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Tron Super Representative Candidate accused of misleading the voters

Priya

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Tron Super Representative Candidate accused of misleading the voters
Source: Unsplash

Johnny Grey, a Redditor claiming to a former member of TrxDex, a decentralized exchange on Tron protocol said that the platform ‘invoked the 5th AML’ directive in order to not give the voters TRX rewards. The platform is on the 5th position in the elections.

He said:

” I had to quit being involved with TrxDex after the episode this morning when Reinhard (the only person in charge of TrxDex) invoked the 5th AML (anti-money laundering) directive passed on May 30th 2018 as a reason to not give TrxDex voters their rightful TRX rewards.”

Tron Super Representative Elections || Tron Scan

Tron Super Representative Elections || Tron Scan

On 26th July, TrxDex released a statement stating that they sent the first TRX airdrop on 15th July 2018 and the rest of the voters will receive the TRX airdrop on 31st July 2018. The platform stated that if any of the voters reached the 10.000 EUR limit, they will be unable to send the more TRX due to the anti-money laundering directive.

The European Parliament adopted the 5th anti-money laundering directive proposed by the European Commission. The directive was created to improve the fight against money laundering and terrorism financing in Europe. Since virtual currencies were the most treading financing method used to facilitate the terrorists, the AMLD5 included virtual currency exchange platforms and custodian wallet providers as ‘obliged entities’. These obliged entities are required to subject to regulations under the European Union, similar to the European Union’s regulation on banks and financial organizations.

The regulation would require for the exchange platform to register with national anti-money laundering authorities, track the virtual currency transaction on a timely basis and report any suspicious activity to the government. The inclusion of custodian wallet and cryptocurrency exchanges as ‘obliged entities’ does not completely resolve the anonymity connected to virtual currency.

This is mainly because people can complete the transaction without using these platforms as well. Due to this, the directive has proposed the member states to have the database which includes the details regarding the identities of people using virtual currencies and wallet addresses. The user has to submit a self-declaration form and the member states are required to give the Financial Intelligence Units access to all the information.

Due to this, the platform claimed that they can’t send funds to voters who do not complete the KYC. They stated that if they send the TRX to unregistered addresses they might risk sending it to users from the United Nations sanctioned list. Moreover, the platform also said that if the voter used illegal money to vote and if the platform ends up sending that voter TRX, the Super Representative could be charged for ‘unintentional money laundering.’

Statement published by TrxDex || Source: TrxDex medium blog

Statement published by TrxDex || Source: TrxDex medium blog

According to the Redditor, since the directive has no mention of airdrops or exchange between one virtual currency to other currency, the claims made by the Reinhard Wills, member of the platform, are false. He said that the possible legal action is just an excuse to airdrop DEX instead of TRX to all the voters.

Grey further adds that Reinhard stopped responding to him after he started asking for proof regarding the conversation Reinhard has with the lawyers who advised him to not send the TRX and the discussion he had with the Tron Foundation.

Grey's claims regarding the TrxDex || Source: Reddit

Grey’s claims regarding the TrxDex || Source: Reddit

Nadeamnahas, a Redditor says:

“Always thought they seemed shady and reading this made me feel even better that I put my votes on cryptoguyinza. He may be a one man show but hes all about being honest from day one and loves explaining anything crypto to the community. He doesnt mind educating newbs and he does it with a smile and doesnt put you down for not fully understanding. Need more people like him in this community.”

Luminokiddo, another Redditor says:

“From what I’ve read, the plan is to allow users of the exchange to burn dex for trx after they have gone through an identity verification. I think the exchange is supposed to open in August, so it will become clear soon how all this will work.”

To which, Kromulan says:

“This is story from story from a story. First thing is first, the SR personnel should be identified by names. Other SR’s we know their names. Take a look at Team Tronics, etc,.. Why did they wait until last hour before the distribution with this ? So for the whole week they’ve been harvesting TRX to tell us just before the drop that laws changed ? No no no.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Altcoins

Tron’s Justin Sun claims stablecoins will be key to cryptocurrency development

Akash Anand

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Tron CEO claims stablecoins will be the key focal point for cryptocurrency development
Source: Pixabay

The Justin Sun-led Tron has been in the news multiple times recently, thanks to its regular updates and noticeable price hikes. The CEO has also played a very active role in promoting the cryptocurrency, as exhibited by his recent AMA on Periscope.

Sun focused on how the initial success with protocol governance in the Tron ecosystem paved the way for future developments in the blockchain. The CEO stated,

“Tron had 27 Super Representatives passing 17 new protocols out of which 10 were voted in and accepted. Tron is also the third blockchain after Ethereum to be associated with the stablecoin Tether.”

Justin Sun further opined that 2019 was the year of the stablecoins and that inked assets will be a key focal point when it comes to future developments. He believes that the stablecoin system is the ecosystem in which centralized finance will be taking off. Sun added,

“We will be collaborating with more parties to boost Tether USDT use cases in the TRX ecosystem.”

The Tron Foundation had launched Tether on the TRX blockchain in April to much fanfare, with Tron tweeting,

“Today #USDT is launched on TRON’s blockchain. $USDT is issued by @Tether_to on the #TRON network based on #TRC20 protocol. There will also be a total reward of 20 million $USDT for 100 days. $USDT will be fast, free and smart! #TRX #BTT”

This program was later postponed due to certain discrepancies that came to light post the Tether-Bitfinex episode. Another topic touched on by the Tron CEO was the much-celebrated BitTorrent, which has come a long way since its acquisition by Tron in 2018. Sun admitted that BitTorrent was ‘integral’ to the overall growth of Tron’s development cycle. BTT recently completed its fifth airdrop on June 11, right after the Tron blockchain had breached the 10 million mark in terms of block height. The BTT airdrop involved the transfer of close to a billion tokens which were sent as a reward to TRX holders.





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