Tron’s Business Development Head Confirms Justin Sun Formally Released By Chinese Authorities
The past week has been a series of PR disasters to an otherwise darling of the crypto world, Justin Sun. He had to cancel on the much-publicized charity lunch with Warren Buffet due to kidney stones but was later spotted having a good time at a promotion event in San Francisco. BitTorrent founder, Bram Cohen accused him of not paying up for the sale of the platform. Additionally, there were rumors that Chinese authorities were holding him up for running illicit businesses in the country.
So when Roy Liu, the head of business development of Tron confirmed that Sun has been formally released by Chinese authorities. The millionaire entrepreneur's lawyers are hard at work to settle the issue with the authorities now.
— Roy Liu (@roylxy) July 26, 2019
Chinese local media had earlier proclaimed that Sun was suspended from foreign travel due to charges including illegal fundraising, money laundering, and gambling. China’s internet finance regulators had even called for the public security department to launch an investigation.
The biggest accusation was when he was accused of illegal fundraising TRON and alleged that the TRON network operated illegal gambling services. Additionally, Peiwo, a Chinese social network app which Sun owns, recently dissolved according to China’s national company registration website. The government had accused it to be running pornographic content and offering escort services. There were also stories of Sun being put on a border control list because of the allegations.
Chinese regulators are tightening scrutiny of illegal mining and fraudulent activities related to cryptocurrency. Earlier this month, Sun and his company TRON was caught in the middle of controversy related to a Ponzi scheme. China’s internet financial risks regulator had called for the public security department to launch an investigation.