The Binance team has issued a warning and ban on Justin Sun from farming SUI tokens following large TUSD transfer deposits he made on the platform earlier today.
The SUI layer 1 blockchain, which has been under development for a while now, gained massive attention and interest from the crypto community following the announcement of its mainnet launch scheduled on May 3, 2023.
Not just that, news of the SUI token introduction on the Binance launchpool also sparked the interests of crypto investors, which may likely include that of the TRON Founder, who deposited a significant volume of the token required to farm SUI tokens.
Binance Takes Drastic Measures To Secure SUI On Launchpool
Binance exchange made an announcement yesterday on its official website and socials, introducing the SUI layer 1 blockchain token to its launchpool.
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This announcement was welcomed positively by crypto users and investors leveraging the exchange platform and who have highly anticipated the SUI token launch and release for a while now.
With the new launchpool development, Binance users were provided an opportunity to farm SUI tokens and receive allocations by simply staking BNB and TUSD stablecoin.
Earlier today, a whale alert report captured a large TUSD stablecoin transfer made by TRON founder Justin Sun, which was deposited on the Binance exchange.
Justin Sun and partner maker for TUSD made a transfer and deposit of 56,100,000 TUSD stablecoin on CZ’s exchange a day after the announcement.
While the reason for the large deposits was unclear at the time, the Binance team had assessed the deposit situation and implemented effective countermeasures in the likelihood that Justin had intentions to farm SUI using the whale deposits.
Binance CEO Changpeng Zhao came online and reiterated with a response stating that the launchpool is meant as airdrops for retail users and not just for a few whales.
However, Justin responded in a tweet with an apology for the deposit misconception saying that the TRON DAO venture’s primary objective is to facilitate market-making and liquidity enhancement between leading TUSD exchanges and not for participating in exchange promotions.
As a partner market maker for TUSD, TRON DAO Venture's primary objective in depositing TUSD is to facilitate market-making between leading TUSD exchanges, thereby enhancing liquidity and trading volume, rather than participating in any exchange promotions.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 1, 2023
SUI Layer 1 Blockchain Builds Momentum And Positive Interest
SUI Layer 1 blockchain technology has gained significant interest from the blockchain community with its smart contract platform uniquely designed to make digital asset ownership secure, fast, private, and accessible.
With the launch of its mainnet scheduled to go live on May 3, 2023, the SUI network is programmed to bring about a transformative blockchain experience to its users with everyday utilities that cut across peer-to-peer payments, gaming, and social media interactions.
The SUI network and Layer 1 blockchain are already gaining momentum as builders and users of its platform seek to leverage the countless opportunities that come with the launch of a new blockchain ecosystem.