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After the recent and most unexpected hack of the Binance exchange, in which 7,000 BTC were stolen, Justin Sun has publicly offered to donate 40 mln USDT to support the exchange and buy TRX, BNB, BTT and other coins with that money.
Yesterday, the biggest crypto exchange, Binance, has experienced huge hack that resulted in 7,000 BTC (around $40 mln) being stolen. All withdrawals are halted until the Malta-based crypto giant deals with security concerns.
The exchange stated that the investigation is continuing and that stolen funds will be reimbursed in full. The security review is expected to take a week during which time users will still be able to trade but cannot deposit or withdraw funds from the exchange.
Its CEO Changpeng Zhao said:
“To be honest, we can actually do this probably within the next a few days. But there’re concerns that if we do a rollback on the bitcoin network at that scale, it may have some negative consequences, in terms of destroying the credibility for bitcoin.”
However, even though businesses like that are always unpredictable, it’s good to know that in times like this, you have true friends. One of them is for sure is one of the industry leaders, TRON founder, Justin Sun, who immediately rallied behind CZ generously stating:
To support @binance , I will personally deposit 7000 BTC worth USDT (40 million USDT) into @binance to buy $BNB, $BTC , $TRX & $BTT if @cz_binance agrees. No need to #FUD! Funds are #SAFU!
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 8, 2019
Even though it is a very generous offer, CZ Binance tweeted that there “is no need”:
Thanks for the support, really appreciate it. But currently no need. We will cover the loss from the #SAFU fund, there is enough. We are hurt, but not broke.
We are working hard to resolve the issue, so that everyone can deposit and withdrawal again. Will take some time. https://t.co/0j4J0fk99W
— CZ 🔶 Binance (@cz_binance) May 8, 2019
A lot of followers came on to Justin Sun accusing him of self-promotion. Be it as it may, self-promotion or not, it shows that Sun is not always out only for himself.
Ok, to be clear, Justin Sun was obviously pro-Binance all along. He launched his BitTorrent token on Binance Launchpad even though former BitTorrent exec Simon Morris took a jab at Tron, claiming that the network doesn’t have enough capacity to process such a huge transaction volume. In response, Justin Sun claimed that they would combine on-chain/off-chain exchanges for handling all transactions.
Justin also congratulated CZ for the achievement of climbing into the top 10 cryptocurrencies list and called BNB the “new Bitcoin.” Sun was quoted saying:
“Huge Congrats on $BNB, a new #Bitcoin.”
He also gave away two Teslas and even then he didn’t have to reach so deep into his pockets to help. So, let’s give him some credit shall we?
Among others who wanted to help, was also a presidential candidate John McAfee who twitted:
.@cz_binance – if I can help at all please let me know. Underneath my clown suit is still one of the most experienced cybersecurity experts on the planet. I've been doing it for 51 years. I am at your service.
— John McAfee (@officialmcafee) May 8, 2019
CzBinance actually answered saying:
“Would love to pick your brain about it. Will DM you and arrange a time.”
Tron Coming Back to TOP 10?
Tron recently fell out of the top 10 cryptocurrencies, displaced by Charles Hoskinson’s Cardano. They both compete for the smart contract market with Ethereum.
However, Justin Sun is not the someone who surrenders easy. He tweeted:
#TRON will be back to Top 10 in June! #BitTorrent will be Top 30 in Q2! Let's wait and see! #BTT $BTT $TRX #TRX
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 7, 2019
Moreover, BitTorrent has seen some significant price surges earlier in the year especially after its initial offering. Notably, the asset surged by 500% within a week in early February and has been among the top performing assets since then. TRX, however, has not been doing very well but is now on its way up too, thanks to the ongoing green market that is carrying everyone along.
According to some TRX and BTT supporters, this development could be driven by mass adoption of the two tokens. So far, Tron has been making great efforts to build connections within the crypto industry and sign partnerships. However, the real effect of these efforts is yet to manifest in price action.
Justin’s tweet, as usual, didn’t go unnoticed by the crypto community. Commenting on Justin’s tweet, one user opined that BTT can take on XRP and possibly surpass it, although they expressed some displeasure that Tron wasn’t doing enough to effect that.
Partnership with Cred
The Tron Foundation also announced a new partnership with a lending startup Cred, which provides loans in crypto from its $300 mln lending capital. Now, as a bonus, it offers TRX holders to get 10 percent of interest on their crypto holdings per annum.
After the collaboration has been announced, Cred now offers Tron community members with a large stock of TRX ($25,000 worth or higher) to earn as much as 10 percent of annual returns on their holdings.
Not all were so happy to hear Justin Sun is offering his help to Binance. Of course, it would be shame that Craig Wright, who sued Sun for showing his support to #Hodlonaut, wouldn’t want to really self-promote. He did it over “faithfully his” Calvin Ayre who tweeted:
So funny and really shows how insane all these Trolls are. pic.twitter.com/TwTALy6gVq
— Calvin Ayre (@CalvinAyre) May 8, 2019