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Promote with Leviathan NewsTRON founder Justin Sun publicly accused the XCN/Onyxcoin ecosystem of serious market manipulation and high‑risk leveraged trading in a post on X, alleging that these activities could cause significant losses for users on multiple centralized exchanges. Sun specifically warned platforms such as Coinbase, Kraken, Bybit, KuCoin, and HTX to monitor exposure to XCN, claimed the project was using extreme leverage and contracts in a way he characterized as dangerous, and stated that he would report what he called “illegal activities” to the U.S. Securities and Exchange Commission (SEC) and Department of Justice (DOJ) for further investigation. His comments came after XCN (Onyxcoin) had experienced a sharp price spike—reports noted intraday gains of around 149% and roughly 400% over a week—alongside a surge in market capitalization and trading volume. The team behind Chain, the company associated with XCN/Onyxcoin, quickly denied any involvement in market manipulation and said it does not actively trade XCN nor participate directly or indirectly in such schemes. Chain emphasized that XCN is governed by OnyxDAO rather than the company itself, and indicated it is exploring “legal remedies” against Sun for what it views as false and defamatory allegations. The dispute highlights ongoing concerns about transparency, leverage, and potential manipulation in thinly regulated token markets, as well as the growing readiness of high‑profile crypto figures and projects to invoke U.S. regulators and legal action when alleging misconduct.
AI-generated background, compiled from web sources — not editorial content.
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The Block ·
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