A Twitter user Hayden Otto has just tweeted that Tron (TRX) Beijing offices have been raided by police. Furthermore, the Twitter trends say that a mob of hostile people is stationed outside the offices shouting things like “Tron is a scam.” The videos reveal the TRON logo somewhat clearly, with people crowded there shouting things like “Tron is a scam”.
What's going on here? @justinsuntron pic.twitter.com/GOHLOTmgy3
One video displays police officers assembled in the entryway area. It’s unclear whether the detained people are TRON workers or citizens, with some yelling “Tron is a scam.” Approximately a dozen police officers are present. Another video displays a woman calling someone on the phone, screaming that “he is not letting us out.” The TRON logo is sharply noticed on the glass door.
What’s the reason?
According to a report, Justin Sun has been associated with a $30M Ponzi project in China. The scam described as the “Wave Field Super Community,” was a property capital shut down on June 30. People who associated lost their money. One single mother even committed suicide because of the scam. It is not clear yet whether the continuing police raid is linked with the allegations of Justin Sun’s association in a Ponzi scheme.
Tron and Justin Sun are facing tremendous heat by people due to the fact that Sun did not fully disassociate Tron or his companion scheme BitTorrent from being committed in the project. The Wave Field Super Community had pretended to be a Super Representative, making it one of 27 nodes that have particular rank on the Tron platform.
The Chinese government prevented cryptocurrency exchange assistance and initial coin offerings (ICOs) at the end of 2017 in an attempt to stop scams and deceitful exercises. Nevertheless, unauthorized movements still trouble the country’s crypto space. Last month, Sun gave a record $4.57 million bid to obtain an eBay charity auction to have lunch with billionaire investor Warren Buffett, who earlier likened Bitcoin to “rat poison” and declared it “attracts charlatans.”
Tron price falls
Meantime, the report following the raid seems to be having an unfavorable impact on Tron price as the price is decreasing piercingly. From an intraday high around $0.035, TRX/USD is exchanging at $0.0337 between a developing bearish trend. Technical symbols have become negative as evidence of lasting deteriorations. The following patron mark is $0.033, the 50 Simple Moving Average and $0.030.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
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