencies. The exact amount of BTC stolen remains unclear.
Alphapo is known for processing payments for several gambling services, including HypeDrop, Bovada, and Ignition. Following the incident, HypeDrop, one of Alphapo’s customers, had to disable withdrawals.
The stolen funds on Ethereum were swapped for ETH and then bridged to Avalanche and Bitcoin. The addresses involved in the breach include:
0x040a96659fd7118259ebcd547771f6ecb9580d17
0x6d2e8a20b8afa88d92406d315b67822c01e53c38
TKSitnfTLVMRbJsF1i2UH5hNUeHLDrXDiY
TDoNAZHa7WxarUAFbQUhiijTGtd7EpbzRh
TJF7mdFxDuHB4tb9hoyR4SCpKxk7gr23ym1
In response to a query about the deposit and withdrawal issues, HypeDrop stated, “Our provider is currently working to solve some recent issues from their side, they are facing problems specifically related to withdrawals of BTC, ETH, and TRX, as well as deposits for ETH and TRX. We are actively monitoring the situation with them and will provide you with an update when more information is available. Be assured that if your payment has been affected, your funds are secure 🙂”.
The incident has sparked questions regarding Alphapo’s security protocols and the subsequent effects on its clientele. Observers are keenly following the situation, with further developments anticipated as the inquiry unfolds.
In a related development, a user has raised concerns about HypeDrop’s operations. The user alleges that HypeDrop, managed by an individual named Killian, operates several unregulated online casinos. The user claims that large winners are immediately subjected to a Know Your Customer (KYC) process, which allegedly has been leaked in the past, particularly with their influencers. The user also alleges that the KYC process is never approved. Furthermore, the user criticizes HypeDrop’s policy on their CSGO gambling sites, which allows crypto deposits but not withdrawals, a privilege only granted to influencers and skin suppliers.
In June 2023, TrueUSD (TUSD) experienced significant growth and adoption across multiple blockchain ecosystems. With the circulating supply reaching 3,059,838,623 TUSD, backed by dollar reserves of over $3 billion, the stablecoin is gaining more recognition in the crypto markets.
TUSD showed a broad spread across various networks with TRON taking the lead with 2,297,017,674 TUSD, Ethereum trailing behind at 729,591,343 TUSD, and BNB Smart Chain (Native) hosting 30,097,865 TUSD. Avalanche, BNB Beacon Chain, Fantom, Polygon, and several other networks also supported a sizeable amount of TUSD.
TrueUSD’s growing adoption was further evidenced by its integration into different platforms and protocols throughout the month. The Web3 shopping platform, UQUID, adopted TUSD as a payment option on June 5th, providing users with a new method to shop. TUSD was also incorporated into the Megaton Finance on the TON network, broadening its presence in the financial sector.
Binance, the world-renowned crypto exchange, played a significant role in promoting TUSD adoption during June. It initiated a TUSD contract swap on the BNB Smart Chain, and upon its successful completion, launched the 34th phase of new token mining, supporting TUSD mining. Binance’s Auto-Invest platform added TUSD as a payment option, and it supported the swapping of the new native TUSD on the BSC network for TUSDOLD, offering users a seamless conversion process.
Venus recognized the rising importance of TUSD by launching the VIP-129 proposal to support the new native TUSD, and following its approval, the market for the token went live. Additionally, Pancake V3 introduced the TUSD Syrup Pool and Farms, providing users with more opportunities to earn rewards.
TrueUSD’s reach extended to Kraken, another major crypto exchange, which enabled deposits and withdrawals of TUSD on the TRON network by the end of June. Binance further cemented TUSD’s position by launching a zero maker fee promotion for all existing TUSD spot and margin trading pairs and added BCH/TUSD and CFX/TUSD trading pairs to its platform.
Alongside these product developments, TrueUSD made strides in community engagement through various campaigns. Binance C2C and Binance Earn launched time-limited campaigns, offering new users a chance to win up to 175 TUSD. The UquidParty online campaign and PancakeSwap’s TUSDQuiz on Telegram created interactive opportunities for participants to win a share of TUSD prizes.
