Justin Sun, the founder of Tron (TRX) and the owner of the cryptocurrency exchange Huobi, made some warnings in his statement on Twitter.
Justin Sun posted a statement on Twitter, warning investors of the risks of new projects on their platform. Sun said that while he occasionally retweets new projects, that doesn’t mean he endorses them or gives investment advice.
Sun said he was impressed with the work being done for more projects in their ecosystem, but reminded investors to do their own research before investing:
“TRON and BitTorrent are striving for more projects in their respective ecosystems and Huobi Global’s increasing listings caught my attention. Although I retweet new projects from time to time, it is important to remember that this is not an endorsement and new projects are always high risk. It is very important to do your research before investing and my retweets are not investment advice.”
#TRON and #BitTorrent 's push for more projects on their ecosystem and @HuobiGlobal 's increased listings have caught my attention. While I may retweet new projects from time to time, it's important to note that this doesn't constitute an endorsement…
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 6, 2023
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Sun is one of the most controversial figures in the crypto world, known for his aggressive marketing tactics and frequent clashes with other industry leaders.
Sun’s TRON network is considered one of the world’s largest blockchain-based operating systems, offering scalable, high availability and high throughput support for decentralized applications.
BitTorrent, acquired by Sun, is a peer-to-peer file sharing protocol that claims to have over 100 million active users. BitTorrent (BTT) is used to encourage users to share bandwidth and storage on the network.
The SEC accused Sun and its companies of fraudulently inflating the demand and price of TRX and BTT through various misleading statements and manipulative trading practices. The SEC also claimed that Sun did not register TRX and BTT as securities and sold them to US investors without complying with federal securities laws.
*Not investment advice.