TRON is the latest cryptocurrency to face backlash due to a crypto Ponzi scheme. A crypto Ponzi scheme in China has TRON facing backlash, and the question is being asked: Where’s Justin Sun? This crypto Ponzi scheme leaves the TRON community to fend for themselves.
Some background – a Ponzi scheme in China affiliated itself with TRON and robbed victims out of millions of dollars. Justin Sun was approached to clarify TRON’s relationship with the Ponzi scheme, but he stayed silent. Hundreds of thousands of victims are now furious at Sun who enabled the scam to continue by remaining silent.
In China, TRON is known by the name of “Wave Field”, according to Nuclear Finance, a Chinese crypto news site. In January of this year, a crypto Ponzi scheme under the name of “Wave Field Super Community” claimed association with the popular blockchain platform and cryptocurrency. The confusion was deliberate – thousands of investors were lured into the project believing it was legitimate.
Victims claim that since the launch of Wave Field Super Community, Sun has been approached to clarify the relationship between TRON (Wave Field) and “Wave Field Super Community”. Victims allege that he had not responded. Wave Field Super Community therefore doubled down on its claims of association with TRON, claiming themselves to be a TRON “Super Representative” – one of 27 nodes given special status on the platform.
The victims put their TRX worth millions of dollars into the Ponzi – the result saw TRX seeing increased activity and liquidity. Wave Field Super Community suddenly shut down last week after receiving $30 million in investments.
Chinese netizens are furious with Justin Sun and his silence. Investors are panicking about lost funds, and rightfully so. Many are coming to terms with the fact that they’ve been robbed. There have even been reports of a suicide due to this crypto Ponzi scheme – Xiz Bing, a middle-aged single mother who reportedly borrowed money from her neighbors. Her suicide note and photographs went viral on WeChat.
Many directly blame Sun for his willful negligence – they associate his silence as a quid pro quo for the rising value of TRX. Sun finally did reply on Weibo warning investors of Ponzi schemes in general. However, the reply came one day after Wave Field Super Community’s website went down. He did not mention the Ponzi scheme by name in his message.
What do you think? Is Justin Sun full of it? Is he to blame for this incident? More importantly, did he have a responsibility to speak out against Wave Field Super Community? Justin Sun has been in the news a lot – he recently won lunch with Warren Buffett. Let’s hope this isn’t brought up. Let us know on our Facebook Page.
