Two videos have surfaced allegedly showing the TRON offices in Beijing being raided by authorities. The situation is still ongoing.
Update (2019-07-08): It is still unclear whether or not the TRON office was raided by police authorities or the police officers were there to protect employees from protestors.
Update (2:29 PM CET): The headline of this article has been updated to reflect the increased likelihood that police were in the TRON office to protect employees from angry protestors. The original article is reproduced below as it was at the original time of publication by Beincrypto.com
The Tron offices in Beijing are reportedly being raided by Chinese police in a growing crackdown. Details are still developing, but two videos were posted which documented the raid.
One video shows police officers gathered in the lobby area. It’s unclear whether the held people are TRON employees or disgruntled citizens, with some shouting “Tron is a scam.” Around a dozen police officers are present.
— Hayden Otto (@haydenotto_) July 8, 2019
Perhaps not coincidentally, around 675M TRX (worth around $23M USD) has just been transferred to another mysterious wallet just as this news broke. By all accounts, it seems like some major TRX players are preparing to exit the market.
🚨 🚨 675,531,298 #TRX (23,582,727 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) July 8, 2019
It was recently reported that Justin Sun has been linked to a $30M Ponzi scheme in China. The scam, called the “Wave Field Super Community,” was an investment fund mysteriously shut down on June 30. Everyone who participated lost their capital. One single mother even committed suicide as a result of the scam. It is unclear currently whether the ongoing police raid is related to the accusations of Justin Sun’s involvement in a Ponzi scheme.
China has long been proactive in cracking down on ICOs and cryptocurrency projects. With ICOs being banned in the country, Justin Sun may be facing serious charges if his fund did indeed exit scam investors. Although the ‘Wave Field Super Community’ has no official tries to Tron, the TRX token was often used to invest.