Justin Sun, the founder of the TRON blockchain, is once again in the spotlight as new allegations of market manipulation emerge. A woman claiming to be his former girlfriend, Zeng Ying, also known as Ten Ten, has accused Sun of orchestrating a scheme to inflate the price of TRX using accounts on the Binance exchange.
According to Ten Ten, Sun allegedly directed employees in Beijing to open Binance accounts under their real names, which were then utilized to artificially raise the price of TRX during late 2017 and early 2018. Following this price manipulation, she claims Sun sold off substantial amounts of TRX to unsuspecting retail investors.
Ten Ten stated, “I am in possession of evidence showing that he used the identities and mobile phones of multiple employees.” She claims to have WeChat messages and insider testimonies to back her accusations and has expressed a willingness to cooperate with the U.S. Securities and Exchange Commission (SEC).
This latest assertion aligns with previous allegations made by the SEC against Sun. In March 2023, the agency filed a lawsuit accusing him and several affiliated entities of unregistered token sales and market manipulation. The SEC”s allegations included claims of over 600,000 wash trades conducted by Sun between 2018 and 2019, which were purportedly executed to inflate both the price and trading volume of TRX.
Ten Ten”s testimony adds a layer of detail to the SEC”s existing claims, although her assertions have yet to be independently verified. While the SEC complaint did not specifically mention the involvement of Binance accounts or employees, her description mirrors the trading tactics previously outlined.
Complicating matters further, the SEC”s case against Sun was paused in February 2025, a move that coincided with reports of Sun”s significant financial contributions to businesses linked to former President Donald Trump. This connection raised eyebrows among lawmakers, prompting a letter from U.S. Representatives Maxine Waters, Sean Casten, and Brad Sherman to SEC Chairman Paul Atkins. The letter questioned whether political connections were influencing the decision to pause or settle critical enforcement actions in the crypto space, including Sun”s case.
As of February 1, 2026, Justin Sun has not directly addressed these new allegations. In a post on social media platform X, he urged followers to “Ignore the FUD and keep building & holding.” Meanwhile, neither Binance nor the SEC has issued any statements concerning Ten Ten”s claims.
Ten Ten has expressed fears for her safety while stating she is securely storing the evidence. She has also called upon Donald Trump and Eric Trump to distance themselves from Sun, highlighting concerns about the interplay between wealth, politics, and justice in the United States.
