TRON Cryptocurrency Launched on the Ethereum Network

The Tron (TRX) cryptocurrency, which is the token of the decentralized entertainment content platform Tron, is now available on the Ethereum network. Justin Sun, the founder and head of the Tron Foundation, announced this on his Twitter.

TRON (TRX) Expands Reach with Launch on Ethereum Blockchain via BitTorrent Bridge at 0x50327c6c5a14dcade707abad2e27eb517df87ab5 TRX is now fully available on the Ethereum ecosystem. wrote San.

The launch of TRX on Ethereum will allow users and developers to access a wider range of decentralized applications (dApps) and services, as well as increase the liquidity and decentralization of the token, Sun said. On the news, the price of TRX has increased by 10% over the past 24 hours.

The TRON platform was launched in 2017 with the aim of creating a decentralized social network where entertainment content will be available to anyone. In 2018, TRON acquired the popular BitTorrent file sharing protocol.

In mid-April, the American division of the largest cryptocurrency exchange Binance (Binance.US) announced the delisting of Tron tokens. It is likely that Binance.US’s cooling towards TRX is due to the fact that at the end of March the US Securities and Exchange Commission (SEC) filed a lawsuit accusing Tron founder and CEO Justin Sun of selling unregistered securities, fraud and market manipulation.

Justin Sun, the Tron Foundation, the BitTorrent Foundation, and BitTorrent (now Rainberry) were selling and promoting TRX and BitTorrent BTT tokens, which the regulator called unregistered securities, in an official SEC press release. The defendants, according to the SEC, also “fraudulently manipulated the TRX secondary market through a wash trading scheme.”

Personally, Sun tried to artificially inflate TRX trading volumes through a wash trading scheme, forcing his employees to “participate in more than 600,000 TRX wash trades between the two crypto assets trading platform accounts he controlled.” According to the lawsuit, Sun’s employees at the Tron Foundation conducted the trades, the BitTorrent Foundation and Tron Foundation controlled the accounts, and Rainberry’s employees transferred the funds for the trade.

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