It’s worth pointing out that, despite TrueUSD’s claim to have launched as the “first USD stablecoin operated by a regulated operator,” it might face certain challenges. TrueUSD’s technology partner, Prime Trust, has been grappling with serious issues. Rumors of insolvency swirled around Prime Trust in early June. This situation escalated on June 22 when the Department of Business and Industry in Nevada issued a cease and desist order against the company. Consequently, Prime Trust abruptly put a stop to all fiat and cryptocurrency deposits and withdrawals.
Nevertheless, TrueUSD denied any impact from the Prime Trust situation. In a recent tweet, the company asserted, ‘Prime Trust has suspended all deposits of fiat and digital assets. However, #TrueUSD (#TUSD) is not affected by this development. We don’t have any exposure to Prime Trust and maintain multiple USD rails for minting and redemption. Rest assured, all your funds with TUSD remain secure.’
Tether Operations Limited (Tether), the company behind the renowned blockchain-powered platform tether.to and the world’s leading stablecoin, has revealed its plans to introduce U.S. dollar-pegged Tether tokens (“USDT”) on Kava. Kava is a layer-1 blockchain specifically designed to offer scalability and high speed.
With its establishment in 2018, the Kava network stands out by employing a co-chain design that combines the Ethereum virtual machine’s flexibility with the rapid transaction processing, low fees, and interoperability of the Cosmos software development kit. This innovative architecture enables users to leverage Cosmos’ “zones” feature within the Kava protocol. Last month, Kava celebrated the successful launch of its “Kava 13” mainnet update, which enhances the platform’s security, scalability, functionality, and speed.
Paolo Ardoino, the CTO at Tether, expressed enthusiasm about the partnership, stating, “We’re thrilled to be launching USDT on Kava, offering its strong community access to the world’s first, most stable, most trusted, and most widely used stablecoin.” He emphasized the significance of Kava’s track record, noting that the blockchain network has operated securely for four years with zero security incidents, which is vital for safeguarding USDT users. Together, Tether and Kava aim to revolutionize the future of decentralized finance and foster an inclusive ecosystem that benefits users worldwide.
This announcement further solidifies Tether’s standing as the most extensively adopted stablecoin, having pioneered the concept in the realm of digital tokens. The stablecoin is already operational on various networks, including Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, and Tron.
By expanding its presence onto the Kava blockchain, Tether continues to make strides toward broader accessibility and usage of its stablecoin, offering users even more options to engage with decentralized finance in a secure and efficient manner.
On-chain investigator ZachXBT has reported a significant security breach on Atomic Wallet, a leading non-custodial decentralized wallet wallet. The hacker targeted various cryptocurrencies, managing to steal more than $35 million across different chains, according to ZachXBT’s updates on Twitter.
In his series of tweets, ZachXBT noted the discovery of a new victim on the Tron blockchain with a massive loss of 7.95 million USDT tokens, making it the largest individual theft on Tron to date. The five biggest losses reported from this attack on Atomic Wallet accounted for $17 million.
The investigator also revealed that the largest individual loss from the hack was a wallet stripped of $3.5 million, equivalent to 1897 ETH. The cumulative losses of the five biggest victims totaled a shocking $9.7 million.
ZachXBT’s compiled data indicates the worrying scale of the hack, which affected multiple blockchains. The stolen funds have been traced across Bitcoin, ETH, Tron, Binance Smart Chain (BSC), Cardano (ADA), Ripple, Polkadot, Cosmos, Algorand (Algo), Avalanche (Avax), Stellar Lumens (XLM), Litecoin (LTC), and Dogecoin (DOGE). His graph, indicating the scale of the attack, has exceeded $14 million, with ZachXBT estimating the total amount pilfered to be at least $20 million.
The on-chain expert warned users to be vigilant against phishing attempts, which have spiked in the aftermath of the breach. Scammers have reportedly been posting fake Atomic Wallet refund tweets to take advantage of desperate victims.
He also shared more insights about the hack, revealing that besides the largest single victim who lost 2.8M USDT, there have been multiple other victims suffering six-figure losses across different chains. He thanked the victims who had reached out and shared their transaction hashes, adding that the root cause of the breach is yet to be determined.
