Tron network has been surrounded by a lot of controversies lately. The latest is the sudden illness of the CEO, Justin Sun, who was diagnosed with a kidney stone. Members of the Tron community and other crypto enthusiasts are full of concern as to what would be the outcome.
The Major Concerns for Tron and BitTorrent
There are speculations that BitTorrent would be drastically affected if anything goes wrong with Tron network which is the parent company.
Things fell apart between the Tron Foundation and Tron community members since CEO Justin Sun announced his intention to have an expensive lunch date with Warren Buffet. Sun placed the winning bid on Buffet’s annual eBay lunch charity auction, at a whooping sum of $4,567,888.
This single act has generated a lot of controversies concerning the CEO and Tron network, some of which states that Sun was motivated by personal interest to promote his company rather than the crypto industry as he stated.
Now the fear is that many Tron investors may decide to ditch the network. One of the reasons is Tron CEO’s inability to get Tron (TRX) listed on Coinbase. This will limit the US-based investors from trading on the platform, following the anticipated Binance restriction of US-based traders from accessing some Altcoins.
In February 2018, Mr. Sun got approval for his winning acquisition offer to the BitTorrent Board. The approval states an agreement with Cohen which granted him a full release of some of the intellectual property in exchange for a right to invest the sum of $50,000 in the company under a single agreement for future equity.
Sun bought into the US peer to peer file sharing system, BitTorrent, which should be integrated with Tron platform. Therefore has a major stake in the BitTorrent.
Based on the recent developments, issues with mismanaging funds and CEO illness, Tron network doesn’t seem to be settled. Enthusiasts fear that BitTorrent would also go down if Tron goes down.
The most talked-about lunch between Justin Sun and the American Billionaire Warren Buffet has been postponed due to the CEO’s illness.
Author: Judith Riseshine