Tron Founder's Fraud Warning Sparks Calls for Web3 Sector Support

Thursday 3rd of April 2025 13:30:28

Hong Kong lawmaker calls for support for city's Web3 sector after Tron founder flags fraud

A Hong Kong lawmaker has called for the government to provide support for the city's Web3 sector, following allegations of fraud by the founder of Tron, a major cryptocurrency project.

In a statement issued on Tuesday, lawmaker for the New Territories East constituency, Gary Fan, said that the allegations of fraud by Tron's founder, Justin Sun, had raised concerns about the credibility of the city's Web3 sector.

"I urge the government to provide more support and resources to the Web3 sector in Hong Kong, to help it grow and develop in a responsible and sustainable way," Fan said.

The allegations of fraud against Sun, who is also the founder of BitTorrent, were made by another cryptocurrency project, Binance, which said that Tron had copied its code and used it to launch its own token.

The dispute has raised concerns about the credibility of the Web3 sector in Hong Kong, which has been touted as a hub for blockchain and cryptocurrency innovation.

In a statement, the Tron Foundation said that it had "nothing to hide" and that it was "committed to transparency and fairness".

The government has so far declined to comment on the allegations, but has said that it is committed to supporting the development of the Web3 sector in Hong Kong.

The city has been actively promoting its Web3 sector, with the aim of establishing itself as a major hub for blockchain and cryptocurrency innovation.

In recent years, Hong Kong has seen a surge in the number of Web3 companies setting up shop in the city, with many major players in the industry establishing operations there.

However, the sector has also faced challenges, including regulatory uncertainty and concerns about the environmental impact of cryptocurrency mining.

Despite these challenges, many industry players remain optimistic about the potential of Hong Kong's Web3 sector, and the government's plans to support its growth and development.