TRON CEO Justin Sun to Endorse Basketball Star's Sneakers

Tech entrepreneur and TRON founder Justin Sun will be sponsoring the shoes of Basketball star Spencer Dinwiddie this season, according to a recent Twitter post by the Brooklyn Nets guard.

The Tweet announced that Sun, the chief executive of the TRON Foundation and BitTorrent, will pay 0.1 bitcoin per game (8.2BTC over the season - worth around $66,000) for Dinwiddie's game-worn sneakers, which will go to youth charities.

Tokenization Refused by NBA

The announcement came just hours after the National Basketball Association (NBA) blocked Dinwiddie from tokenizing a portion of his earnings on the Ethereum network to raise $13.5 million in advance on his three-year contract - worth a total of $35 million.

However, the NBA said on Friday that such a scheme would violate the sports association's rule that states "no player shall assign or otherwise transfer to any third party his right to receive compensation from the team under his uniform player contract".

Sun famously paid $4.6 million at a charity auction in June to attend an annual charity lunch held by Berkshire Hathaway chief executive and third-wealthiest person in the world Warren Buffett. Having cancelled on the scheduled lunch date due to kidney stones, Sun's meeting with the 89-year-old billionaire has yet to be rescheduled.

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Over 5,000 Ugandan Citizens File Petitions Over Cryptocurrency Scam

Michael LaVere
  • Over 5,000 Ugandan citizens petitioned Parliament to issue a refund over funds lost in Dunamiscoins Resource Ltd. closure.
  • Cryptocurrency firm shuttered operation in late December, reportedly taking UGX 23 billion in client funds. 

Over 5,000 Ugandan citizens have petitioned Parliament following a high-profile scam by cryptocurrency firm Dunamiscoins Resource Ltd. 

According to a report by KMA Updates, more than 5,000 Ugandans submitted a petition seeking a refund over money invested in Dunamiscoins, which suddenly shuttered in December 2019. The fraudulent crypto firm billed itself as a privately owned company and claimed it was committed to providing complimentary crypto services to banks in order to benefit the low income and poor. 

In late 2019, Dunamiscoins’s bank account was suddenly frozen, with petitioners arguing that more than UGX 23 billion ($6.2 million) in client funds was locked in the firm. 

Arthur Asiimwe, de facto leader of the petitioners, told the Speaker and members of Parliament, 

[The] government licensed this company and gave it the go-ahead to work as a non-deposit taking financial institution; it carried out its duties as a microfinance company. They gave unrealistic bonuses.

Asiimwe and other petitioners argued that Dunamiscoins was operating as a microfinance company despite being registered as a non-deposit financial institution. While two of the company’s three directors have been arrested, Managing Director Susan Awoni remains at large. 

Asiimwe continued, 

We are not satisfied with what the Police report that they have failed to arrest the third director. We request that the Financial Intelligence Authority follows this up and trace where the money is and we are refunded.

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