Tron Founder Justin Sun Under Police Investigation

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Tron Founder & CEO Justin Sun spent $4.5 million to have lunch with legendary investor Warren Buffett. He had to cancel the plans at the last moment owing to health concerns. But there is more to the news.

Chinese media confirmed the local police is not allowing Sun to leave the country. They believe the young entrepreneur is instrumental in the running of a Ponzi scheme and a pornographic app. Sun, who has denied involvement, stresses that he is actually suffering from kidney stones and therefore cannot leave mainland China.

“Justin is under border control,” tweeted cnLedger. “The Internet Finance Rectification Office has recommended that the public security agencies file a case against him. He was not under the radar of regulators until the recent continued promotions on Buffett lunch date.”

Tron (TRX) Sheds 21 Percent

The events are not helping Tron the token. Coinstats shows that the TRX/USD rate has dropped by more than 21 percent in the last 24 hours. The move downhill is among the worst in the cryptocurrency market, given every top asset has declined in value at the same time. TRX, nevertheless, has taken the hardest beating.

Tron, Tron price

Tron Price Slipped by More than 21% in the Last 24 Hours | Source: CoinStats

The downside action is surprising since Tron investors were bullish on the lunch date between Sun and Buffett. Many believed the high profile meal would create a positive buzz for the Tron blockchain project. Some even wondered if Buffett would eventually invest in the Sun’s $1.5 billion blockchain project.

The lunch was also crucial for the entire cryptocurrency market. Sun had said he would explain the long-term potential of bitcoin and other cryptocurrencies to Buffett, who once compared the industry to rat poison.

Popular market analyst CryptoCred left a sarcastic “Well done” for the Tron Foundation, indicating that fraud charges on Sun did more damage to the industry than it helped.

“Justin Sun spends $4.5M to have lunch with Warren Buffett, hoping to convince the veteran investor that this new asset class is legit & has merit,” CryptoCred wrote. “Sun postpones the lunch due to his ‘health’ and then isn’t allowed to leave China because he’s being investigated. Well done.”

The Tron Foundation and Justin Sun are still to issue a clarification.

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