Justin Sun’s latest post on X has triggered questions about whether the trading volume at Poloniex reflects activity from anyone other than Sun himself. In a report published on October 6, Protos highlighted Sun’s statement that Poloniex is now "the world’s only exchange used solely by the boss himself." Even if the post was intended as a joke, the article said it read like an admission that most of the exchange’s volume comes from him.
Post about Poloniex volume draws wash trading scrutiny
Protos argued that the only way to produce nearly $1 billion in exchange volume through a single participant would be to trade with oneself, which is commonly described as wash trading. The report did not say it had verified that Sun had done so, but it tied his own wording to broader doubts about the authenticity of Poloniex trading activity.
The article added that wash trading is considered illegal in most countries because it can be used to manipulate the price of an asset. At the same time, Protos noted that such conduct is rarely prosecuted unless it can be proven in a verifiable way.
Report points to prior SEC allegations
Protos also referred to a previous U.S. Securities and Exchange Commission case that was later dropped. In that case, the SEC had alleged that Sun engaged in wash trading of TRX. The report did not provide additional case detail in this article, but cited it as relevant background to the current discussion.
False Dubai shooting rumors spread on Chinese social media
While Sun was posting about the idea of trading crypto assets with himself, a separate rumor cycle emerged over the weekend in mainland China, according to Protos. The report said a fake screenshot was circulated claiming that media outlets in the United Arab Emirates were reporting that Sun had been shot in Dubai.
Protos said the rumor spread quickly across Chinese social media. Some users were worried about the crypto billionaire, while others reacted in an almost celebratory way. Sun later responded on Sunday by posting "All is well" on X alongside a smiling face with sunglasses emoji, rejecting the claim.
Chicago and Singapore travel mentioned in report
According to Protos, Sun has been traveling between Chicago and Singapore. The article said he has been promoting the listing of TRON ETFs in Chicago and is set to attend a conference in Singapore this week.