Justin Sun, founder of TRON, faces fresh market manipulation claims after Chinese journalist Zeng Ying accused him of using Binance accounts to artificially pump and dump TRX.
Zeng, who says she was close to Sun during TRON’s early days, posted on X that Sun coordinated multiple employee identities and phone accounts to trade TRX, creating “massive illegal profits” at the expense of retail investors. She claims to have chat records and internal evidence and invited U.S. regulators to contact her.
The allegations tie into an earlier U.S. Securities and Exchange Commission (SEC) case. In 2023, the SEC charged Sun with over 600,000 TRX wash trades and unregistered offerings, accusing him of creating a misleading trading appearance while profiting illegally. Zeng’s claims add a new layer, describing a scheme involving employee identities, which was not previously included in the SEC case.
So far, TRX and associated tokens have shown little reaction. TRX is trading near $0.28, down less than 1%, while WLFI, a TRON-linked DeFi token, is around $0.125. Broader crypto markets, including Bitcoin and Ethereum, are also under pressure but are influenced more by wider market trends.
Sun has not formally responded, posting only brief updates on X. Investigative vlogger Coffeezilla is reportedly exploring a potential on-camera interview with Zeng to examine her claims.
Analysts note that while no concrete proof has been publicly released, the allegations could prompt renewed scrutiny from U.S. regulators, potentially affecting TRON-linked projects in DeFi markets.
For now, the situation remains fluid. If regulators pursue discovery based on Zeng’s promised evidence, the TRX story could enter a new chapter in an already complex saga involving TRON, SEC enforcement, and crypto market manipulation.
