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Circle denies claims of illegal financing and ties to Justin Sun

Bitcoin NewsCircle denies claims of illegal financing and ties to Justin Sun

USD Coin USDC tickers down $1.00 stablecoin backer Circle has denied claims of illegal financing and ties to Tron author Justin Sun in an open letter posted to Circle’s web journal on Nov. 30. A nonprofit guard dog gather already denounced Circle of having ties to Sun.

The post was distributed on Nov. 11 and altered on Nov. 30, but Cointelegraph couldn’t decide the distribution date of the letter itself. The letter was tended to to U.S. Congresspersons Elizabeth Warren and Sherrod Brown and marked by Circle chief technique officer and head of open arrangement Dante Disparte.

Within the letter, Disparte claims that Circle has “recently got to be aware” of “false” claims being made almost it by the “so-called Campaign for Accountability.” The letter includes that “Circle does not encourage, specifically or in a roundabout way, or fund Hamas (or any other illegal actors).” In expansion, it does not “bank” or give budgetary administrations to Sun, Disparte claimed.

Disparte expelled the charge that Circle encouraged “major streams of reserves to Hamas or Hezbollah,” claiming instep that these allegations are based on uncorroborated, unconfirmed posts to social media. “Only $160 was exchanged in USDC among [illegal wallets],” the letter expressed, including that “none of that was procured from Circle.”

Disparte too claimed that Circle halted giving administrations to Sun in February, 2023, expressing:

“Neither Mr. Sun nor any substance claimed or controlled by Mr. Sun, counting the TRON Establishment or Huobi Worldwide, right now have accounts with Circle. To date, the U.S. government has not particularly assigned Mr. Sun or his substances as Extraordinarily Assigned Nationals. In any case, Circle ended all accounts held by Mr. Sun and his subsidiary companies in February 2023.”

The open letter from Circle shows up to have been sent in reaction to a Nov. 9 letter from the nonprofit morals gather Campaign for Responsibility, whose letter claimed that Circle has broad ties to Sun’s Tron Establishment and major Wall Road financial specialists which Sun’s cross-chain convention, SunSwap, is frequently utilized for cash washing.

Claims that crypto is being utilized to fund fear mongering have been commonplace since the Israeli-Hamas war broke out on Oct. 7. On Oct. 10, The Divider Road Diary detailed that “over $130 million” of cryptocurrency had been given to psychological militant organizations. The media outlet afterward adjusted its story, expressing instep that $12 million in crypto “may have been” sent to these organizations.

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