Justin Sun accuses Filecoin team of dumping FIL token

The Filecoin project team sent 1.5 million FIL to exchanges after the launch of the mainnet, thereby driving down the token price and breaching their own vesting rules, Justin Sun, CEO of the Tron Foundation, said.

Exit scam here? 1.5 million $FIL for 200 USD each worth 300 million USD at the high. Now price is below 60 USD. 70% down. No lock-up. No announcement to the community. How much do you sell? @juanbenet @Filecoin Is this ok? @VitalikButerin @SEC_Enforcement https://t.co/qYqJzgolyX pic.twitter.com/hGpMvDxSMO

— Justin Sun🌞 (@justinsuntron) October 16, 2020

“Is this an exit scam? 1.5 million FIL at $200 each, worth $300 million at the peak. Now the price is below $60. A 70% drop. No lock-up. No announcements to the community. How much are you selling?”, Sun wrote.

Following the launch of the Filecoin mainnet on Thursday, October 15, the token was listed on many major exchanges. On Kraken the price of FIL briefly touched $150, but at the time of writing had fallen below $45.

Source: TradingView.

Users reacted to Sun’s accusations against the Filecoin founders with mixed responses. They reminded him of the Tron (TRX) dump in 2018, when an unknown investor sold 300 million tokens — the price has not recovered since. Some suggested he was simply jealous of the project. The irony was amplified by his call for the SEC to intervene on behalf of Filecoin investors.

Juan Benet, the CEO of Protocol Labs, called Sun’s accusations a lie. He said the project team did not sell FIL.

On this Justin Sun bullshit — these accusations are completely FALSE. Neither PL nor any team member sold FIL as he accuses. & the ridiculous magnitude of trade he claims we made is a monumental lie. https://t.co/c21EFjyINd

— Juan Benet (@juanbenet) October 19, 2020

Benet cited a Verge article and stated that the head of Tron “lied and cheated to get rich.” He described the accusations against Protocol Labs as an attempt to “steal the spotlight.”

“I suspect that Justin plans to fork Filecoin as well, and hopes to trump up a reason,” — Benet said.

(6) My guess is that Justin plans to fork Filecoin as well, and hopes to trump up a reason.

Sorry Justin, you’re nobody’s saviour. Just ask Hive. https://t.co/bMoMt9aM6P

— Juan Benet (@juanbenet) October 19, 2020

Earlier, in a recent Sun investigation, were accused that the basis of his business is not technology, but marketing, which should operate like a “brothel.” Bram Cohen confirmed that the head of Tron is “the very sort of scoundrel as described by the article.”

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