Tron Foundation responds to Ponzi scheme-related protests at Tron partner's offices

Videos of protestors attempting to enter the research and development center of a Tron partner in China went viral.

Justin Sun responded to allegations of inaction related to the Ponzi scheme, masquerading as Tron, which originally stirred protestors into action.

Protestors attempted to enter the research and development center of Raybo, a Tron partner in mainland China, on July 8.

The situation was actually related to protests against a Ponzi scheme using a Chinese name similar to Tron.

"The victims had been promised high rates of return on their investments in the name of TRON, BitTorrent and uTorrent. TRON officials expressed their sympathy and understanding for those who had been deceived the company strongly condemns acts of violence that may be perpetrated as a result of events that are not in its direct control."

Allegedly, Justin Sun, the founder and CEO of Tron, never denounced the fraudulent company, so investors assumed the two companies were connected and continued pouring money into the scheme.

"The very heart of TRON's mission is to promote a fair and open internet that does not stifle discussion and dissent, however I also believe there's a heightened responsibility from those disseminating news to be fair AND accurate. The twisting of events did nothing to help people who in some cases saw their life savings wiped out, while it hurt investors in the TRON community who saw the value of their holdings decline on fake news."

Following the official response from Tron the price has for the most part recovered.

Sun also issued a generic warning about companies pretending to be Tron on Jul.

"TRON has on multiple occasions warned investors of potential pyramid schemes or illegal activities that attempt to defraud investors under the guise of fast riches using blockchain technology. In regards to reports of TRON's inaction specifically regarding the Wave Field Super Community scam, in January after learning of the Wave Field Super Community and that it had been attracting investors in the name of TRON, TRON warned investors on its WeChat messaging group, Wei Bo official channels-Wei Bo and Dou Yin, etc.-to beware of potentially fraudulent schemes."