TLDR
- Tron Group filed for $210 million IPO through reverse merger with Nasdaq-listed SRM Entertainment
- ZachXBT investigator claims Tron facilitates $5-10 billion “Black U market” for money laundering
- Network recorded $1.38 billion in stablecoin inflows over past seven days
- Platform allegedly used by North Korean Lazarus Group and other criminal organizations
- TRX price dropped over 5% following the criminal activity allegations
Tron Group has filed for a public listing in the United States through a reverse merger with SRM Entertainment. The move involves $210 million worth of TRX tokens to fund operations.
The IPO filing comes through a partnership with Dominari Securities, a broker-dealer with previous connections to Donald Trump’s political circles. Justin Sun leads the Tron Group initiative.
The company plans to operate as “Tron Inc” once the merger completes. This approach uses a faster SPAC route instead of traditional IPO processes.
🚨 Tron – $TRX is making moves:
$210M reverse merger to go public on Nasdaq
TRX up 10% 📈
$55.7M in 30-day revenue
$694.5B USDT transfers in May 💸
Aligning with Eric Trump & adopting MicroStrategy-style reservesAll-time high incoming? 👀 $TRX#Tron #TRX #Crypto #IPO #USDT pic.twitter.com/6D7WLRIjNJ
— Wise Crypto (@WiseCrypto_) June 17, 2025
However, timing coincides with serious criminal allegations against the platform. Blockchain investigator ZachXBT released findings about illegal activities on the network.
The investigator claims Tron facilitates a $5-10 billion “Black U market” used for money laundering. This market allegedly serves the North Korean Lazarus Group and other criminal organizations.
ZachXBT stated that small OTC brokers use the platform to move stolen funds. These brokers helped launder money from major hacks including DMM Bitcoin, Bybit, and WazirX.
The crime supercycle is indeed very real.
While it’s true the industry has historically been ripe for abuse it has noticeably increased since politicians launched meme coins and numerous court cases were dropped further enabling the behavior.
Laundering groups and small OTC… pic.twitter.com/jzQRTYeChO
— ZachXBT (@zachxbt) June 18, 2025
The investigator estimates over 50% of some DeFi protocols’ activity comes from stolen funds. He criticized the crypto industry for entering a “crime supercycle.”
Strong Network Activity Despite Controversy
Tron blockchain processed $1.38 billion in stablecoin inflows over the past week. The majority consisted of USDT and USDC transfers.
This activity level pushed Tron ahead of Avalanche in terms of trade volume. IntoTheBlock data shows Active Addresses per dollar increased steadily.
The 90-day Cumulative Volume Delta indicates buyers still dominate the market. This metric suggests continued bullish sentiment among traders.
Regulatory Concerns Mount
ZachXBT warned that regulatory scrutiny could impact the IPO plans. He cited lenient regulations and political involvement in meme coins as contributing factors.
The investigator criticized outdated legal systems that increasingly favor smart contract exploiters. Courts often side with bad actors due to old laws.
TRX price fell over 5% to $0.2733 following the allegations. Daily trading volume dropped more than 50% to $727 million.
The timing creates challenges for Sun’s public listing ambitions. Regulators may investigate the platform before approving the merger.
Market participants continue tracking developments closely. The merger still requires regulatory approval and completion of due diligence processes.
Both positive network metrics and criminal allegations create uncertainty. The contrast between strong stablecoin flows and money laundering claims presents mixed signals.
