- According to rumors making rounds in the crypto community, the CEO of Tron has been rumored to have been arrested by Hong Kong law enforcement officials.
- The price of Tron (TRX) took a hit and dropped by more than 3 percent after the spread of the rumors. However, Sun has taken to Twitter to debunk all of it.
This year, the crypto market has seen a number of speculations surrounding the arrest of key founders in the industry.
Many have debunked the rumors and insisted that they are a ploy by other market players to spread Fear, Uncertainty, and Doubt (FUD) within the industry. Very recently, Justin Sun, the CEO of the Tron network has been a victim of these rumors.
Making rounds in the market these past weeks, have been rumors suggesting that Justin Sun has been arrested by the authorities. The rumor spread misinformation, claiming that Sun was apprehended and arrested by law enforcement officers in Hong Kong.
This has caused the Tron (TRX) altcoin, to decline mildly. The dip in Tron’s (TRX) value is not unexpected during this time. Typically, investors’ and traders’ sentiments are influenced by social trends.
Pumps and dumps are recorded in the market following the spread of a positive or negative narrative that could influence the asset. In this case, the rumored arrest of Justin Sun might have led investors to believe that the downfall of the asset has just begun.
Tron’s Justin Sun has warned community members to “Ignore FUD, fake news, attacks, etc”
However, the CEO of Tron has taken to Twitter to clarify that the speculations were in fact false. Sun, who followed in the footsteps of Changpeng Zhao, tweeted the number “4” in response to the rumors. 4, in the context of Sun’s tweet referred to “Ignore FUD, fake news, attacks, etc.” Changpeng Zhao, or CZ, as he is fondly called, first used the number to calm investors down when rumors were being spread about him.
In a preceding tweet, Sun expressed how he felt about how FUD is being spread across the crypto industry. His typical response to this, as he stated in the tweet, was to simply unfollow and block accounts partaking in the act.
4
Not for myself. Just really sad to see people spreading FUD in the industry. I unfollow / block them.
— CZ 🔶 BNB (@cz_binance) April 11, 2023
Both Sun and CZ agree that the rumors were planned. CZ, in particular, maintained that crypto influencers in the industry were being paid by key players to spread the rumors, so as to get investors and traders to sell their assets or make swift unprofitable investment choices.
Within the last 24 hours, Tron (TRX) has declined by more than 4 percent, in response to the rumors. In the last 7-days, Tron (TRX) has also nursed mild losses, going over 2 percent at press time. In the last 1 hour, Tron bulls have attempted to step up, as mild gains are being recorded. Prices are now trading at $0.06 at the time of this report.
