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Tron (TRX) Soap Opera Update: Former CTO Leaves Tron to Build a New Project and Threatens to Sue Justin Sun if He Keeps his Attacks

Despite the growth that Tron is experiencing at a technological and commercial level, Justin Sun’s company is no stranger to controversy, and during the last few days, a series of disputes have arisen out of Lucien Chen’s departure from the project.

The Story

Volume: The Blockchain That Aims to Be What Tron Should Have Been
Volume: The Blockchain That Aims to Be What Tron Should Have Been

It all started on May 10, 2019. Lucien who until then was treated as Chief Technology Officer at Tron Foundation announced his resignation. This could have passed as a normal change of executives if it was not for Mr. Chen explained that he was doing it to devote himself fully to a new project: Volume Network which intended to “rebuild a new TRON”.

The post is quite critical and Chen explains that from his point of view, TRON has departed from the faith of “decentralize the web”. Chen considers that Tron is no longer a decentralized blockchain, has no association with the internet and is “basically a gambling and funding Project”. Chen explains that due to irreconcilable differences with Sun, he chose to develop Volume Network to give life to what he considers Tron’s original idea:

 “I am deeply sorry to see the project that has grown up in my hands has become like this. The dreams and visions that Justin told me have been ruined. After several months of thinking, I decided to start the Volume Network(VOL) Project. Why should I do the VOL project? What is the VOL project?

Volume Network is a truly decentralized blockchain project. This is the project I dreamed of when I first joined TRON.”

Justin Sun Reveals Chen Was Fired Due to Disciplinary Reasons and Denies Chen’s Position as CTO of Tron

After this news spread, Justin Sun ignored Chen’s influence in the project’s development, basically implying that he was lying and promoted himself as CTO and Co-founder of Tron only to give notoriety to his new enterprise.

In his official Weibo account (Weibo
is a kind of Chinese Twitter clone) Sun says that Chen was an “ordinary
employee” and explains that he was fired in January 2019 for having several
legal accusations:

 “According to verification done by TRON’s discipline department, Z. Chen, J. Zhu, X. Xie had seriously violated laws and company rules with alleged corporate property embezzlement, bribery, non-compete violation, infringement of corporate trade secrets and intellectual properties, and had been fired in January 2019. TRON has submitted relevant materials to the justice department. Chen joined Tron in October 2017. Before he was fired in January 2019, he was an ordinary employee on the technical side and was not a co-founder.”

This is quite curious as Justin
Sun has referred to Chen as CTO of Tron on previous occasions.

Lucien Chen Fights Back and Sends a Clear Warning to Justin Sun

Justin Sun’s accusations did not sit well with Chen, who published a new post on May 12 on Volume Network’s official blog, in response to Justin Sun’s statements.

Chen explained he was suprised that Justin Sun denied that his involvement in Tron as Co-founder and CTO. He also posted evidence that until his departure everyone at the Tron Foundation considered him to be so. But what made the most commotion was a warning sent to Justin Sun, stating that the path he was taking could lead to legal consequences:

 “Justin accused me of “employee embezzlement”, and “taking of bribes” which is image damaging and I won’t take it likely the next time I’m slandered in this manner. I have consulted my legal team, here are a few of their suggestions below:

1. File a civil lawsuit to the court …

2. File a criminal private prosecution in accordance with the criminal procedure law”

Chen, however, explained that he decided to devote himself fully to the Project, leaving aside legal disputes, although he clearly warned that “if Justin takes any more personal attacks and slanders on me again, I will return in legal actions.”

So far, Justin Sun has not responded
to Chen’s warnings. Let’s hope for the sake of the community that each one
focuses on their own project, leaving differences aside, and helping build a
better community

The post Tron (TRX) Soap Opera Update: Former CTO Leaves Tron to Build a New Project and Threatens to Sue Justin Sun if He Keeps his Attacks appeared first on Ethereum World News.

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Justin Sun and the Tron (TRX) Foundation Officially Acquire BitTorrent

Back in final days of May this year, there was a lot of speculation as to whether Justin Sun was indeed planning on acquiring the popular file sharing platform, BitTorrent. In the report by Ethereum World News, the name of the BitTorrent company was abruptly changed without an explanation.

The source of the name change,Torrentfreak.comhad this to say:

There is something fresh though – BitTorrent Inc. has a new name. While it hasn’t been published anywhere, the company formerly known as BitTorrent Inc. is now Rainberry Inc.

Rainberry’s Chief Product Officer, Jordy Berson, would additionally inform TorrentFreak that:

Rainberry Inc is the official name of the company; it was changed right around the start of 2017.

Therefore, it is no surprise that the BitTorrent acquisition can now be officially confirmed.

Justin Sun had initially sent a letter of Intent to acquire Rainberry with a ‘no shop’ clause that prevented the company from negotiating any other offers while the letter was still valid.

However, Rainberry would then violate the clause, leading Sun to sue the company. Sun would later drop the lawsuit and register a company under the name of ‘Ranberry Acquistion’. The same company has in turn filed a change of status with the California Secretary of State due to a merger. Rainberry Inc. also filed for a similar change of status on the same day indicating that the the two companies have merged.

The BitTorrent management has gone ahead and informed staff about the new deal as early as last week. As is the case with most mergers, the staff have been advised to be silent about it. The company’s shareholders have also been contacted by the agent handling the transfer of ownership.

The exact price tag of the acquisition has not been disclosed but the Tron Foundation holds about $1.65 Billion in TRX. This means that the foundation has deep enough pockets to acquire BitTorrent although it has not been indicated that they did so with TRX.

One possible utilization of the BitTorrent platform by Justin Sun and the Tron Foundation, would be to further decentralize the web as envisioned by the Tron Whitepaper. What better way to kick start your vision than to acquire an already existing peer-to-peer platform and do some fine tuning to meet your needs.