Breaking: TRON’s Justin Sun claims Filecoin pulled an exit scam after dumping 1.5 million tokens
- Justin Sun, CEO of TRON has accused Filecoin of a potential exit scam.
- The launch of Filecoin was one of the most successful ones reaching more than $1 billion in market capitalization after hours of trading.
Filecoin was created back in 2017 and managed to raise around $200 million through its ICO. The digital asset has only recently released its mainnet and entered the market. Shortly after the listing of FIL on exchanges, the controversial CEO of Tron, Justin Sun, has basically accused the project of an exit scam.
Exit scam here? 1.5 million $FIL for 200 USD each worth 300 million USD at the high. Now price is below 60 USD. 70% down. No lock-up. No announcement to the community. How much do you sell? @juanbenet @Filecoin Is this ok? @VitalikButerin @SEC_Enforcement https://t.co/qYqJzgolyX pic.twitter.com/hGpMvDxSMO
— Justin Sun (@justinsuntron) October 16, 2020
In its tweet, Sun states that the team sold a large number of coins without the consent of the community. Sun went as far as stating that investors should even contact the SEC. Of course, the tweet was received with a ton of criticism but there seems to be enough proof to support Sun's accusations.
One of the accounts of the founder of Filecoin received 1.5 million coins on October 15 and transferred 800,000 to Huobi. Sun implied that this caused the massive dip FIL experienced from $200 each to only $60 currently. The sale of 1.5 million coins would be worth around $300 million at its peak.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
