Sui LaunchPool Incident Background
On May 1st, a controversy arose between Tron founder Justin Sun and Binance CEO Changpeng “CZ” Zhao over the deposit of 56.1 million TrueUSD (TUSD) to Binance. CZ issued a warning to Sun, stating that if any of the deposited TUSD were used to obtain Sui tokens through the LaunchPool, Binance would take action against it.
Justin Sun’s Response and Apology
Sun explained that the primary objective of Tron DAO’s deposit of TrueUSD was to facilitate market-making between leading TUSD exchanges. However, he admitted that some team members had inadvertently used a portion of the deposited TUSD to participate in exchange campaigns. Upon discovering this, Tron DAO contacted Binance and arranged for a full refund. Sun issued a sincere apology for the oversight.
Sui Blockchain and Binance LaunchPool
Sui is a layer-1 blockchain created by Mysten Labs, a project founded by former Meta executives that raised $300 million in September 2022. On April 30, Binance LaunchPool opened the BNB-Sui and TUSD-Sui staking pools for its users. A total of 40 million Sui tokens, representing 0.4% of the total supply, will be airdropped to users who stake their BNB or TUSD tokens over two days. Binance plans to list SUI and open trading with SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB pairs once liquidity requirements are met.
Staking Numbers and Restrictions
As of publication, over 9.4 million BNB ($3.1 billion) and 686.8 million TrueUSD have been staked in the Sui launch pools on Binance. The feature requires Know Your Customer verification and is unavailable in restricted countries, such as the United States or North Korea.
Conclusion
The recent Sui LaunchPool incident involving Tron founder Justin Sun and Binance CEO Changpeng Zhao has highlighted the importance of transparency and clear communication between industry leaders. With Sun’s apology and prompt resolution of the issue, it seems that both parties have moved forward from the incident. As the Sui token airdrop event continues, users can anticipate further developments in the blockchain space, with potential new opportunities for investors and enthusiasts alike.
