Justin Sun, the founder of TRON, has reportedly transferred 2,200 ETH worth approximately $4.6 million to Binance and Huobi exchanges, raising suspicions among market observers. This move comes after rumors surfaced about Sun's arrest in Hong Kong, which he quickly dismissed on Twitter. However, the community's apprehension persisted, leading to a significant sell-off of TRON's native cryptocurrency. The recent arrest rumors and Sun's subsequent funds transfer have raised questions about whether the two events are connected, and it could be tied to the ongoing speculation surrounding his potential legal issues related to charges by the SEC for unregistered offer and sale of crypto asset securities TRX and BTT, fraudulently manipulating the secondary market for TRX, and orchestrating a scheme to pay celebrities to promote TRX and BTT without disclosing their compensation. The SEC's charges have cast a shadow over Sun's reputation and the future of the TRON project, leading to a loss of confidence in the project and its leadership.

(By Arman Shirinyan)