For TRON DAO, 2022 was a year of historic growth. Here are 22 highlights from the fastest growing public blockchain’s record year:
# 22 possibly the world’s biggest DAO
On January 5, TRON announced its restructuring to become a decentralized autonomous organization (DAO). On April 11, Forbes declared that TRON DAO is probably the world’s biggest DAO, as the TRON blockchain now boasts more than 132 million user accounts.
TRX is now supported, listed, and traded on over 130 digital asset exchanges, payment systems, and trading platforms, including Binance.US, Meson, Crypto Finance (member of Deutsche Börse Group), Fireblocks, Bitkub, Bitso, DMM Bitcoin, Kraken (TRX futures contracts), Plisio, BTCBOX, Wirex, OKCoin Japan, BitMEX, Blockchain.com, and Guardarian.
# 19 the Enterprise Ethereum Alliance
TRON joined the Enterprise Ethereum Alliance to advance interoperable blockchain integration into daily business operations, focusing mainly in two working groups: Cross-Chain Interoperability and DeFi Risk Assessment, Management, and Accounting (DRAMA).
# 18 expanded collaboration with Huobi
In October, the TRON founder and current ambassador H.E. Justin Sun was named to Huobi’s Global Advisory Board, and the TRON ecosystem has started more partnerships with the exchange.
# 17 the Peg Stability Module
On August 3, the Peg Stability Module (PSM) was rolled out, which allows users to swap between USDD and other mainstream stablecoins like USDT and USDC at a 1:1 ratio.
# 16 sponsorships
In 2022, TRON was the major sponsor of Consensus, NFT NYC, Mainnet by Messari, Converge by Circle, Binance Blockchain Week in Paris, Smartcon by Chainlink, Token2049, and more. TRON also hosted several VIP in-person afterparties – TRON Whale Night, at Bitcoin 2022, Consensus, and Mainnet.
On October 17, TRX was listed on the Binance CMC Cryptocurrency Top 10 Equal-Weighted Index, which tracks the performance of the top ten digital assets on CoinMarketCap as ranked by market capitalization.
# 14 feel the burn
In 2022, the total amount of TRX burned from various utilities was 11.74 billion, considerably accelerating its deflation.
TRON Academy officially launched November 12, when 270+ students from top-tier university blockchain clubs gathered on the Harvard University campus for the “Hacker House” event.
On August 10, Travala.com, the world’s leading blockchain-based travel booking platform, announced its adoption of USDD and TRX as means of payment.
# 11 the 2nd largest stablecoin ecosystem
TRON now has the second-largest total stablecoin circulation, next to Ethereum, with a market cap of $39.5 billion.
# 10 the TRON DAO Ecosystem Fund
TRON DAO launched their Ecosystem Fund with 8 unique programs for funding, including TRON DAO Ventures, which intends to invest in promising blockchain startups.
On October 7, the Commonwealth of Dominica announced TRON as its national blockchain and authorized seven TRON-based cryptocurrencies as legal tender for everyday use.
In May 2022, TRON launched USDD, the first over-collateralized, decentralized stablecoin, which is now held in more than 130,000 wallets. On November 2, Messari released the report “State of USDD Q3 2022.” USDD finished the year with a circulating supply of over 725 million and a collateral ratio of greater than 200%.
On May 31, TRON celebrated the fourth anniversary of its MainNet launch.
# 3 three stellar HackaTRONs
Three Seasons of the TRON Grand Hackathon, a.k.a. “HackaTRON,” took place in 2022, with over 2300 total participants and a combined total prize pool of over $2.7 million.
# 2 TVL
According to DefiLlama, by the end of Q3, the Total Value Locked (TVL) on TRON had reached $6.33 billion, up 61% from Q2, surpassing BSC to become the blockchain network with the second-largest TVL worldwide. Messari released its first ever TRX research report on November 5, titled the “State of TRON Q3 2022.”
# 1 from 69 million total TRON user accounts to 132 million
63 million new TRON user accounts were established in 2022. TRON aims to become the primary settlement layer of the global economy. As the global trend-setter in cryptocurrency, TRON is developing an ecosystem infrastructure that will be able to serve every human on the planet.
