Justin Sun's Poloniex post raises wash trading questions

Justin Sun, the TRON founder and crypto billionaire suing the Trump family, made an unusual admission on X yesterday. He wrote that his exchange Poloniex is now “the world’s only exchange used solely by the boss himself.”

Sun appeared to acknowledge, possibly in jest, that he accounts for most of the volume on Poloniex.

Generating nearly $1 billion in volume would require self-trading, which is known as wash trading.

Wash trading is illegal in many countries because it can be used to manipulate asset prices, yet without verifiable proof it is rarely prosecuted.

The SEC once accused Sun of wash trading TRX, but that case was later dropped.

Solitary trading and groundless harm rumors

Sun has been posting about finding freedom in self-trading crypto, while over the weekend the rumor mill went into full swing in Mainland China.

Some people spread a fake screenshot claiming UAE media reported Sun was shot in Dubai.

The news spread quickly in China, with some people upset and others almost celebrating.

Sun put the rumors to rest by posting “All is well” with a smiling sunglasses emoji on X on Sunday.

Sun has been hopping between Chicago, where he promotes TRON ETF listings, and Singapore, for a conference this week.