Police Called To Quell Wave-Field Protest Storm At TRON Beijing Office
TRON’s Bejing offices were at the centre of a fracas today as victims of a scheme that had claimed to be affiliated with the company tried to disturb company employees as they came into work today.
A TRON spokesperson confirmed to Crypto Briefing that investors who fell victim to the “Wave-Field Super Community”, a scheme that had been using TRON’s Chinese name in order to raise tens of millions of dollars. According to the spokesperson, victims of the scheme had come into the Weibo office – where some TRON employees worked – and created a disruption.
Details remain thin on the ground, but the spokesperson said that the people – it is still unclear how many were involved – had become “quite irate” and police had been called in order to quell the disturbance and remove them.
News first started coming in when a collection of videos taken on mobile phones, which appear to show approximately ten police officers standing outside an office entrance emblazoned with the TRON logo.
Chinese investors who fell for a #Tron $Trx related Ponzi scam storm the Tron Beijing office
It was basically a #Tron wallet promising guaranteed return with $trx deposits. Like #plustoken. pic.twitter.com/FkIZ4W2hbB
— ๑ THE CRYPTO PANDA ๑ (@PandaofBinance) July 8, 2019
The videos began circulating across various WeChat channels earlier today, before subsequently being uploaded onto Twitter. The initial response from the community was that this was a police raid, something TRON has now denied.
Police raids at #Tron offices in Beijing? Additionally, there’s many angry people gathered there who are saying things like “Tron is a scam”. $trx #trx @justinsuntron pic.twitter.com/qFykQErQu6
— Hayden Otto (@haydenotto_) July 8, 2019
TRX has dived at the news. The coin’s total value stood at $2.3bn at around 10:30 BST, but in the past couple of hours has sunk by more than $100M, according to CoinMarketCap.
Representatives of the “Wave-Field Super Community” claimed to be closely affiliated with TRON and even one of the platform’s 27 super representatives, which have key governance function in the ecosystem. In China, TRON is also referred to as “Wave-Field”.
The controversy continued as founder and CEO Justin Sun did not publicly disassociate himself or TRON from the company, leading to investors putting as much as 200M CNY – approximately $30M – worth of TRX tokens into the scheme.
Although Sun published a warning on microblogging site Weibo about the dangers of investing in schemes which use the TRON name, he did not specifically mention the Wave-Field Super Community project.
Chinese publication Nuclear Finance reported last week that Sun may have been reluctant to disassociate himself from the scheme because it was actually increasing publicity in TRON as well as improving liquidity in the ecosystem.
Today’s raid comes at the worst possible timing for TRON, which has just launched its BitTorrent Speed token as a means to incentivize people to seed content.
Justin Sun did not provide any official comment at this stage. A statement is expected to be released shortly and this article will be updated when this has been published.
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