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Tron (TRX) Price: From Nasdaq Dreams to Black Market Scandal
The world of cryptocurrency is never short of surprises and controversies. One such unexpected turn of events surrounds Tron (TRX), a project that had previously set its sights on a lucrative IPO with Nasdaq-listed SRM Entertainment. The company filed for the $210 million offering through a reverse merger, which would see TRX tokens worth $210 million being used to fund operations. Dominari Securities, a broker-dealer linked to Donald Trump’s circles, is involved in this process.
However, these ambitious plans have been put on hold due to allegations of massive money laundering and black market activities. According to blockchain investigator ZachXBT, the Tron platform facilitates a “black U” market worth $5-10 billion. This alleged criminal activity involves North Korean Lazarus Group and other illicit organizations using the network for illegal transactions.
The revelation has sent shockwaves through the crypto community as Tron’s price dropped by over 5% to $0.2733 following these claims. Trading volume also plummeted, falling more than 50% to $727 million. The uncertainty surrounding regulatory scrutiny could potentially impact the proposed merger and IPO plans. Regulators may investigate the platform before approving the offering.
Despite this controversy, Tron’s network metrics suggest strong activity levels, with the blockchain processing a staggering $1.38 billion in stablecoin inflows over the past week. This figure is comprised mainly of USDT and USDC transfers. Additionally, active addresses per dollar have increased steadily, indicating continued buyer interest and bullish sentiment.
As the situation unfolds, it remains to be seen how these allegations will affect Tron’s listing ambitions. While network activity appears robust, investors are left wondering if regulatory issues may hinder the project’s public offering.
Source: coincentral.com
