TRON’s Rally Fades Away After Viral Video Scared The Traders

Tron’s rally faded away right after the viral video of the police surrounding the HQ in Beijing emerged. As previously reported in the latest cryptocurrency news, protestors and police gathered around the offices of TRON after a scam regarding Sun’s involvement emerged.

The price of the cryptocurrency fell more than 9 percent today on Monday so it seems like the protesters are mad a Justin Sun for reportedly remaining silent about the $30 million Ponzi Scheme that stormed the project’s offices. At the time of writing, Tron’s price is standing at $0.034 which is down by five percent from the daily high. The downwards trend deleted all of the gains that TRX made on Sunday.

On the other hand, Tron’s rally seemingly dropped by 10 percent against bitcoin from the intraday peak of 311 satoshis. TRX’s sudden drop against the dollar and bitcoin appeared following a protest that was related to a major accusation against the founder and CEO Justin Sun. The video that is still circulating on social media, shows uniformed officers standing outside the Tron offices in Beijing but at first, no one knew what they were doing there. Some claimed that the police raided the offices while others stated that the officers were actually security guards that were working in the building.

In a separate post, the Tron Foundation denied that the Beijing police had ever raided their offices. The foundation also claimed that the police had been called in order to suppress the group of protestors that were upset about the Ponzi Scheme. As noted in the altcoin news previously, the company denied the allegations about the Wave Field Super Community Scam making clear that it had warned the community about it in the past:

 “After first hearing of Wave Field Super Community, officers of Raybo technology, a partner of TRON in mainland China, communicated with that company, seeking a cease and desist from acting in TRON’s name. The company also reported the company to the public security organs. Raybo is working with police to bring the criminals to justice and continues to work internally to safeguard the rights and interests of investors.”