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.

PeckShieldAlert: Justin Sun-labeled address has transferred to ~ 2,200 $ETH ($4.6M) to crypto-exchanges Binance and Huobi&nbsp;<a href="https://etherscan.io/address/0x611f97d450042418e7338cbdd19202711563df01" target="_blank">https://etherscan.io/address/0x611f97d450042418e7338cbdd19202711563df01</a>

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A U.S. district court has summoned former TRON CEO Justin Sun over charges previously filed by the U.S. SEC, according to a court document filed April 12.

The SEC alleges that Sun offered and sold securities in an unregistered and unlawful manner and seeks disgorgement, penalties, and injunctive relief.

Binance has announced that it will delist TRX from its US division, causing a negative reaction in the market for the cryptocurrency. The delisting will only affect TRX's availability on Binance US, while it will remain accessible via the international version. The exact reason for the delisting was not revealed, but Binance listed several possible reasons, including changes in a digital asset's risk profile, unethical or fraudulent activity, and regulatory issues. TRX's price fell by as much as 8%, and its money flow indicator demonstrated a sudden shift in the last two days, highlighting the liquidity outflows. Despite the dip, Tron maintained healthy development activity, which may contribute to a confidence boost. However, there is still some risk of more downside if Tron's current concerns expand outside the US and into the global arena.

Binance.US To Delist Tron’s TRX Amid Rumors Of Justin Sun’s Arrest; Bruce Lee Foundation Partners With Shibuya for Web3 Presence Through NFTs

Three weeks after the U.S. SEC accused Justin Sun of fraudulently inflating the price of Tron (TRX), Binance.US, the American arm of the world’s largest digital asset exchange Binance, has announced that it will delist the token from its trading platform.

What comes as a surprise to many, rumors are on the rise that Tron founder Justin Sun has been handcuffed by law enforcement officers in Hong Kong. The details shared on Twitter are vague, however, many have come forward to call it out as a deliberate attempt to FUD the crypto project. At the time of writing, TRX’s price succumbed to the ongoing rumor and has dropped by 1.2% in the minutes following the news.

The exchange said on Sunday hackers transferred the crypto assets from a hot wallet to an unidentified wallet.