About TRON DAO
TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.
Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of January 2023, it has over 133 million total user accounts on the blockchain, more than 4.5 billion total transactions, and over $9.2 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. In May 2022, the over-collateralized decentralized stablecoin USDD was launched on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins. Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which is the first time a major public blockchain partnering with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens – TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as authorized digital currency and medium of exchange in the country.
The winners of Season 3 of the TRON Grand Hackathon 2022 got an early holiday gift this Friday. The recipients of each of the 107 prizes being distributed for this season’s HackaTRON were announced. There were 1185 participants who formed 272 teams that submitted projects in one of six tracks: Web3, DeFi, NFT, GameFi, Ecosystem, and TRON Academy.
Season 3 submissions began on September 20 and ended on November 14. The judging period lasted from November 29 to December 12. In addition, a second group was chosen by Hackathon participants who were active in the TRON DAO Forum. That voting period lasted from November 29 to December 4. Then, the winners of both groups were announced on December 16.
The TRON Grand Hackathon 2022 Season 3 winners selected by our judges are:
The Ecosystem Track was split into two categories – technical and creative. Ten total Ecosystem winners were selected with five from each category and the same prize structure for both.
All projects whose team members participated in the TRON DAO Forum were eligible to vote in the peer evaluated selection of winners. The TRON Grand Hackathon 2022 Season 3 winners selected by the TRON DAO Forum are:
The TRON Academy Track was new this season and involved a face-to-face competition called the “Hacker House.” That portion of the Season 3 HackaTRON was held in person on the campus of Harvard University during the weekend of November 12–13, 2022. Two categories of winners were selected – technical and non-technical. The winners were:
There were three additional bonus prizes given for Season 3:
The Devpost Community Prize of $1,000, which was determined by popular choice voting on Devpost by Devpost community members.
The Project Engagement Prize of $5,000, which was determined by the TRON DAO team based on how well a project engaged on the TRON DAO Forum.
The Community Contributor Prize of $5,000, which was determined by the TRON DAO team based on an individual’s valuable contributions during the hackathon. This prize was distributed in $500 increments to ten individuals who did not win another prize.
On December 20th 2022, TRON DAO leaders will hold their monthly Community Call and this month’s focus is the Hackathon and its winners. It’s a chance to congratulate all of the winners for their hard work and innovative ideas, which made this season’s HackaTRON one the best yet. “From cutting-edge solutions to real-world applications, the projects developed during this Hackathon demonstrated the true potential of blockchain technology,” one TRON DAO team member noted.
TRON DAO strives to empower blockchain projects in alignment with its vision of building a decentralized web. The TRON Grand Hackathon is one essential approach toward that goal.
CONGRATULATIONS to the winners of the TRON Grand Hackathon 2022 Season 3! Many thanks to all of the participants, judges, and sponsors who made Season 3 of the TRON Grand Hackathon 2022 such a huge success. We can’t wait to see the innovations developed in the 2023 Hackathon.
TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.
Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of December 2022, it has over 129 million total user accounts on the blockchain, more than 4.4 billion total transactions, and over $9.7 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. In May 2022, the over-collateralized decentralized stablecoin USDD was launched on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins. Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which is the first time a major public blockchain partnering with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens – TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as authorized digital currency and medium of exchange in the country.
TRON DAO recently launched The TRON Academy initiative to empower young blockchain enthusiasts from top-tier universities around the world. Creators are being welcomed to take advantage of early-stage development opportunities in the TRON ecosystem. Partnerships have been developed with existing blockchain clubs, and coaching support is available for students interested in establishing new clubs on their campuses.
TRON Academy’s industry-leading curriculum provides a comprehensive blockchain education for the next generation of leaders. Students are encouraged to build blockchain solutions that do more than just provide everyday utility. TRON DAO leaders are also challenging university blockchain clubs to recognize the life-changing opportunities decentralized applications could provide. Instruction is provided that equips and enables developer teams to innovate and actualize new technologies. The hope is that resources will be created that are both essential to a decentralized future as well as enjoyable in a blockchain-based, web3 world.
