Justin Sun denies fraud allegations from ex-girlfriend

Justin Sun, the founder of Tron, has firmly denied his ex-girlfriend’s fraud allegations, calling them “unequivocally false.” He emphasized that Tron is fully compliant with global law enforcement agencies in combating all forms of fraud.

The billionaire was accused by  Zeng Ying, his ex-girlfriend, of fraud, market abuse, using employees to game the system, and even potential murder. As reported by Cryptopolitan, she claims to have evidence and wants US authorities to see it. 

Her posts describe trading activity on Binance, internal coordination, and cash-outs that she says crushed retail traders. In response, Sun stated, “Recent online rumors regarding an ‘ex-girlfriend’ and our compliance status are unequivocally false.”

“We cooperate fully with global judicial and law enforcement agencies to crack down on embezzlement, fraud, hacking, and other forms of cybercrime to protect our users’ lawful assets,” he added.

Scrutiny over Justin Sun’s wealth resurfaces

Justin Sun’s accumulation of wealth began in 2017 when he founded Tron and TRX. The major wealth phase is estimated to have happened between 2018–2019, as crypto holdings and acquisitions amplified his fortune. As of 2025, Sun is estimated to have a net worth of $12.5 billion

According to the self-proclaimed ex-girlfriend, aggressive cash-outs happened at the end of 2017 and the beginning of 2018. She said insider trading and predatory practices on Binance are the source of his wealth.

Although Sun has rejected his ex-girlfriend’s claims, he has been under investigation over similar allegations. Sun was sued by the SEC in 2023 over alleged unregistered securities offerings and market manipulation, and the case was officially paused in late February of 2025 as the agency explored a potential settlement. 

According to Democrats, Sun’s companies received more lenient treatment from the SEC after forming business ties with Donald Trump. Previously, House Democrats Maxine Waters (D-CA), Sean Casten (D-IL), and Brad Sherman (D-CA) formally urged the SEC to explain its pullback from several crypto enforcement cases, including one involving Justin Sun.

Some netizens have described the situation as a lover’s quarrel. However, some say he’s guilty because of former accusations. Several say that this could land the billionaire in jail once the SEC case resumes.

Justin Sun flags renewed accumulation of TRX tokens

The Nasdaq-listed Tron Inc. announced Wednesday that it acquired 175,507 TRX tokens at an average price of $0.28, for a fresh investment of just over $49,000 in the Tron blockchain’s native token. The latest purchase boosted its TRX stash to 679.9 million tokens worth approximately $540 million.

Justin Sun publicly endorsed Tron Inc.’s strategy of accumulating TRX as a core treasury asset. The strategy is part of the continued dip-buying aimed at enhancing long-term shareholder value. The coin has tracked the overall market spiral, with a 2% decline over the last 24 hours.

However, compared to Bitcoin, the TRX token has outperformed it. TRX’s price peaked near 45 cents in 2024 and has since pulled back to 28 cents. But lately, it has been relatively resilient, down just 1.3% this year, compared with the market leader, Bitcoin, which is down nearly 19%.

Additionally, market-wide weakness in January has had a limited impact on Tron relative to top altcoins. Over the past month, the total crypto market cap fell by around 25%, while Tron’s market value declined by only 4%.

Meanwhile, Tron continues to post strong network usage. The blockchain recorded over 100 million monthly active addresses in January. The circulating supply of Tether (USDT) on the Tron blockchain has reached $82.915 billion, surpassing Ethereum to become the leading platform for USDT issuance.

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