TRON’s Latest Upgrade Lifts TRX Price 7% Despite DAO Twitter Scam Breach

Sean Williams
Tron (TRX)

The TRON network experienced a day of mixed fortunes as a significant ecosystem upgrade, announced by founder Justin Sun, propelled the price of its native token, TRX, upwards. However, the positive momentum was partially overshadowed by a security breach that saw the official TRON DAO Twitter account compromised by hackers.

The announcement of the TRON upgrade ignited immediate market enthusiasm. Within a mere hour of the news breaking, TRX witnessed a substantial 7.2% surge in price, climbing from $0.122 to $0.130. This price action was accompanied by a significant uptick in trading activity, with volumes jumping by 43% as 1.2 billion TRX tokens exchanged hands across major cryptocurrency platforms including Binance, OKX, and KuCoin. On-chain data from TronScan further corroborated this bullish sentiment, revealing a 15% increase in transaction volume, with over 5.8 million transactions processed on the TRON network by 1:00 PM UTC. These figures underscore the strong market interest and rapid adoption spurred by TRON’s latest technological advancements.

TRON DAO Twitter Account Falls Victim to Hackers

Despite the positive developments surrounding the network upgrade, a concerning security incident unfolded as the official TRON DAO Twitter account was targeted by malicious actors. Hackers successfully gained control of the account and subsequently utilized it to disseminate a scam, attempting to defraud unsuspecting users of their funds.

In response to the breach, Justin Sun swiftly engaged with the cryptocurrency exchange OKX, urging them to freeze any assets potentially linked to the fraudulent activity. In a public statement, Sun emphasized the critical need for immediate action to mitigate further exploitation. “We trust that OKX will act swiftly and responsibly, ensuring that its platform does not become a safe haven for scam proceeds,” Sun stated on X.

Law Enforcement介入调查，TRON承诺追回被盗资金

Sun’s efforts to address the security breach extended beyond contacting cryptocurrency exchanges. He also initiated involvement from law enforcement agencies, sharing crucial details to aid in the tracing and potential recovery of the stolen funds. Directly addressing the perpetrators, Sun issued a strong appeal for the return of the misappropriated assets.

“To the scammers involved: we strongly urge you to return the stolen funds immediately. We commit to redistributing all recovered funds back to the community. There is still a chance to do the right thing,” he declared. Authorities have reportedly traced the stolen funds to a specific wallet address, and two transaction hashes have been provided to assist in the ongoing investigation.

TRON now faces the delicate balancing act of capitalizing on the positive market response to its upgrade while simultaneously navigating the repercussions of the security incident. The swift and decisive actions taken by Justin Sun in response to the hack demonstrate a commitment to user protection, and the coming days will be crucial in determining the long-term impact of these events on the TRON ecosystem.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

Also Read: TRON Hits $10B Milestone: Will TRX Price Finally Break Out?

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