Blockchain clubs currently partnering with TRON Academy are thriving across seven university campuses:
Cornell Blockchain (Cornell University)
Blockchain at UCI (University of California at Irvine)
Texas Blockchain (University of Texas at Austin)
Boston Hacks (Boston University)
Princeton Blockchain Club (Princeton University)
Dartmouth Blockchain (Dartmouth University)
Michigan Cryptocurrency Investment Club (University of Michigan)
TRON Academy officially launched November 12–13, 2022, as part of the TRON Grand Hackathon 2022 “Hacker House” event on the campus of Harvard University. Over 270 university students formed multiple development teams working all weekend to build decentralized applications (dApps) on TRON and BitTorrent Chain. Winners shared a $100K USD prize pool. The ultimate winners, however, were all the teams who returned to their respective campuses to experience an enriching community with their blockchain clubs.
On November 29, 2022, a TRON Academy workshop was held at the University of Texas at Austin, hosted by the Texas Blockchain club in collaboration with TRON DAO. A mix of non-technical and technical components of the TRON blockchain were discussed. TRON DAO leaders onboarded UT Austin students into the TRON ecosystem, some for the first time and others as a strategic next step. Students were also mentored to build their first smart contract on the TRON Virtual Machine along with deploying their first dApp.
Workshops like this one will be held on other university campuses as the TRON Academy program grows. It aims to partner with more and more university blockchain clubs around the world via this intentional, four-pronged approach:
Internship and recruitment opportunities will be available, both with projects in the TRON ecosystem as well as with partners connected to the TRON DAO.
Community co-development will be in focus, as TRON DAO leaders help with meetups, resources, and hackathons so clubs and teams can continue to attract interested innovators.
Co-development of crypto projects will also be a priority, as the TRON DAO team offers coaching on strategy and development, connections for pre-seed and seed funding, and collaboration on research papers and projects.
The TRON Academy endowment fund will assist with the funding of research and development as well as scholarships at partnering universities.
If you’re interested in learning more about TRON Academy, visit trondao.org. If you desire to apply for a TRON Academy partnership to establish a new blockchain club on your university campus or with your existing blockchain club, submit your application via this TRON Academy form.
About TRON DAO
TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.
Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of December 2022, it has over 126 million total user accounts on the blockchain, more than 4.3 billion total transactions, and over $9.5 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. In May 2022, the over-collateralized decentralized stablecoin USDD was launched on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins. Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which is the first time a major public blockchain partnering with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens – TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as authorized digital currency and medium of exchange in the country.
The distress of FTX Derivatives Exchange and Sam Bankman-Fried’s call for help might be coming off with an impressive turnout as Justin Sun, the founder of the Tron blockchain has revealed his intentions to bail out the firm.
Speaking in an interview with BloombergTV’s Tom Mackenzie, Sun said he is ready to inject billions into FTX. While he pointed out that now is the time for the industry to come together and show solidarity, he said the purported aid will have to come following the conduction of full diligence.
Of all the major leaders in the crypto space, Sun comes off as the major person that has identified with the plight of Bankman-Fried. He unveiled plans to resume withdrawals for TRX, SUN, HT, and other tokens in the Tron Ecosystem.
This is a relatively rare aid at a time when industry veterans are vocally bailing out on the embattled exchange. Binance, the bigger rival was looking at acquiring the trading platform and aiding it to survive its current liquidity crunch pulled away from the deal after a brief Due Diligence was conducted and indications that FTX might be under investigation by US regulators.
Since Binance pulled away, there has been no apparent aid from the exchange to date, a move that has characterized the broader industry. FTX reportedly asked for help from obviously liquid entities like Tether Holdings Ltd, the blockchain firm that is in charge of issuing the USDT stablecoin.
As revealed in a tweet from Tether’s CTO, Paolo Ardoino, the stablecoin firm denied the aid for $1 billion from the Bankman-Fried-led exchange.
“Tether does not have any plans to invest or lend money to FTX/Alameda. Full stop,” Ardoino said in the tweet.
It remains unclear why the hash stance was taken by the Tether CTO but it might be as a result of the allegations that Bankman-Fried is always lobbying against industry players and the legal hurdles Tether has faced amongst the regulators now reportedly investigating FTX.
