Justin Sun, CEO of the Tron Foundation, has accused the developers of the Filecoin project of pulling an exit scam after dumping 1.5 million FIL tokens at $200, without the consent of the community.
Filecoin’s Founder Should Be held Responsible Under SEC: Justin Sun
On October 16, 2020, Sun tweeted a screenshot revealing the account record of Filecoin’s founder of receiving FIL tokens on October 15, the same day Filecoin was launched, even tagging the U.S. Securities and Exchange Commission in its tweet:
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
The screenshot highlights that approx. 800,000 FIL tokens were transferred to the Huobi crypto exchange. This lead Sun toward believing that it was the actual reason for FIL tokens slinging downwards from $200 each to only a current price of $60. At its peak, the sale of 1.5 million tokens will now be worth at a valuation of $300 million.
Sun even went further towards pointing out that investors should get hold of Filecoin’s founder and be held responsible for creating such a massive ruckus by playing with investors’ money or even contact the SEC for the matter.
Mixed Reactions From Crypto Community
The CEO’s tweet received mixed reactions from the crypto community with some criticizing the already controversial figure, notorious for conducting unorthodox marketing gimmicks. ShapeShift’s CEO, Erik Voorhees even compared Sun to Craiglist, a notable figure in the crypto community known for spreading white lies.
Even though the tweet received criticisms from certain groups of the crypto community, when one has to support Sun’s accusation, the proof talks for itself. As of the publication time, Filecoin has still not clarified the matter in regards to Sun’s accusations.
Filecoin was one of the most successful crypto projects to launch while reaching more than $1 billion in market capitalization after hours of trading. Initially created back in 2017, the project raised around $200 million through its ICO. The digital asset recently entered the mainstream market by launching its own mainnet service.