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Justin Sun’s alleged ex accuses him of market manipulation, insider trading

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Justin Sun's alleged ex accuses him of market manipulation, insider trading

A finance blogger claiming to be Justin Sun’s ex-girlfriend has made a number of accusations against the controversial Tron founder this week, including that he smuggled himself out of China illegally in the back of a truck.

Zeng Ying, who also goes by the name Ten Ten, first accused Sun of artificially raising the price of TRX before illegally dumping on retail investors. 

She alleges that Sun manipulated TRX’s market capitalisation via Binance accounts registered to his Beijing employees. The accounts allegedly bought and sold TRX in large quantities before cashing out in 2017 and 2018. 

She said, “The insider trading and predatory practices involving TRX on the Binance exchange are the source of his wealth,” and claims to have reported “substantial” evidence to the US Securities and Exchange Commission (SEC).  

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Read more: Government shutdown delays SEC v. Justin Sun case again

Sun’s public response to the allegations was short and sweet; he described her claims as “FUD.” 

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Ten Ten, however, claims that he also disseminated “a large amount of false information and malicious, defamatory content targeting me through Chinese-language KOLs with whom he has maintained long-term cooperation.”

Her latest disclosure includes accounts from an alleged former employee of Sun, who claims that in July 2018, he smuggled himself out of China in the back of a cargo truck to bypass border control restrictions

He allegedly escaped to Vietnam with a pre-purchased Costa Rican passport.

Justin Sun allegations followed by WeChat hack

After the weekend’s allegations, Ten Ten claimed today that her WeChat account was hacked. She shared screenshots of what appeared to be messages from her hacker reaching out to her friends from an account she can no longer log into. 

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She added that her friends informed her that “that within small circles, people were spreading rumors that I ‘borrowed money from him or even extorted [Sun].’”

Ten Ten claimed, “It cannot be ruled out that someone is fabricating chat records to spread rumors, nor can it be ruled out that this is a targeted account theft, possibly for the purpose of scamming people or destroying evidence.”

Indeed, one Chinese crypto account claimed that, based on the leaked messages, she had asked Sun for a $200,000 loan after being made bankrupt by the market crash.

However, Ten Ten stressed that she “would never, under any circumstances, borrow money from Sun Yuchen through any WeChat account.”

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Justin Sun allegedly didn’t fulfill a marriage promise

Ten Ten claims that she came forward with evidence of Sun’s crypto malpractice after he seemingly fell short on a promise to marry her when he announced that he was in a relationship with the skier Eileen Gu.

She said that Sun, who she once dreamed would change the world, had become “an insurmountable gate of corruption and wrongdoing.”

She added, “I hate his ruthlessness, and I regret even more that I once helped fuel his rise. I wish to confess before God and to correct the wrongs I have been part of.” 

Read more: Justin Sun directed wash trading scheme from his US apartment, SEC claims

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As news broke about the latest release of the Epstein files, Ten Ten also claimed that she has “an ‘Epstein files’ of the crypto world.”

The serious nature of her allegations also led her to announce that she is not suicidal, implying that her death should be treated as suspicious. 

Sun was sued by the SEC in 2023 over alleged market manipulation involving TRX and the token BTT. His case has, however, been paused repeatedly across 2025 and has remained in this “stayed” state as both the SEC and Sun continue to hold discussions on the case. 

Protos has reached out to Zeng Ying for comment and will update if we hear back.

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Crypto World

Bitcoin Adoption Hit Record Highs in 2025, Says River

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Bitcoin Adoption Hit Record Highs in 2025, Says River

Bitcoin’s adoption by institutions, banks, merchants, public companies, and nation-states has boomed in 2025, despite the recent price drawdown, says the financial services company River.

“There is no bear market in Bitcoin adoption,” River said in a report published on Tuesday, which noted that while Bitcoin (BTC) is down 50% from its all-time high, “adoption is compounding in ways that aren’t affecting the price, yet.”

“Trust in Bitcoin has grown faster than that of any asset in history,” it said. “What began as an experiment is now a globally recognized store-of-value, with adoption patterns that rival the internet.”

Bitcoin is now mainstream on Wall Street. Source: River

Institutional, banking and public company adoption

River reported that institutions accumulated 829,000 BTC in 2025, including purchases by businesses, governments, funds, and exchange-traded funds.

Registered investment advisors have been net buying BTC for eight quarters in a row and have invested roughly $1.5 billion in Bitcoin ETFs per quarter over the past two years, River said. 

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It noted that these institutions represent “millions of underlying individuals” gaining exposure to Bitcoin for the first time through brokerage accounts, retirement plans, sovereign funds and corporate balance sheets.

Related: Public companies increase Bitcoin holdings despite range-bound prices

Additionally, 60% of the top US banks are building Bitcoin products. “With a favorable regulatory environment in the US, banks can now custody Bitcoin and offer Bitcoin products to their customers,” it stated. 

Businesses were the largest buyers of BTC in 2025, with a majority of purchases driven by crypto treasury companies, whose adoption grew 2.5 times last year.

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Public companies holding Bitcoin. Source: River

Merchant adoption and payments accelerate 

Merchant adoption also surged with the number of businesses in the US accepting Bitcoin for payments tripling, while global usage grew by 74% in 2025, it noted. 

Bitcoin payments on the Lightning Network grew by 300% in 2025 and, according to River’s estimations, the network is now processing over $1.1 billion in monthly transaction volume.

Five nation-states became new owners of Bitcoin in 2025, including purchases from two sovereign wealth funds in Luxembourg and Saudi Arabia, and from one central bank in the Czech Republic. The other two were Brazil and Taiwan. 

River estimates that 23 nation-states hold Bitcoin through state-backed mining, seizures, or central bank exposure. 

Bitcoin volatility is in decline 

River said that Bitcoin volatility is also declining, nearing that of gold and the S&P 500, signaling that it is “increasingly viewed as a mature asset class.”

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“As volatility falls, the hurdle for more risk-averse investors declines,” it said. “Over time, that opens the door to larger pools of capital.”

BTC volatility edges closer to that of stocks and gold. Source: River

River added that Bitcoin is built on trust and claimed it is the world’s “only scarce and incorruptible form of digital money.” 

“We expect that in the coming years, Bitcoin adoption will not only continue its current trend, but meaningfully accelerate.”

Magazine: Bitdeer sells all Bitcoin, Metaplanet rejects misconduct claims: Asia Express