• Justin Sun transferred 56.1 million True USD (TUSD) worth over $56.4 million to crypto exchange Binance on Monday morning
• Binance’s CEO Changpeng Zhao (CZ) disclosed that the exchange had warned Sun to refrain from using any part of the TUSD deposit to grab the SUI rewards
• Sui is the 33rd project on the Binance LaunchPool and users are allowed to stake their Binance Coin (BNB) and TUSD in separate pools to farm SUI for two days, starting May 1st, 2023
Justin Sun Transfers $56.4M TUSD to Binance
Justin Sun, founder and crypto entrepreneur, transferred 56.1 million True USD (TUSD) worth over $56.4 million to crypto exchange Binance on Monday morning, sparking rumors about his intention to farm the just-released Sui (SUI) tokens on the Binance LaunchPool.
CZ Warns Whales Over Misuse of SUI Launchpool
Whale Alert flagged the transaction shortly after it was made and Binance’s CEO Changpeng Zhao (CZ) disclosed that his team had warned Sun to refrain from using any part of the TUSD deposit to grab the SUI rewards offered by LaunchPool.
About Sui Network And Its Native Token
Sui Network is a delegated proof-of-stake (DPoS) layer-1 blockchain based on move programming language with its native token called Sui (SUI). The token was recently added as one of 33 projects available for staking at launchpool provided by Binace where users can earn rewards calculated daily for staking their crypto assets in liquidity pools of emerging blockchain projects.
Farm SUI With Staking Of BNB & TUSD
Users are allowed to stake their Binance Coin (BNB) and TUSD in separate pools respectively for farming SUI tokens for two days starting May 1st, 2023 . If liquidity meets required amount then binance will list SUSI Trading pairs including: SUI/BTC, SUI/USDT, SUI/TUSD ,and SUI/BNB.