There is a bit of a Twitter fight going on between Protocol Labs CEO, Juan Benet, creator of Filecoin, and Justin Sun – the creator of TRON, and the owner of BitTorrent.
Last week, Sun posed the question as to whether Filecoin (FIL) was an exit scam. Understandably, Benet was not happy.
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
Filecoin is a decentralized network creating a competitor to centralized commercial cloud offerings like AWS. FIL is the native token affiliated with the blockchain project. The FIL crypto listed last week on several prominent marketplaces. Sun pointed to a dramatic decline in value of FIL. At last glance, FIL was trading around $31. Sun stated on Twitter:
“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?”
Benet went on the counterattack calling the accusations by Sun “bullshit” and “completely false.”
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 said Sun was “projecting” as he was the target of similar accusations in the past regarding TRON. Benet stated:
Sadly, it appears that’s the kind of thing he did to TRON in the past — so he seems to be projecting. Unlike Justin, our team has integrity, and care for the communities we participate in.
Justin Sun is a known bad actor in the crypto community — just read the recent profile on Verge.
He has lied, cheated, and scammed his way to a fortune. He has harassed communities, and left a wake of destruction behind. He has tried again and again to harm our communities, and tried to steal our success.
His lies here are just another example of his attacks. His projects benefit from harm to ours, so he has a financial interest in attacking us. And he has demonstrated that lying and manipulating markets is not beneath him. This is just more of the same.
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.
If Justin does fork Filecoin — a warning to any miners that consider joining. Look at the history of projects associated with Tron, and confirm you want that. & you may become the victim of a huge pump and dump scam. Good luck!
Filecoin raised a huge amount in a token offering listed on CoinList several years ago. Since the offering, Filecoin has been beavering away finally achieving Mainnet launch this past week. While no one knows whether Filecoin will eventually succeed, we do not believe anyone has trashed the digital asset company like Sun.
The cryptocurrency market is exemplified by extreme volatility. In fact, it is pretty much the rule and not the exception. TRON has seen its own valuation gyrate dramatically. Sun’s editorial commentary on FIL leaves one wondering why?