Tron HQ Swarmed by Police & Protesters in Wake of Justin Sun Scam Claims

Journalist:
July 8, 2019

Video footage has emerged of police surrounding the office of TRON HQ in Beijing as the fallout from the recent $30 million “Wave Field” scam continues.

Initial rumors suggested authorities were “raiding” TRON’s offices following allegations of TRON founder Justin Sun’s alleged culpability in the scam. However, that notion was quickly dismissed by Sun, and a TRON spokesperson claimed the police had been called to quell a protest by victims of the aforementioned scam.

In the meantime, a Whale Alert shows that $23.5 million worth of TRX was moved to and from unknown wallets, and the TRX price dropped by 5%.

Police Hit TRON HQ – Video Footage

The fifty-two second video clip shows at least nine police officers camped in TRON’s Beijing office.

Context was added moments later when footage emerged, showing an angry confrontation between the authorities and the public.

Another clip emerged shortly afterward that showed a woman crying and screaming in the TRON office.

A Twitter user offered the following translation of the woman’s words:

“I have no way out! No way out! Do you see??! Even if I want to go out, this guy is not letting us go out. They are keeping us imprisoned! I’m not sure if you can see this!”

Social media’s initial reaction was to assume the worst – that authorities had found Justin Sun complicit in the recent Wave Field scam. However, Sun quelled those rumors:

TRON HQ issued an official response later in the day, stating:

“Early on July 8, 2019, Beijing time, a number of people attempted to enter the office of Beijing research and development center of Raybo technology, a partner of TRON in mainland China. Pictures and video circulating on the internet show scenes of the incident and the police response that removed them and secured the office.”

Savage Memes Emerge

Justin Sun’s reference to “fake pictures” might have something to do with the mass of memes that were unleashed after the video footage emerged. One suggested a possible “partnership” between TRON and the Beijing police force, while another showed Sun behind bars.

One of many Tron memes roasting Justin Sun. | Source: Twitter

As things stand, it looks like Justin Sun’s appointment with Warren Buffet on July 25th will still go ahead. TRON may have to engage in some heavy PR work to rid itself of the bad smell created by the Wave Field scam – a scam which has already resulted in the suicide of one single-mother and allegations that Sun did too little to clarify that Tron was not associated with the Ponzi scheme.

TRON Price – TRX/USD

When the news broke on Monday, it triggered an immediate reaction by the TRX coin price – which subsequently dropped 5%. That took the TRX valuation from $0.035393 down to $0.033611, all within the space of two hours.

The Tron price dropped 5% in about two hours. | Source: TradingView

Remarkably, that 5% drop came just hours after TRON went on a 10% run, climbing from the $0.032 range, to over $0.035 on Sunday.

Tron had earlier embarked on a significant rally. | Source: TradingView

In the hours after the video footage broke, a Whale Alert rang out, highlighting the sudden movement of $23.5 million worth of TRX from one unknown wallet to another.

The TRON drama continues…

Last modified (UTC): July 8, 2019 19:45

Greg Thomson @gregthomson88

Greg Thomson is a freelance journalist covering the cryptocurrency and blockchain beat. He contributed to numerous crypto news outlets before joining CCN and Hacked in 2018. Based in Glasgow, Scotland. Reach him directly gregthomson888@gmail.com, or Tweet at @gregthomson88.