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On Monday, Justin Sun, the founder of Tron, announced via Twitter that he had successfully secured a full refund for a $56 million transfer that was sent to the exchange platform Binance. Sun's actions were prompted by a warning from Binance's CEO regarding a potential token grab involving the new SUI token.
Binance CEO Changpeng Zhao took to Twitter on Monday after a significant transfer of trueUSD (TUSD) was flagged by Whale Alert. Zhao stated that his platform had cautioned Sun against using the funds to purchase large quantities of SUI tokens from Binance's Launchpool and warned of consequences if such actions were taken.
"Binance LaunchPool are meant as air drops for our retail users, not just for a few whales," Zhao said.
With the mainnet launch of layer1 blockchain Sui scheduled for May 3, the native token of Sui, known as SUI, is also set to make its debut. Binance has revealed that the SUI token will be accessible through its Launchpool, where users can stake their crypto assets to contribute to a liquidity pool and earn rewards in return. The announcement was made on Sunday, signaling a promising opportunity for those interested in investing in the new token.
Sun replied to Zhao's post saying his team was not fully aware of the "intended purpose" of the funds, which he says is used to "facilitate market-making between leading TUSD exchanges, thereby enhancing liquidity and trading volume, rather than participating in any exchange promotions."
"Upon realizing this error, we immediately contacted the exchange team and arranged for a full refund of the funds," Sun tweeted.
Source Coindesk
