A stimulus aid worth $2 million was allegedly awarded by the United States to the TRON Foundation as aid due to the coronavirus pandemic.
Matthew Graham, CEO of blockchain investment firm Sino Global Capital in Beijing translated and shared the post. The Tron platform owned by Justin Sun has been handed over by the US government a $2 million grant due to the coronavirus pandemic. It was posted on the platform Chinese WeChat channel.
Another TRON Foundation controversy?
Two days ago, a report cited the grant as once again another Tron Foundation controversy but it was yet an unverified claim. Stimulus packages or grants from the United States federal relief program are for small firms hit by the pandemic.
The aid was to protect the salary of the employees. The US has offered grants to all its companies affected by the coronavirus. It was also specified in the same post on Tuesday the $2 Million is not supposed to be paid back.
The WeChat post in Chinese characters was interpreted to mean that the Tron Foundation in the U.S. successfully applied for a loan from the Paycheck Protection Program (PPP), which was rolled out by the Small Business Administration (SBA) as part of the federal government’s $2 trillion coronavirus relief package.
The WeChat post also indicates that “the first batch of RMB 17 million in subsidies has arrived, and the second batch of cash assistance will also be issued in the near future.”
Justin Sun defrauds the US for $2 million?
There were sarcastic and angry retorts in social media.
If it is true that he was funded by the government he should return it now. @keymastermin.
Many United States businesses have met obstacles getting government help, and some pose questions on the basis for immediate funding, I don’t understand the for that.would be US operations don’t see any justification. @ale Andre Drefusl
#justinsun #stimulus #fraud iFOMO reacts to reports that Justin Sun, creator of the #cryptocurrency TRON, #TRX, defrauded the US Govt for $2 million in small business stimulus money. This money was meant to go to small businesses in the US that were impacted by the #coronavirus covid-19 and was to be used to pay employees rather than lay them off.
Another rant from a crypto influencer questioned Justin Sun’s ties with Twitter:
One might imagine that figures as controversial as Tron founder Justin Sun — who is recently under fire for what many view as the hostile takeover of crypto blogging platform Steemit — might be handled with care by social media platforms like Twitter. Especially after numerous allegations of scamming, false claims, buying followers, and shameless promo after shameless promo.
Stimulus aid from the PPP
Paycheck Protection Program (PPP) was launched in early April with the aim of providing small and medium firms with low-interest, forgivable loans to meet their urgent liquidity needs for covering payrolls and other expenses.
President Donald Trump has been severely criticized for PPP’s design primarily because the agency caters to the needs of large corporations. Some were identified to have ties to known Trump reelection lobbyists and were preferred over Main Street businesses who should receive the aid.
Tron or commonly referred to as TRX, has been a part of the crypto sphere for quite some time and it has one man to thank for its inception, Justin Sun. More forgiving commenters pointed to Sun’s San Francisco offices and his apparent entitlement to tap payroll protection for employees in the U.S. Reporters reaching out to the Tron Foundation to inquire more about the aid had received no response until press time.
My take on this matter, conspiracy at different levels happens at every tier; to believe not is to be naive, to say the least. In social media. more engagement translates into more revenue. Yet when we encounter “extreme” rumors such as money that should have gone to the neediest citizens, we worry about personalities with getting-rich-quick-with-crypto mindsets and their ilk.