Justin Sun has accused the XCN project of engaging in significant market manipulation, which he claims involves high leverage and contracts that could harm users across various exchanges. He has urged major exchanges like Coinbase, Kraken, Bybit, KuCoin, and HTX to be vigilant about these risks. Sun also plans to report these alleged illegal activities to the US SEC and DOJ for further investigation.

PANews reported on January 24 that Justin Sun (Sun Yuchen) posted on the social media platform that he accused the XCN (@Chain) project of conducting major market manipulation activities, using high leverage and contracts that could cause serious damage to users of multiple exchanges. He called on major exchanges (including Coinbase, Kraken, Bybit, KuCoin and HTX) to pay close attention to related risks and said that he would report its illegal activities to the US SEC and Department of Justice (DOJ) for further investigation. 


Justin Sun Accuses XCN of Market Manipulation, Urges Exchanges to Monitor Risks