Crypto Ponzi Scheme Shut Down in Beijing: Victims Blame Tron
A $30 million Ponzi scheme traded on Tron's Chinese name — and its victims are at Justin Sun's door.
In the wake of the Chinese Wave Field Super Community’s Ponzi scheme, over 200 million CNY ($30m US) is lost. Victims invested Tron cryptocurrency, TRX, known as Wave Field in China. In turn, Chinese victims of the Ponzi scheme are blaming Tron CEO Justin Sun. As a result, angry protestors are gathering at their Beijing office:
Police raids at #Tron offices in Beijing? Additionally, there’s many angry people gathered there who are saying things like “Tron is a scam”. $trx #trx @justinsuntron pic.twitter.com/qFykQErQu6
— Hayden Otto (@haydenotto_) July 8, 2019
Tron and Wave Field Super Community
Wave Field Super Community abruptly closed down last week, leaving many confused as to what happened to their investment. They launched in January of 2019, claiming to be a “Super Representative”.
In addition to the 200 million CNY, the Ponzi scheme reportedly lead to one suicide.
Some believe that Justin Sun didn’t denounce Wave Field Super Community because his cryptocurrency benefitted from the increased transaction volume.
According to Yahoo! Finance:
Launched in January this year, “Wave Field Super Community” claimed to be a so-called Tron “Super Representative,” one of 27 nodes given special status on the platform. Victims said that, ever since the scheme’s launch, they asked Sun to clarify the relationship, but he did not respond.
The Tron CEO did reply on July 1, the day following the closure of the “Wave Field Super Community” website. He posted a warning on social media platform weibo, which said that investors should be alert to Ponzi-like schemes using the TRON name. However, he did not mention the Wave Field Super Community scam by name.
According to Nuclear Finance, a suicide note and photographs were posted on WeChat on July 1.
From reddit: “a group was using a derivative of Tron’s Chinese name to conduct a ponzi type of scam, which many Tron enthusiasts fell for losing millions, one victim committed suicide. Victims blaming Tron & Justin Sun for not confirming whether the group was working with Tron.”
— Hayden Otto (@haydenotto_) July 8, 2019
The Tron Foundation posted a response on Medium that can be viewed here.
