Justin Sun, CEO and Founder of Tron Foundation, was the subject of discussion on the latest episode of Magical Crypto Friends. Riccardo Spagni, the lead maintainer of Monero, Charlie Lee, the creator of Litecoin, WhalePanda, a Bitcoin influencer, and Samson Mow, the CSO of Blockstream, discussed the failed Tesla giveaway and Justin Sun’s keynote at Consensus.
The “Tesla giveaway” seemed to be trolling Justin Sun’s faux pas involving Tron’s Tesla giveaway. The giveaway in question was related to the collaboration of Tron and Tether, where the Foundation promised a Tesla to a “lucky Twitter follower,” in order to kick start the USDT giveaway.
Justin Sun picked a winner, following which, he cancelled the draw on the grounds of transparency, leaving the chosen Twitter user disappointed. The user responded,
“Do you think @justinsuntron and @TronFoundation scam me? I was officially the winner since he had mentioned that there was no problem with the video and then they just made another draw and they forgot me. Thank you”
After a lot of outrage and an apology, Sun finally announced giving away a Tesla to the winner of both the initial and subsequent draw.
On the episode of Magical Crypto Friends, they also discussed Justin Sun’s keynote at Consensus 2019. About this, Spagni stated that he considered this news to be an April Fools’ Day joke, adding that this was “really sad.” This was followed by Mow adding that Sun was a fine example of ‘Fake it till you make it,’ stating that “he [Sun] made it.”
Spagni further added,
“I mean don’t they you know they just like skipping over the plagiarized white paper and ignoring that and like praising what? so bizarre to me”
Meanwhile, Mow stated that Sun should probably “apologize” for plagiarizing his content at the conference.
Further, Charlie Lee spoke about an incident pertaining to Tron, that occurred while he was at the Token 2049 conference.
“[… I approached the booth [Tron] and I asked her […] tell me more about [Tron]. And then she was like, ‘you’ve never heard of Tron it’s a number-10 cryptocurrency on quite market cap. I’m like no I’ve only heard of the top five and asked if she knew what the what the number 4 coin was and she’s like, ‘I don’t know what the number 4 coin is but Tron is number 10’.”
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FLiK case: Utility tokens take another hit in case allegedly involving Rapper TI, claims prominent lawyer
Stephen Palley, a prominent lawyer at Anderson Kill, spoke out about the FLiK token case via his official Twitter handle. Notably, unlike most tokens in the space, FLiK made headlines because of its celebrity backing.
Towards the end of last year, it was reported that the US Rapper Clifford Joseph Harris Jr., who goes by the stage name T.I. and T.I.P., was sued for $5 million over the alleged failure of the token promoted by him and his partner, Ray Felton. The rapper was being sued by a group of 25 individuals who claimed that that they invested around $1.3 million in the tokens.
Additionally, there were allegations that the rapper used the raised money to increase the token’s value, following which the duo sold their holdings after the coin crashed. Other well-renowned celebrities such as Kevin Hart and Mark Cuban were also reportedly associated with this project.
On the recent developments surrounding the case, Stephen Palley stated,
“Utility tokens” take another hit in case allegedly involving rapper TI. Court says FLiK ICO tokens = securities under Howey Test, for motion to dismiss purposes. That they offered some functionality ≠ relevant given buyers’ expect of profits solely from efforts of others. 1/4″
The lawyer further stated that,”use of funds” was already determined by the defendants, “per the FLiK token whitepaper.” He went on to state that there was a time problem, adding that Federal Law rules that “unregistered sale” of security tokens were supposed to be reported within 12 months after the violation.
Even so, court says there’s a time problem — claims for unregistered sale of securities have to be brought within a year after the violation on which they are based, under federal law. Because this isn’t pleaded, these claims are dismissed with leave to refile. 4/4
— Palley (@stephendpalley) May 20, 2019
The lawyer concluded by tweeting,
“ps — form was never going to be exalted over substance, so none of this is a huge surprise. Also, this is a ruling on Rule 12(b)(6) motion to dismiss so the Court takes the allegations as true for purposes of ruling. The merits still have to be litigated.”
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