On May 1, Binance CEO Changpeng “CZ” Zhao issued a warning to Tron founder Justin Sun regarding a 56.1 million TrueUSD (TUSD) deposit on Binance. The Binance executive wrote:
“Our team told Justin that if he uses any of these to get the LaunchPool Sui token, 'we will take action against him.' SMH. Binance LaunchPool is designed like a drop of air for our retail users, not just a few whales."
In response, Sun said that the Tron DAO's main goal in depositing TrueUSD "is to facilitate market making among major TUSD exchanges." However, Sun said that some members of the team "inadvertently used a part of them to participate in exchange campaigns." Upon discovery, the Tron DAO immediately contacted Binance and arranged a full refund. “We sincerely apologize for this oversight,” blockchain personality wrote.
Sui is a Layer 1 blockchain created by Mysten Labs. The project was founded by former Meta executives and raised $300 million in September 2022. On April 30, Binance LaunchPool opened the BNB-Sui and TUSD-Sui staking pools for its users. A total of 40 million Sui tokens, or 0.4% of the total supply, will be airdropped to users who stake their BNB (bnb) or TUSD tokens for two days. Binance explained:
“Binance will then list SUI when your liquidity meets the requirement and you open trades with SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB trading pairs. The exact date and time will be announced once available."
At press time, more than 9.4 million BNB ($3.1 billion) and 686.8 million TrueUSD have been staked in Sui's pitch pools on Binance. The feature requires Know Your Customer verification and is not available in restricted countries, such as the United States or North Korea.
Unfortunately, some of our team members were not fully aware of the purpose of these funds and inadvertently used a portion of them to participate in exchange campaigns. Upon realizing this error, we immediately contacted the exchange team and arranged a full refund...
— HE Justin Sun 孙宇晨 (@justinsuntron) May 1, 2023
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