Tron Founder Justin Sun Reportedly Lost His Diplomatic Status; Magic Eden’s New Bitcoin NFT Marketplace Dominates Ordinals Market; Hong Kong Turns to Japan for Advice After ‘Mind-Boggling’ Web3 Influx

Justin Sun, the founder of Tron, has reportedly lost his diplomatic status. Sun had been granted diplomatic status by the government of Saint Kitts and Nevis, a small island nation in the Caribbean, in 2022.

PeckShieldAlert @PeckShieldAlert on Twitter: Justin Sun-labeled address has withdrawn 1M $TUSD from AAVE https://etherscan.io/tx/0x3527ecc1824f75e9da5efeb4cb3f2ff0adac6ed54e795ae90a4185fde5aa029d

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The US fraud charges against Justin Sun, the founder of Tron, could hamper Huobi's license application in Hong Kong. Huobi, one of the largest cryptocurrency exchanges in the world, is currently seeking a license from the Hong Kong Securities and Futures Commission (SFC).

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Justin Sun said in a series of tweets on March 24 that Huobi believes the effects of recent charges against his other projects have come to an end.

On March 22nd, the United States Securities and Exchange Commission (SEC) sued Tron founder Justin Sun for selling and distributing unregistered securities through the TRX and BTT tokens, violating Section 5 of the Securities Act.

"It is no secret that the SEC's regulatory framework for digital assets is still in its infancy and is in need of further development." Justin Sun said.

Eight celebrities including Lindsay Lohan and Jake Paul were also charged for illegally touting Sun’s crypto asset securities.