• Justin Sun transferred 56.1 million True USD (TUSD) worth over $56.4 million to Binance on Monday morning.
• Binance CEO Changpeng Zhao (CZ) warned Sun to not use the TUSD deposit to farm Sui (SUI) tokens on the platform’s LaunchPool.
• The Sui Network is a delegated proof-of-stake (DPoS) layer-1 blockchain based on the move programming language and users can stake their Binance Coin (BNB) and TUSD in separate pools to farm SUI for two days, starting May 1st, 2023.
Justin Sun Transfers $56.4M TUSD to Binance
Justin Sun transferred 56.1 million True USD (TUSD) worth over $56.4 million to crypto exchange Binance on Monday morning, sparking rumors about his intention to farm the just-released Sui (SUI) tokens on the Binance LaunchPool.
CZ Warns Whales Over Misuse of SUI Launchpool
Shortly after Whale Alert flagged the transaction, Binance’s CEO Changpeng Zhao (CZ) disclosed that the exchange’s team had warned Sun to refrain from using any part of the TUSD deposit to grab the SUI rewards on the platform.
About Sui Network
Sui Network is a delegated proof-of-stake (DPoS) layer-1 blockchain based on the move programming language, allowing users can stake their Binance Coin (BNB) and TUSD in separate pools to farm SUI for two days, starting May 1st, 2023.
Binance Will List Token On Trading Platform
Binance will then list the token on its trading platform across different trading pairs, including SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB, if the token’s liquidity meets the required amount.
Users Can Stake Crypto Assets To Earn Rewards
The exchage allows traders to stake their crypto assets in liquidity pools of emerging blockchain projects to earn rewards calculated daily.