Justin Sun, the head of the world’s largest decentralized platform, TRON, is no stranger to dramatic headlines. But this week’s “Deposit Drama” has sent Ethereum wallets ablaze as Sui, a blockchain project backed by Sun, skyrockets to glory. It all started with a flurry of tweets – regarding a large transfer of TrueUSD (TUSD) tokens to Binance, the massive crypto exchange – that sparked an unexpected showdown between the crypto tax, blockchain gaming, and legal arenas.
East Asian Crypto Boom: Sui & PEPE Lead the Rally
From a wild headline to a bullish rally, Sui tokens have held strong as speculators plowed money into LaunchPool, the Binance program for Initial Exchange Offerings (IEOs). With an offering price of 0.1 USDT, Sui tokens quickly hit their stride. Despite a 70% plunge in its value shortly after listing, Sui has seen a fully diluted market cap of $13.65 billion. It’s no wonder why the buzz around Sui continues to soar.
But Sui isn’t the only token to blossom in the East Asian crypto and blockchain space. Along with Sui, meme cryptocurrency PEPE has seen a 2000% return in price since first listed on popular exchanges throughout the region, including OKX, BingX, Huobi, Gate.io, MEXC Global, and Bitget.
Spiritual Enlightenment Through Entrepreneurship: The Davies-Zhu Story
Meanwhile, 3AC co-founders Kyle Davies and Su Zhu, recently made news after being reprimanded by the Virtual Assets Regulatory Authority. Instead of accepting their punishment, the dynamic duo decided to share their philosophical musings related to entrepreneurship and political ideologies.
In their musings, they spoke on the need to seek spiritual enlightenment, especially in the wake of their Singaporean crypto hedge fund falling into bankruptcy. But despite the setback, Davies and Zhu are back on their feet opening the OPNX exchange, which focused on trading bankruptcy claims. The trading volume skyrocketed following a media blitz.
Crypto World Unites After Flash Crash, Blockchain Gaming Grows with Microsoft
On an unfortunate note, Huobi experienced a flash crash that resulted in some users losing large sums of money. However, some are confident in their ability to settle their cases with Huobi, a shining example of how the crypto world looks out for each other.
Metagame Industries, on the other hand, is a swell example of how blockchain gaming is slowly taking root in the mainstream. They’ve teamed up with Microsoft to create a suite of Web3 games and Microsoft is also testing Web3 wallets to be integrated into the Microsoft Edge browser.
Justin Sun’s Deposit Drama: Sui’s Rise to Glory
It was also recently reported that TRON CEO, Justin Sun, may have taken advantage of Binance’s Launchpool platform to farm giant amounts of Sui tokens. Sun, to his credit, immediately apologized after Binance CEO Changpeng “CZ” Zhao warned followers that Sun could use Binance’s Launchpool platform for his own gain. Sun claimed the above mentioned “oversight” was due to a market making partnership between TRON DAO and the US Dollar-pegged stablecoin, TrueUSD (TUSD).
All in all, Sui’s rise to glory makes perfect sense. Justin Sun’s mysterious ‘Deposit Drama’ set off a four-way showdown between the core pillars of the crypto and blockchain space — taxes, gaming, law, and trading — and Sui is at the forefront of this revolutionary sea change. In the end, Justin Sun’s deposit drama will raise important questions about the role of crypto assets in the global economy and could pave the way for crypto’s continued expansion.
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