Sandali Handagama Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto. Follow @ iamsandali on
Twitter Tron founder Justin Sun tweeted on Monday that he has arranged a full refund of a $56 million transfer to exchange platform Binance after a warning from the latter against a potential token grab of the new SUI token. After the substantial transfer made in TrueUSD (TUSD) got flagged by Whale Alert early Monday, Binance CEO Changpeng Zhao took to Twitter to say his platform has warned Sun it will take action if he used any of the funds to buy up large amounts of SUI tokens from Binance's Launchpool. "Binance LaunchPool are meant as air drops for our retail users, not just for a few whales," Zhao said. The SUI token, the native token of layer1 blockchain Sui, is set to take place once the mainnet goes live on May 3 . On Sunday, Binance announced the SUI token will be available via its Launchpool , which allows users to stake their crypto assets to provide funds into a liquidity pool and get rewards in return. Sun replied to Zhao's post saying his team was not fully aware of the "intended purpose" of the funds, which he says is used to "facilitate market-making between leading TUSD exchanges, thereby enhancing liquidity and trading volume, rather than participating in any exchange promotions." "Upon realizing this error, we immediately contacted the exchange team and arranged for a full refund of the funds," Sun tweeted . Update (May 1, 11:15 UTC): Adds detail throughout. DISCLOSURE Please note that our privacy policy , terms of use , cookies , and do not sell my personal information has been updated . The leader in news and information on
cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies . CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups . As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights , which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG . Sandali Handagama Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto. Follow @ iamsandali on Twitter Learn more about Consensus 2023 , CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now. Sandali Handagama Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto. Follow @ iamsandali on Twitter