Tron founder Justin Sun has denied the rumors claiming that he got arrested in Hong Kong.
The rumors started circulating on Twitter earlier today after multiple influencers reported Sun’s arrest.
Rumors of the Tron founder’s arrest led to the network’s native cryptocurrency tanking nearly 3%.
Crypto entrepreneur Justin Sun has denied all rumors about his arrest in Hong Kong. Reports claiming that the Tron founder had been arrested in the island city started circulating on Twitter earlier today. The rumors led to considerable volatility in Tron network’s native cryptocurrency TRX.
TRX tanks 3% on rumors of Justin Sun’s arrest
The rumors started with crypto influencers on Twitter who reported that Justin Sun was arrested in Hong Kong earlier today. While the reason for Sun’s arrest was not mentioned, the tweet claimed that the authorities were holding the Tron founder at Michinawanamun Station in the island city. Crypto Bitlord on Twitter cited his sources on the ground when he tweeted the news of the arrest. The tweet was followed by several other accounts on Twitter sharing the same news.
Justin Sun took to Twitter soon after the rumors started circulating and appeared to clarify that the news of his arrest was fake. Sun’s response to the rumors was one single number, “4”. The number has previously been used by Binance CEO Changpeng Zhao to indicate fear, uncertainty, doubt (FUD), and fake news. Sun did not provide any further clarification. Sun’s denial of the arrest report led to considerable backlash on Crypto Bitlord, particularly from the Tron community.
“This could be fake. Don’t fall for this. If he was real, he would get on the camera and say something like today’s date, say the (news)paper. I don’t trust this, I think something is up.”
Crypto Bitlord’s response to Justin Sun’s “4” tweet.
Meanwhile, the reports of his arrest induced considerable volatility in Tron network’s native cryptocurrency TRX. The cryptocurrency tanked nearly 3% from its daily high, falling as low as $0.065, before pulling back up to $0.67. At the time of writing, TRX was trading at $0.0665.