Tron News: Beijing Office Police Raid Breakdown

  • Chinese law enforcement agents have reportedly raided TRON’s office following allegations that the project aided the running of a scam scheme
  • The Ponzi scheme named Wave Field Super Community allegedly defrauded investors of about $30 million
  • One victim called Xia Bing has committed suicide so far

The Beijing office of Justin Sun’s TRON (TRX), the project in charge of the 10th largest cryptocurrency in the world, has reportedly been raided by the Chinese police following the shutting down of a multi-million dollar Ponzi scheme that claimed to be associated with TRON, according to a tweet on July 8.

Wave Field ponzi defrauds Chinese investors 

Per sources close to the matter, a fake TRX investment scheme that operates with exactly the same Chinese name as the TRON blockchain project has crashed, leaving thousands of investors heartbroken.

Reportedly, TRON is known in China as “Wave Field” and this fraudulent scheme which claimed to be directly associated with TRON, allegedly called itself the “Wave Field Super Community.”

The Wave Field Super Community scheme which reportedly generated about $30 million, abruptly stopped paying investors and ended operations last week, leaving one victim with no other option but to commit suicide. 

Created earlier in January 2019, “Wave Field Super Community” deceived its victims into believing it was a Tron “Super Representative,” one of the 27 node operators treated specially on the Tron network.

Tron founder Justin Sun accused of complicity 

With the Wave Field Super Community now gone, victims of the project are now accusing Justin Sun of complicity, claiming that the eccentric founder of the project failed to dissociate himself and TRON from the Ponzi scheme in a timely manner.

Sun took to the weibo social media platform to warn the public against pumping in their hard-earned money into Ponzi-like schemes using Tron’s name on July 1, 2019, the same day that Xia Bing, a middle-aged single parent who invested in “Wave Field Super community” with borrowed funds, committed suicide.

However, Sun’s late response did not go down well with some of the victims of the Ponzi scheme who now claim that Sun kept silent over the serious issue since January simply because the fraudulent scheme significantly boosted TRX’s liquidity and usage.

TRON foundation denies allegations

The Tron foundation has officially denied all allegations leveled against it by victims of the Wave Field Super Community scam scheme via a Medium blog post

At press time, the price of tron (TRX) sits at $0.03, with a market cap of $2.26 billion.