- In a new tweet, Justin Sun said Chain.com was engaged in “significant” market manipulation
- The Chain team denied all accusations and threatened to sue
- OnyxDAO, involved in the feud, weighed in as well
Chain.com, a Web3 platform offering multiple blockchain–based products, is “currently engaging in significant market manipulation”. This is according to Justin Sun, the founder of Tron and one of the more prominent figures in the cryptocurrency space.
In a short tweet posted earlier today, Sun said that Chain is “using high leverage and contract that could cause serious harm to many exchange users.”
“I recommend that major exchanges pay close attention to this risk. We will report their illegal activities to the SEC and DOJ for further investigation,” he added in the tweet.
Chain.com is a platform that provides blockchain-based software solutions, including customizable ledgers, real-time analytics, and NFT consulting services, to help businesses work with Web3 technology.
It offers several blockchain-based products, including Sequence (a customizable immutable ledger designed to streamline business transaction management), Chain Cloud (a platform providing real-time analytics and maintenance for selected blockchain networks), Chain NFTs (a consulting service that gives end-to-end support for NFT projects, tailored for both established brands and new creators), and Chain Prime (a premier brokerage service designed for accredited investors and institutions to execute large digital asset trades with low slippage and minimal fees).
Chain.com Denies Allegations
Chain.com denied all allegations, replying to the tweet and saying it’s not actively engaged in XCN trading. It also hinted at a lawsuit against Sun:
“The Chain team is not actively engaged in ANY trading of XCN, nor involved in ANY market manipulation directly or indirectly,” the reply reads. “We take these allegations extremely seriously and are exploring legal remedies against JustinSun. XCN is managed by OnyxDAO and not by Chain.”
OnyxDAO Fires Back
After being thrown the gauntlet, OnyxDAO also chimed in, giving their side of the story. In a quick response, they denied any allegations, claimed Sun was essentially lying, and said his motives were purely financial:
“OnyxDAO condemns recent statements by JustinSun. None of our partners are engaged in any trading of XCN nor contract trading of XCN,” the tweet reads.
“$XCN is finally getting its $GME moment & others who have sold $XCN (such as Justin Sun) are making false statements. We will continue to #BUIDL.”
We have reached out to both the Chain team and Justin Sun for clarification and will update this article if we hear back.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
