Ex-Tron Employee Says Justin Sun and Changpeng Zhao Pumped TRX and BNB During BTT ICO
It seems that Changpeng Zhao, the founder and CEO of Binance, one of the largest cryptocurrency exchanges in the market, and Justin Sun, the founder of Tron (TRX) have been pumping Binance Coin (BNB) and Tron.
A few days ago, Binance Launchpad featured a new Initial Coin Offering (ICO) launched by Tron, the BitTorrent Token (BTT). During the hours prior to the launching, both Binance Coin and Tron experience very large growth rates, becoming the best performing top 20 cryptocurrencies.
In a recent video uploaded to YouTube a few hours ago, Tyler Swope – which is also known as Chico – he accuses Tron and Binance saying that both CEOs pumped their coins before the BTT ICO. According to him, he said that both CEOs and their respective companies were able to manipulate the market during the BTT ICO.
Back in 2018, Tron purchased BitTorrent, one of the largest decentralized platforms available in the market. Then, in August, BitTorrent launched the so-called Project Atlas in which users were going to earn virtual currencies just for sharing files. At the beginning of January 2019, BitTorrent and Tron launched a token for the Project Atlas, the BTT token.
This token was going to be running on top of the Tron network, even when an ex-BitTorrent official said that the Tron network is not able to support such a large number of transactions taking place on the BitTorrent network.
According to the ICO details, 55% of the tokens are owned by the public and 45% of the tokens are owned by Tron and other companies and private investors. However, no Bitcoin (BTC) or Ethereum (ETH) were accepted during the ICO. Binance Launchpad accepted Binance Coin and Tron.
BNB and TRX have been growing in the market during the days before the launching of the BTT token. However, only 962 participants were able to purchase the token. There were several users that were not able to purchase their coins, even when they were waiting to hit the buy button on the Binance Launchpad platform.
After the ICO, both TRX and BNB were dumped. Since January 21st and until January 27th, Tron grew more than 30% while Binance Coin moved up almost the same percentage. After the ICO, TRX lost 13% of its value and BNB around 14%.
On the mater, Chico mentioned:
“I would not doubt this for a second. I was Binance and their team and Tron and their team who dumped [the tokens] because it has been done before, but not to this extent.”
After it, Chico went on explaining that Justin Sun will be giving free BTT tokens those that couldn’t participate during the ICO. Changpeng Zhao mentioned that due to overwhelming demand, Tron will be giving a ‘small’ airdrop.
At the time of writing, this article BNB is being traded around $6.15 and it has a market capitalization of $793 million. Meanwhile, Tron has a market capitalization of $1.82 and each TRX coin can be purchased for $0.027.