TRON Foundation accused of $1M scam; TRX/USD under pressure

TRX is vulnerable to new losses with the ultimate bearish aim at December 2018 low.
TRON Foundation hits dApp developers below the belt.

Tanya Abrosimova Independent Analyst

TRON (TRX), the 9th biggest cryptocurrency with a market value of $1.6B, is trying to stage a recovery from Tuesday’s low of $0.0233. While the coin managed to gain some grown to trade at $0.024 at the time of writing, it is still down over 3% on a day-over-day basis.

TRX has been somewhat volatile during recent days as the coin is influenced both by general market sentiments and internal factors.

While TRON Foundation and its creator Justin Sun boast of new apps switching from Ethereum blockchain to Tron’s protocol, dangerous developments are brewing below the surface.

The community accuses TRON of unfair practices - to put it mildly - applied to TRON Accelerator contest. The developers have noticed a lot of violations and outright manipulations with the prize pool.

The company changed the price structure and slashed the amounts without a word of notice after the contest has finished. Infuriated developers call the whole event a scam, launched with the sole purpose to pump TRX price during the falling market.

If the company does not clarify the situation, TRX may retest recent lows of $0.0205. A sustainable movement lower will bring into focus December 28 low of $0.0182. That’s where the short-term bears are likely to pause a quest to December 2018 low at $0.0123, which will negate the recent bullish developments.

Author

Tanya Abrosimova

Independent Analyst

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