is Justin Sun the Ultimate Scammer?

Forwarded this email? Subscribe here for moreIs Justin Sun the Ultimate Scammer?Here is the thing about Justin Sun… It’s like this guy actively seeks out controversy and questionable dealings.THE CRYPTO ALARMSEP 8 READ IN APP Here is the thing about Justin Sun…Every time you think the plot cannot twist again, it does.It’s like this guy actively seeks out controversy and questionable dealings.Maybe that’s how he’s become one of the richest people in crypto. Or maybe there’s more to it…The latest episode in the ‘Sun-sagas’ featured World Liberty Financial blacklisting an address linked to Sun after onchain sleuths flagged dubious transfers worth millions.The WLFI contract froze roughly 595 million unlocked tokens tied to his wallet, after at least one $9 million movement.Rumours were that while he had said he wasn’t selling any WLFI, that he was moving millions of tokens to HTX in order to provide collateral to effectively exit his position without technically selling any of the tokens.And that by depositing on HTX (of which he has a major interest in anyway) that the massive amount of yield offered there (20% at the time) would provide the payback of the collateral.All in all, it became such a state of affairs that WLFI just blacklisted and locked the tokens.Cue the chaos…They’re calling it the ‘Freedom Dividend’Tech titans like Elon Musk, Sam Altman, and Mark Zuckerberg are calling for Universal Basic Income as AI threatens to eliminate millions of jobs.But there’s a critical question few are asking: Who will pay for it?Instead of relying on taxpayer funding, Mode Mobile is using attention as currency, already paying out $325M to over 50M users. Deloitte crowned them North America’s fastest-growing software company in 2023 after their revenue soared 32,481%.And investors have a window to get in early before this becomes the template for post-AI income redistribution.They’ve secured their Nasdaq ticker $MODE, and their pre-IPO offering is live now, but space to accept investments is limited. Their last two rounds were over subscribed at $0.30/share and you can still get in early before this window closes.🚨Limited space left – invest now!A Circular Feedback Loop to Benefit One?This also came in the middle of the WLFI token price dropping last week from its launch around 34 cents to around 17 cents as this was all unfolding.But then as soon as WLFI had frozen the tokens, the same critics commentating the token price fall quickly shifted gear to claim that WLFI is not DeFi at all, but just a controlled version of TradFi.After all, if they can freeze out Justin Sun’s wallets… they can freeze anyone’s!That’s actually a very good point.Nonetheless, their actions clearly did something because within a day WLFI’s token price was back to 24 cents.So, what was Sun doing?This of course is not the first time he’s been involved in what you might call murky dealings.Remember it was only in late July, he rang the Nasdaq bell to celebrate ‘Tron Inc.’ listing.This takeover of a flailing, tiny toy company rebranded to a crypto treasury vehicle was shocking to say the least.But then again, not a great surprise.A report from Bloomberg earlier in the year had suggested Sun owned as much as 60 billion of the 94 billion TRON tokens in circulation.He since sued them about it, but again, no one has really clarified just how much he does or doesn’t hold definitively.If it is an astonishingly large number, and then he’s heavily involved in a NASDAQ listed TRON treasury company. That would scream to us using public TradFi markets as a way to soft exit massive positions in a crypto where it can’t be seen that he’s on the exit.Talk about a straight fire way to crashing the token price and watch FTX 2.0 unfurl…Of course, we don’t know that’s the case, and reports from Bloomberg and theoretical motivations for the Tron Inc. listing aside. It’s very clear he’s got very deep pockets and his fingers very tightly wrapped around Tron, and now it seems WLFI.Profits Above Anything and AnyoneIs it possible he’s looking to soft take over WLFI, or at least apply the same process that it appears he has with Tron?Claim a huge stake in the launch and then ongoing value and success of the project, only to then look for the soft exit doors to pump his wealth even more?If he’s been behind the volatility in WLFI, then it’s clear there’s not so much DeFi going on with WLFI as it is TradFi with a ruling iron fist.After all this, Sun also then offered to buy on market $10 million of WLFI and ALT5 (NASDAQ:ALTS) stock like some kind of peace offering.My take on all this is that while these big-swinging-egos play around with billions of dollars in crypto and the stock market, it’s retail investors getting pulled from pillar to post…And that is not what all this is about.I would exercise caution around WLFI, around TRON, around anything Sun touches right now.While there are real tailwinds here, big exchanges, big narratives, and clearly a strategy for redollarization using USD1 as the foundation, this whole tie-up and mess with Justin Sun is murky at best.Maybe it clears up and he clears out. That would probably be a good outcome for all. I don’t think he’s scamming the public here, but he’s certainly doing what he can with the wealth and levers at his disposal to put himself and his own profits above anything and anyone else.So, buyer beware.Trust in crypto,
Adam AtlanticDisclaimer: Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. Mode Mobile has filed a Form C with the Securities and Exchange Commission in connection with its offering, a copy of which may be obtained here: https://www.sec.gov/Archives/edgar/data/1748441/000164117225025402/ex99.pdfThe Crypto Alarm is free today. But if you enjoyed this post, you can tell The Crypto Alarm that their writing is valuable by pledging a future subscription. You won’t be charged unless they enable payments.Pledge your support LIKECOMMENTRESTACK © 2025 The Crypto Alarm
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Published by RJ Hamster

