April 19, 2024
Justin Sun Responds to Terror Funding Allegations
Latest Cryptocurrency News

Justin Sun Responds to Terror Funding Allegations

Justin Sun, the founder of the Tron blockchain, has countered claims suggesting that terrorist organizations are increasingly utilizing his network for fund transfers. In a recent post on X (formerly Twitter), Sun addressed concerns raised in a Reuters report by emphasizing that the operation of Tron is entrusted to “global super representatives.” He implied that neither he nor his team determines the users of the protocol.

According to a group of experts interviewed by Reuters, terror organizations are reportedly favoring the Tron protocol for fund transfers due to its speed and cost-effectiveness compared to the Bitcoin network. To support this assertion, the Reuters report cites the seizure of 143 Tron wallets between July 2021 and October 2023 by Israel’s National Bureau for Counter-Terror Financing (NBCTF).

The seized wallets were either associated with “designated terrorist organizations” or had been utilized for “severe terror crime.” The report specifies that 87 Tron wallets seized by Israeli authorities this year belonged to Hezbollah, while another 56 were linked to Hamas—both recognized as terrorist organizations by the U.S., the European Union, and Israel.

However, in his post on X dated November 27, Sun affirmed Tron’s commitment to combatting terror funding and safeguarding users’ assets. He stated, “While we are committed to combating terrorist financing by integrating various analysis projects and partners, our top priority remains maintaining decentralization, ensuring the safety of everyone’s assets, and providing instant, affordable, and reliable transactions, as has always been the case.”

Sun, who is rumored to be the next target for U.S. regulators following Binance’s Changpeng Zhao, concluded the post by expressing gratitude for industry players contributing to the widespread adoption of cryptocurrency.

Image by picpedia.org

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