A woman identifying as the former partner of Tron founder Justin Sun has publicly accused the crypto mogul of orchestrating a massive wash trading scheme using the stolen identities of his own employees. The accuser, known as Ten Ten (Zeng Ying), alleges Sun directed Beijing-based staff to register verified Binance accounts in 2017, which were then used to artificially inflate the price of TRX before dumping tokens on retail investors.
In a series of posts on X, Ten Ten claimed possession of “WeChat chat records, insider testimony, and additional documentation” verifying the scheme. She explicitly stated her willingness to cooperate with the U.S. Securities and Exchange Commission (SEC), posing a direct threat to Sun just as his regulatory troubles appeared to be subsiding.
I am in possession of evidence showing that he used the identities and mobile phones of multiple employees to register numerous Binance accounts… thereby obtaining enormous illegal profits.
The ‘Human Shield’ Trading Desk
The core of the allegation is the systematic use of “human shields” to bypass exchange controls. Ten Ten asserts that Sun compelled employees to use their personal credentials to KYC accounts on Binance, creating a web of seemingly unrelated retail traders that were, in reality, centrally controlled. This structure allegedly facilitated the coordinated buying and selling (wash trading) that drove TRX’s valuation during the 2017-2018 bull run.
These claims align with the SEC’s March 2023 lawsuit, which charged Sun with orchestrating over 600,000 wash trades. However, the new allegations introduce specific evidence of identity fraud and coercion that could pierce the corporate veil Sun has used to defend himself.
Political Armor Under Fire
The timing is critical. Sun has spent the last year fortifying his political alliances, notably becoming the largest investor in World Liberty Financial, a crypto venture backed by the Trump family. This strategic pivot was widely viewed by the market as a hedge against regulatory enforcement. Ten Ten directly addressed this, publicly calling on the Trump family to distance themselves from Sun, labeling him a liability.
Sun responded briefly on X, urging followers to “Ignore the FUD and keep building.” Markets remained largely indifferent to the fresh allegations, with TRX trading flat at $0.28 (-0.5%), suggesting investors have either priced in Sun’s reputational risk or believe his new political cover is impenetrable.
