Tron Price Plunges as Justin Sun Denies Money Laundering Accusations

Tron founder and CEO Justin Sun denied illegal fundraising, porn transaction facilitation, gambling and money laundering accusations in a post on Chinese social media platform Weibo published on July 23.Chinese media accuses Tron founder of money laundering.

Earlier today, Chinese media 21st Century Business Herald claimed in an article that unspecified sources informed its reporters that Justin Sun is still on Chinese territory.

The outlet further suggests that Sun cannot leave the country, and this is the real reason why Sun decided earlier today to postpone the Warren Buffett Lunch and press conferences to an unspecified date.

The outlet rhetorically asks whether Sun will be able to meet Buffett without first resolving the aforementioned concerns.

In a Tweet, Sun previously declared that the reason why he decided to reschedule the meeting is a medical condition.

According to his post, the illegal fundraising accusations are false since - after the Chinese government banned initial coin offerings in September 2017 - the Tron Foundation returned the funds.

Sun also says that also the money laundering accusations have no basis since the Tron Foundation is located in Singapore, complies with local regulations, and does not involve fiat on or off-ramp services.

Sun also more broadly addressed the accusations of facilitation of illegal activities by pointing out that Tron is a decentralized internet network and that the Foundation opposes the unlawful use of the protocol.

TRX price plunges more than 15%. By press time, Tron price plunged by about 16.58% over the last 24 hours, trading at about $0.024, according to Coin360 data.

As Cointelegraph reported earlier this month, Sun previously invited more notable figures from the crypto industry to attend his $4.6 million dollar lunch with Warren Buffett.