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Cryptocurrency

Beijing police raids Tron offices: Is TRX a scam?

Amandeep Sonewane | Jul. 8, 2019
Beijing police raids Tron offices: Is TRX a scam?

July 8, 2019 | AtoZ Markets - The crypto market opened with a bullish trend. Most of the cryptocurrencies in the market are climbing upwards on the chart. Tron also started the week with the bullish trend by breaking the weekly records. At the time of press, TRXUSD is trading at $ 0.03406. Intrestengly, the intraday profit booked by the coin is also 9% and significantly dropped after a police raid in Tron offices.

Chinese police raids in Tron office; TRXUSD price drops. 

A highly active Journalist, Hayden Otto has posted a short video on twitter that displays the Beijing police raid on TRON’s offices. He reported that there whold be many angry people in China, who considers Tron to be scam coin. 

This is why Coinbase might not listed Tron into their list.  The founder of the Tron blockchain project, Justin Sun, is facing harsh criticism in his home country of China after an alleged Ponzi scheme ended abruptly last week.

According to Chinese website Nuclear Finance, a pyramid-like investment scheme known as the “Wave Field Super Community” has been associated with Tron. In China, Tron and its TRX cryptocurrency is known as “Wave Field.”

Additionally, In the last 1 Week the price has moved by $ 0.001990 (6.25%) with a total volume of over $ 2.85 M. The highest price of the coin $ 0.03580 was on 08 July 2019 at 12:00 GMT, while the lowest price, $ 0.03036, was on 02 July 2019 at 14:00 GMT.

Massive TRX transaction worth over $23 mln

The Wave Field Super Community reportedly managed to collect at least CNY 200 million (c. USD 29 million) from investors before it unexpectedly shut down, leaving the victims with no way to withdraw their money.

Meanwhile, Whale Alert has warned of a massive transfer of funds in TRX with a transaction worth over $23 million. This signifies that something is going wrong with Tron coin. 

Chinese investors in the pyramid scheme have reportedly demanded that the founder of Tron coin has disassociate himself and Tron from the fraud Wave Field Super Community. According to the report, Tron has benefited from massive hype among users and trading volume, as victims used TRX to invest in the Wave Field Super Community.

Investors are now angry that Sun failed to disintegrate Tron and BitTorrent, the other company from the fraudulent scheme. TRX benefited from increse in liquidity, as unaware investors invested in TRX for major returns.

Think we missed something? Let us know in the comments section below.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.