Image courtesy of Justin Sun’s Twitter.
- The Verge publication has peened an explosive article accusing Sun of using crypto exchange for misdeeds.
- The TRON founder has responded saying they maintain the highest compliance standards and threatened to pursue a legal suit.
Controversial crypto personality Justin sun has been once again in the news! On Wednesday, March 9 The Verge published a detailed report of Sun’s handling of his recently acquired crypto exchange Poloniex. The strong accusations question Justin Sun of his leadership regarding the TRON blockchain network and the management of the Poloniex crypto exchange.
The article from The Verge – The Many Escapes of Justin Sun – accuses him of using TRON and Poloniex for a number of misdeeds. The article states that Poloniex had a very bad reputation for hosting “shitcoins” and other pump and dump projects. The Verge accuses Sun of using this defamed crypto exchange to its benefit and flouting all KYC rules.
Citing internal employees, the article states that sun allowed faking the KYC rules at the exchange allowing easy entry. The article notes:
To approve new customers as quickly as possible, Poloniex built an automated KYC system, but according to a former employee, it was permissive. It virtually rubber-stamped government IDs of any kind, they explained — “Didn’t matter if they submitted a pic of Daffy Duck.”
These are some serious accusations on a crypto founder whose been a veteran in the crypto market.
Justin Sun responds to all allegations
Soon after the spread of the article, Justin Sun has responded calling all accusations “false” and “fabricated”. He added that they (Poloniex) have maintained the highest standards in safeguarding the crypto assets of their clients. Sun adds that there hasn’t been any major security breach in their operations in the last 8 years.
The TRON founder adds that Poloniex has state-of-the-art KYC facilities in line with the industry standards. Lashing out at The Verge, Sun wrote:
It is a complete falsehood on the part of the Verge and the reporter and a blatant defamation about the Poloniex operation. Polo enjoys robust risk management and strong financial resources that have provided top of class services to our customers throughout its history.
Sun further added that he won’t be taking these allegations lightly and will pursue a legal course of action. “I strive to uphold the highest standard over my endeavors in both public and industry domains. We reserve the right to pursue legal remedies against the falsehoods brought on by any entities. We are represented by Harder LLP as our legal counsel,” added Sun.
However, this is not the first time that The Verge has accused Sun. The publication penned a very explosive article back in September 2020 after Sun acquired the peer-to-peer file sharing platform BitTorrent.
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