Former Associate of Justin Sun Claims to Possess Evidence of TRX Market Manipulation, Offers Cooperation with SEC

A woman identifying herself as Justin Sun's former (ex) girlfriend has come forward with allegations of coordinated market manipulation involving the TRON (TRX) cryptocurrency, stating she possesses evidence and is willing to cooperate with U.S. regulatory authorities.

In a public statement posted on social media, a user operating under the handle @tenten19901107 and identifying herself as Zeng Ying made serious allegations against Justin Sun, the founder of the TRON blockchain platform. The individual claims to have been romantically involved with Sun during the early developmental stages of the TRX cryptocurrency project and states she has retained evidence of what she describes as systematic market manipulation.

The Allegations

According to the statement, the alleged scheme involved the use of multiple employee identities to establish numerous accounts on Binance, one of the world's largest cryptocurrency exchanges. The accuser claims these accounts were then used to execute coordinated trading activities designed to artificially inflate the price of TRX tokens.

The alleged manipulation strategy described follows a classic "pump and dump" pattern in which coordinated buying drives up the asset price, creating the appearance of genuine market demand and momentum. Once the price reaches elevated levels, the accumulated tokens are then allegedly sold in large volumes to retail investors who purchased at the inflated prices, resulting in what the accuser characterizes as substantial illegal profits.

The statement specifically mentions that employee mobile phones and identity documents were purportedly used to register the trading accounts, suggesting an organized operation rather than isolated trading activity.

I was Justin’s girlfriend during the early stages of his entrepreneurship with TRX.
I am in possession of evidence showing that he used the identities and mobile phones of multiple employees to register numerous Binance accounts, through which he conducted coordinated buying and… https://t.co/aQi0PWvk6L

— 曾颖 (@tenten19901107) February 1, 2026

Offer of Cooperation

The individual has publicly stated her willingness to cooperate fully with the U.S. Securities and Exchange Commission (SEC) and has requested contact from U.S. judicial authorities. She claims to possess WeChat chat records and additional evidence provided by employees that she believes substantiates the market manipulation allegations.

The statement includes a direct appeal for the information to be disseminated widely, suggesting the accuser is seeking to bring the matter to the attention of regulatory authorities and the broader cryptocurrency community.

Context and Background

Justin Sun has been a prominent and controversial figure in the cryptocurrency industry since founding TRON in 2017. The TRON blockchain platform and its associated TRX token have maintained significant market capitalization and trading volumes across global exchanges, though the project has faced criticism and scrutiny from various quarters of the crypto community.

Sun and TRON-related entities have previously been subject to regulatory attention. The SEC has taken enforcement actions in the cryptocurrency space, and the agency has been increasingly active in pursuing cases involving alleged market manipulation and securities violations in digital asset markets.

Market manipulation, including wash trading—where the same entity acts as both buyer and seller to create misleading trading volume—is prohibited under U.S. securities laws and regulations governing commodity markets. Such activities can create false impressions of market liquidity and demand, potentially misleading investors about the true market conditions for an asset.

Significance and Implications

If the allegations were to be investigated and substantiated, they could have significant implications for TRON, its ecosystem, and the broader cryptocurrency market. Market manipulation cases in the crypto space have resulted in enforcement actions, fines, and in some cases, criminal charges for individuals involved.

The specific mention of Binance as the platform where the alleged manipulation occurred also raises questions, though it is important to note that the allegations, as stated, pertain to the alleged misuse of the exchange's platform by third parties rather than suggesting wrongdoing by the exchange itself.

The cryptocurrency industry has long grappled with concerns about market manipulation, given the relatively nascent regulatory framework compared to traditional financial markets and the technical ease with which coordinated trading can be executed across decentralized platforms.

Outstanding Questions

As of the time of these allegations emerging, several key questions remain unanswered. There has been no public response from Justin Sun or official representatives of the TRON Foundation addressing these specific claims. Additionally, there has been no confirmation from the SEC or other U.S. regulatory authorities that they have been contacted by the individual or initiated any investigation based on these allegations.

The authenticity and completeness of the evidence claimed to be in the accuser's possession has not been independently verified, nor has the nature of the relationship between the accuser and Justin Sun been confirmed through independent sources.

Binance has not issued any statement regarding the allegations of accounts on its platform being used for the purposes described.

Regulatory Environment

The SEC has been increasingly focused on the cryptocurrency sector, bringing enforcement actions against various projects and exchanges for alleged securities violations and other regulatory infractions. The agency has emphasized that many digital assets may constitute securities under U.S. law and that market participants must comply with applicable regulations.

Market manipulation investigations in the crypto space can be complex, often requiring examination of blockchain transaction records, exchange trading data, communications between parties, and analysis of trading patterns across multiple platforms and time periods.

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This is a developing story. The allegations described have not been independently verified, and no regulatory investigation has been publicly confirmed. All parties mentioned are presumed innocent unless and until proven otherwise in a court of law.