I was born on 6 August 1956 in San Francisco, California to Janet and (the late) Richard Hovis. I grew up in Santa Monica, California where I attended elementary, junior high school, and high school (graduating in 1974), in addition to involvement in sports and recreation (Little League +, the Boy’s Club ++). Further, it was in elementary school – St. Augustine’s By-the -Sea Parish School that I found, and made the choice to truly journey with God. I attended Arizona State University from 1974 to 1977 – seeking to become an architect, however, I was not accepted, and, as such, I graduated with a Liberal Arts degree. Upon graduation from Arizona State University, I attended Cal Poly San Luis Obispo and studied City and Regional Planning at the Master’s level. I successfully completed one (1) year in a two (2) year program – I did not complete the Master’s degree in City and Regional Planning – due to personal reasons. I returned to Santa Monica where I started (October 1979) my career as graphic designer with Exxon Company, USA. I spent five years with Exxon Company, USA. While working with Exxon Company, USA I was accepted into architectural school – Sci-Arc in Southern California, however, I did not attend preferring to stay with Exxon.. In 1982 I married Laura Flosi and in April 1983 we had our one and only child – Lauren Alain Hovis – a gift from God. We moved to Phoenix, Arizona in 1984 from Los Angeles, where I went to work as a graphic designer with Kitchell CEM (from 1985 -1987). From 1987 – 1995 I was an independent contractor, and a registered representative in mortgage finance, financial management, graphic design, and drafting. Further, I attended the University of Phoenix and successfully obtained a Master’s in Business Administration (MBA) in 1982. I was also a member of the Scottsdale Jaycees, where I became very involved in community events and projects. In 1994, I accepted a cartography position with the Defense Mapping Agency in Reston, Virginia. As such, I relocated from Phoenix to Reston. In 1998, I was accepted and worked as a Visual Information Officer with the Central Intelligence Agency. In 2002, I worked as a Support Officer until my retirement (due to a need for shoulder surgery) in September 2018. Away from my Federal Government service, I have been involved in various organizations and activities in Northern Virginia. In November of 2011, I married Rebecca Ouellette in Santa Monica, California. I reside in San Tan Valley, AZ with my two hamster - Jess and Timothy, our fish, our lizard - RJ Lizard., and our cats - Pearl and Grey. As to hobbies, I enjoy playing sports, attending sporting events, mentoring individuals from financial management to hamsters, building models, photography, travel, multimedia design, managing partner for RJ Hamster, and jazz – smooth jazz to a samba or a bossa nova. Love and God Bless, Peter – aka RJ Hamster Jo hi

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