Justin Sun Allegedly Controls More Than 60% of Tron’s Token Supply

A recent report suggests that Justin Sun possesses more than 60% of all Tron tokens. While the project claims to advocate decentralization, it appears that one individual has significant control over TRX.

So far, the price of TRX hasn’t shown a dramatic response to this allegation. It’s still uncertain whether this controversy will have a lasting effect on its reputation.

Justin Sun’s Tron Holdings

This month, Justin Sun has been embroiled in various controversies, reportedly offering to invest in WLFI after World Liberty halted his wallets.

Sponsored

Sponsored

However, a new report from Bloomberg has asserted that Justin Sun controls over 60% of all Tron (TRX) tokens.

This report, which allegedly obtained its Tron information from Sun’s own team, could be earth-shattering for the community. TRX is presented as a decentralized blockchain smart contract platform, aiming to foster decentralization across the Internet.

In essence, it contradicts the idea of decentralization to have one individual owning more than half of all circulating tokens. Although Tron’s price has fluctuated over the week, it hasn’t drastically responded to the new rumors.

One Battle After Another

Justin Sun is currently engaged in a legal dispute with the publication over these Tron claims, although the courts ruled against him this week.

In previous years, Sun has filed lawsuits against several media outlets over critical coverage, but these attempts have seemingly not succeeded. Should he choose to sue Bloomberg for libel, both sides would need to disclose their evidence.

Overall, social media discussion has remained relatively quiet, with many commentators seemingly unfazed. While reactions have not been favorable, crypto analysts are more inclined to endearingly label Justin Sun as “the second-largest market manipulator in the game” in light of his Tron holdings rather than express outrage.