Justin Sun’s Legal Drama: Blockchain’s Newest Soap Opera Unfolds 🎭

by

Hold onto your crypto wallets, folks, because the drama between Chain and Justin Sun is heating up like my morning coffee before I realize I’ve accidentally grabbed a decaf! ☕️✨

So here’s the tea: Chain is considering taking legal action against Sun, who apparently thinks he’s Sherlock Holmes of the blockchain world, sniffing out “manipulation” like my cat when she thinks I’m hiding treats from her. On January 24, Justin accused Chain of dangerous activities that could personally ruin a crypto exchange user’s day, specifically pointing fingers at high leverage and contract shenanigans!

And guess what? Sun took his detective work to the platform formerly known as Twitter—now known as X because rebranding is the trendy thing to do 🍷—and decided to gather the troops. He tagged major exchanges like a digital age Johnny Appleseed, urging them to check out Chain’s alleged mischief.

Chain Says “Not Today!” to Justin’s Lawsuit Hoo-Hah

In this thrill-a-minute saga, Chain fired back after a heated online debate (do we call it “X-ing”?). They’re planning on hitting Justin with a lawsuit after he claimed that their alleged antics could threaten crypto users. And because no drama is complete without some government involvement, he also threatened to report Chain to the SEC and DOJ. Bravo, Justin! You’re really bringing the heat this season! 🔥

Chain, however, was quick to defend themselves, proclaiming, “Nah, bro, we’re not the ones trading or pulling the strings on our XCN token.” They made it pretty clear that OnyxDAO does all the management work—like the overqualified intern who ends up doing all the work while the rest of us scroll through TikTok.

Founded back in 2014, Chain has raked in over $40 million from investors—yes, they’re the popular kid in school, hanging out with Pantera Capital and Citigroup. Their blockchain saga includes a twisty acquisition plot: bought by Stellar in 2018, then they swiped right back in 2020. All this while aiming to revolutionize the decentralized tech scene. 💫

Just to spice things up, the lawsuit drama popped up shortly after Sun unveiled his master plan to launch ETH to the moon—$10,000 moon, that is—by putting the brakes on ETH sales and taxing Layer 2 solutions. I mean, who doesn’t want to spice up the weekend with a little conspiracy? 🌕🚀

Justin Plays Tag with Major Exchanges

Using the power of social media, Jeremy Sun’s accusations echoed across the digital landscape, like a song stuck in your head. He tagged platforms like Coinbase and Kraken, demanding they investigate Chain’s “shady” activities, citing the risks of high leverage like it’s yesterday’s news.

In their best “we’re not involved, dude” message, Chain emphatically disassociated from the XCN token’s operations, pointing to OnyxDAO (so they’re basically saying “hey, not my circus, not my monkeys!” 🦧🎪).

And guess what? Chain even tweeted this gem:

“The Chain team is not actively engaged in any trading of XCN, nor involved in any market manipulation directly or indirectly. We take these allegations extremely seriously and are exploring legal remedies against Justin Sun.”

XCN’s Wild Price Ride

Meanwhile, the crypto rollercoaster is detoxing from all this drama because the price of XCN has skyrocketed—149% in one day and nearly 400% for the week! This price jump caused Sun’s allegations to feel like they were just stirring the pot, giving things an even bigger ‘whoa, wait, what?!’ vibe. 🎢

As of now, Onyxcoin (XCN) is trading at a cool $0.0242, up 32% in the last 24 hours. We see you, volatility! The coin’s trading volume is also flexing like a gym rat, up 273% to $1.42 billion, while the market cap hit a whopping $745.24 million. Time to celebrate with party hats and a balloon or two! 🎈

Oh, and let’s not forget about the Tron co-founder who just had to point out how Wrapped Bitcoin (WBTC) is cooler and safer than Coinbase’s Wrapped BTC (CBBTC). Because, of course, pointing out your competitor’s flaws is the new ‘how’s your mother?’

Read More

2025-01-24 23:00