The War Of Crypto Moguls: CZ Vs Justin Sun
By Kapil Rajyaguru
Binance boss Changpeng Zhao warned fellow crypto mogul Justin Sun that the exchange operator would take action against him if he tried to farm SUI tokens.
So what happened was…. Sun transferred a total of over 115 million TrueUSD (TUSD) stablecoins on Binance, according to Whale Alert tweets.
TUSD is one of two tokens — the other is BNB — that can be staked on Binance Launchpool to farm SUI, the native token of Mysten Labs’ Sui Network, Binance announced.
Yield farming is the process of earning tokens by providing liquidity to DeFi protocols.
Binance CEO Changpeng “CZ” Zhao noticed the huge transfers of TUSD, and tweeted that if Sun used any of those tokens to grab the Sui tokens available via Launchpool, Binance would “take action against it.”
“Binance Launchpool is meant as airdrops for our retail users, not just for a few whales,” Zhao said, adding, “On the bright side, blockchains are transparent.”
The war between two crypto moguls didn’t last very long as Justin Sun replied to CZ with an apology, explaining that the transfer was due to an “oversight” stemming from TRON DAO’s market making partnership with TUSD and was emphatically not an attempt by him to hoard Sui tokens. He added that the action will be reversed.
He also shifted the responsibility for the transfer onto “team members [that] were not fully aware of the intended purpose for these funds and inadvertently used a portion of them to participate in exchange campaigns.”
“We sincerely apologize for this oversight,” Sun added.
This appears to be the first time that Zhao has publicly made such a threat against Sun. The two executives have enjoyed a close relationship over the years. It seems the apparent war between the two crypto moguls was nothing but a miscommunication.
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