Tron’s Justin Sun Accused Of Orchestrating Market Manipulation Scheme

TLDR

• Ten Ten alleges Justin Sun used Binance accounts to pump TRX before dumping.
• Claims include WeChat messages and employee testimony offered to the SEC.
• SEC had already accused Sun of wash trading in a 2023 lawsuit.
• Sun’s Trump-linked investments coincided with the case being paused in 2025.

Tron founder Justin Sun is under fresh scrutiny after a woman claiming to be his former girlfriend accused him of market manipulation during TRX’s early years. Her claims echo past SEC allegations, raising new questions about regulatory enforcement and political ties in the crypto world.

New Accusations Emerge from Alleged Former Partner

Justin Sun, founder of the TRON blockchain, is facing renewed accusations tied to TRX’s early trading history. A woman identifying herself as Zeng Ying, also known as Ten Ten, claims Sun directed coordinated trading activity using Binance accounts.

She alleges that Sun instructed several Beijing-based employees to register Binance accounts under their personal identities. These were then used to artificially boost TRX’s market price during late 2017 and early 2018. According to her, after creating inflated prices, Sun sold large volumes of tokens to retail investors.

Ten Ten stated, “I am in possession of evidence showing that he used the identities and mobile phones of multiple employees.” She claims to have WeChat messages and insider testimony to support her claims. She is offering to cooperate with the U.S. Securities and Exchange Commission.

Alignment with Previous SEC Allegations

Although her claims have not been independently verified, they closely reflect earlier accusations by the SEC. In March 2023, the SEC sued Sun and several affiliated companies for unregistered token sales and market manipulation.

The agency alleged that Sun conducted over 600,000 wash trades between 2018 and 2019 using nominee accounts. These trades were used to inflate TRX’s price and trading volume. The SEC also accused Sun of paying celebrities to promote tokens without disclosure.

Ten Ten’s statements now add new details to the pattern. While the SEC complaint did not name Binance accounts or employee involvement, her description is similar to the methods previously outlined.

Enforcement Pause and Political Questions

The SEC case against Sun was paused in February 2025. This pause came after reports that Sun had made large financial contributions to Trump-affiliated crypto businesses. One venture, World Liberty Financial, allegedly brought $50 million in gains to former President Donald Trump.

This raised concern among lawmakers. In January 2026, U.S. Representatives Maxine Waters, Sean Casten, and Brad Sherman sent a letter to SEC Chairman Paul Atkins. They questioned whether political ties influenced the decision to pause or settle key crypto enforcement actions, including Sun’s case.

They also cited other halted actions involving Binance, Coinbase, and Kraken. The letter warned about the danger of political influence weakening financial oversight.

Sun’s Brief Response and Ongoing Silence from Others

Justin Sun has not directly responded to the details of the new allegations. On X, he posted, “Ignore the FUD and keep building & holding.” Binance and the SEC have not issued any statements regarding Ten Ten’s claims as of February 1, 2026.

Ten Ten expressed concern for her safety and said she is storing the evidence securely. She also appealed publicly to Donald Trump and Eric Trump to separate themselves from Sun, questioning the relationship between wealth, politics, and justice in the U.S.

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