{"id":29288,"date":"2024-09-15T21:00:37","date_gmt":"2024-09-15T18:00:37","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=29288"},"modified":"2024-09-15T18:24:43","modified_gmt":"2024-09-15T15:24:43","slug":"tron-founder-justin-sun-harshly-criticizes-new-cryptocurrency","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/tron-founder-justin-sun-harshly-criticizes-new-cryptocurrency\/","title":{"rendered":"Tron Founder Justin Sun Harshly Criticizes New Cryptocurrency"},"content":{"rendered":"<p>Justin Sun, the founder of Tron (TRX), has publicly voiced strong criticism of a newly launched cryptocurrency.<\/p>\n<p>In a recent statement, Sun took aim at cbBTC, a <a href=\"https:\/\/coinengineer.net\/blog\/renowned-analyst-shares-bitcoin-prediction-for-late-september-early-october\/\">Bitcoin<\/a> alternative introduced by Coinbase, questioning its transparency and decentralization. He particularly pointed out the lack of proof of reserves and insufficient auditing.<\/p>\n<p>Sun accused Coinbase of having the ability to freeze balances at will, raising concerns about the centralization risks inherent in cbBTC. \u201ccbBTC lacks proof of reserves, has no audits, and can freeze anyone&#8217;s balance at any time. It\u2019s essentially saying \u2018just trust us,\u2019\u201d Sun remarked, adding that any subpoena from the U.S. government could result in the seizure of all related Bitcoin holdings.<\/p>\n<p>He even dubbed cbBTC as &#8220;central bank Bitcoin.&#8221;<\/p>\n<p>His sharp critique comes amidst growing discussions about Sun\u2019s involvement in the governance of Wrapped Bitcoin (WBTC), which has further fueled debate.<\/p>\n<p>Sun concluded his comments by highlighting a stark contrast between Bitcoin&#8217;s foundational principles and what cbBTC represents. He stated, \u201cThere\u2019s no more absurd combination in the world than central banks and Bitcoin. I believe this is a reality that Satoshi Nakamoto could never have envisioned when creating Bitcoin.\u201d<\/p>\n<p><em>Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don\u2019t forget to follow us on\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong>Telegram<\/strong><\/a>,\u00a0<a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong>YouTube<\/strong><\/a>\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Twitter<\/strong><\/a>\u00a0for the latest\u00a0<a title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Justin Sun, the founder of Tron (TRX), has publicly voiced strong criticism of a newly launched cryptocurrency. In a recent statement, Sun took aim at cbBTC, a Bitcoin alternative introduced by Coinbase, questioning its transparency and decentralization. He particularly pointed out the lack of proof of reserves and insufficient auditing. Sun accused Coinbase of having<\/p>\n","protected":false},"author":1,"featured_media":10021,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[61,7870,1062,3633],"class_list":["post-29288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-cbbtc","tag-justin-sun","tag-wrapped-bitcoin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tron Founder Justin Sun Harshly Criticizes New Cryptocurrency - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/tron-founder-justin-sun-harshly-criticizes-new-cryptocurrency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tron Founder Justin Sun Harshly Criticizes New Cryptocurrency - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Justin Sun, the founder of Tron (TRX), has publicly voiced strong criticism of a newly launched cryptocurrency. In a recent statement, Sun took aim at cbBTC, a Bitcoin alternative introduced by Coinbase, questioning its transparency and decentralization. He particularly pointed out the lack of proof of reserves and insufficient auditing. 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