Chain Plans Legal Action Against Justin Sun for Market Manipulation Claims
Justin Sun, founder of the Tron Network, is facing potential legal action from blockchain startup Chain over accusations of market manipulation. Sun alleged that Chain's practices could harm crypto exchange users and called for an investigation by US regulators.
Key Points
- Sun's accusations included claims of high leverage usage by Chain.
- He tagged major exchanges like Kraken, Bybit, and Coinbase to take action against Chain.
- Bybit's CEO stated their risk team combats market manipulations.
- Chain denied involvement in market manipulation and is considering legal remedies against Sun.
- Sun urged the SEC and DoJ to investigate the situation further.
XCN Price Surge
- Onyxcoin (XCN) experienced a significant price increase of 149% in early trading, with a 7-day gain of 400%.
- XCN is currently valued at $746.41 million, trading at $0.02424, reflecting a 31.72% rise in the last 24 hours.
- Trading volume for XCN surged by 276.18%, reaching $1.42 billion.
TRX Market Position
- While discussions around XCN are ongoing, TRX is experiencing challenges, priced at $0.2588.
- Market observers express concerns about a potential bearish breakout for TRX.
- Sun encourages buying TRX, citing undervaluation and upcoming staking opportunities for Tron holders.