PANews reported on January 24 that Justin Sun (Sun Yuchen) posted on the social media platform that he accused the XCN (@Chain) project of conducting major market manipulation activities, using high leverage and contracts that could cause serious damage to users of multiple exchanges. He called on major exchanges (including Coinbase, Kraken, Bybit, KuCoin and HTX) to pay close attention to related risks and said that he would report its illegal activities to the US SEC and the Department of Justice (DOJ) for further investigation.