Justin Sun
{{pp|small=yes}}
{{Short description|Chinese-born Kittitian crypto billionaire}}
{{Use mdy dates|date=May 2020}}
{{Infobox officeholder
| name = Justin Sun
| native_name = 孙宇晨
| native_name_lang = zh
| image = File:Head of the Grenadian Delegation to the 12th World Trade Organization Ministerial Conference Justin Sun.jpg
| image_size =
| caption =
| office = Permanent Representative of Grenada to the World Trade Organization
| term_start = 2021
| term_end = 2023
| birth_date = {{Birth-date and age|July 30, 1990}}
| birth_place = Xining, Qinghai, China
| nationality = Kittitian
| alma_mater = Peking University
University of Pennsylvania
| occupation = {{ubl|Diplomat|Entrepreneur|Businessman}}
| known_for = Founder of TRON
| website = {{URL|https://www.hejustinsun.com/}}
}}
Justin Sun ({{zh|s=孙宇晨|p=Sūn Yǔchén}}; born July 30, 1990) is a Chinese-born Kittitian crypto billionaire and businessperson.{{Cite web|url=https://www.forbes.com/profile/justin-sun/|title=Justin Sun|website=Forbes}} He is the founder of TRON, a cryptocurrency with an associated blockchain DAO ecosystem and USDD, a stablecoin issued by TRON DAO Reserve.{{Cite web|url=https://www.bloomberg.com/news/articles/2023-06-26/crypto-exchange-huobi-delists-tokens-using-sun-s-tron-stablecoin |title=Crypto Exchange Huobi Delists Tokens Using Justin Sun's Tron Stablecoin |first=David |last=Pan |date=June 26, 2023 |website=Bloomberg}}{{Cite web |url=https://fortune.com/crypto/2022/06/13/algorithmic-stablecoin-usdd-loses-peg-justin-sun-tron-decentralized-usd/ |title=Another algorithmic stablecoin loses its peg as Tron's USDD falls, with founder Justin Sun vowing to deploy $2 billion |website=Fortune |access-date=March 31, 2024 |archive-date=June 15, 2022 |archive-url=https://web.archive.org/web/20220615074016/https://fortune.com/2022/06/13/algorithmic-stablecoin-usdd-loses-peg-justin-sun-tron-decentralized-usd/ |url-status=live }} Sun is also the owner of Rainberry (formerly Bitorrent Inc.), which developed the BitTorrent protocol and under Sun's leadership developed the BTT cryptocurrency token. Sun also owns the crypto exchange Poloniex, and is affiliated with the crypto exchange HTX (formerly Huobi). Sun served as Permanent Representative of Grenada to the World Trade Organization (WTO) in Geneva from 2021 to 2023.
In 2023, Sun was sued by the U.S. Securities and Exchange Commission, who alleged that Sun and his companies have engaged in fraudulent activity to inflate the price of the TRON (TRX) and BTT tokens, as well as selling unregistered securities.
Early life and education
Sun was born in 1990.{{Cite web |last=Foust |first=Jeff |date=December 23, 2021 |title=Crypto entrepreneur to go to space on New Shepard |url=https://spacenews.com/crypto-entrepreneur-to-go-to-space-on-new-shepard/ |website=Space News}} He holds a Bachelor of Arts degree with a major in history from Peking University{{Cite web |last=Chen |first=Jiayin |date=2022-01-24 |title='Idols Are Dead': TRON Founder Justin Sun on the Opportunities That Crypto Art Presents for His Rising Generation |url=https://news.artnet.com/market/justin-sun-interview-apenft-2062888 |access-date=2022-03-14 |website=Artnet News |language=en-US |archive-date=March 14, 2022 |archive-url=https://web.archive.org/web/20220314175403/https://news.artnet.com/market/justin-sun-interview-apenft-2062888 |url-status=live }} and a Master of Arts degree in East Asian studies from the University of Pennsylvania.{{Cite web |last=Zou |first=Cornelia |date=2019-07-02 |title=Why Justin Sun has 1.3 million Weibo followers |url=https://www.scmp.com/magazines/style/news-trends/article/3016486/why-jack-mas-protege-justin-sun-has-13-million-weibo |access-date=2022-03-14 |website=South China Morning Post |language=en |archive-date=March 14, 2022 |archive-url=https://web.archive.org/web/20220314175404/https://www.scmp.com/magazines/style/news-trends/article/3016486/why-jack-mas-protege-justin-sun-has-13-million-weibo |url-status=live }}
At the University of Pennsylvania, Sun became interested in cryptocurrency and invested early in bitcoin.{{cite news |title=Crypto-bro Justin Sun represents everything Warren Buffett "can't even" about crypto |last=Li |first=Jane |url=https://qz.com/1649872/who-is-warren-buffetts-lunch-date-tron-ceo-justin-sun/ |work=Quartz |date=July 21, 2019 |access-date=September 22, 2022 |archive-date=August 16, 2022 |archive-url=https://web.archive.org/web/20220816005252/https://qz.com/1649872/who-is-warren-buffetts-lunch-date-tron-ceo-justin-sun/ |url-status=live }} He studied at Jack Ma's Zhejiang Hupan Entrepreneurship Research Center.{{Cite web |last=Fulton |first=Michaela |date=2019-06-17 |title=5 things to know about Chinese crypto entrepreneur Justin Sun |url=https://www.scmp.com/magazines/style/news-trends/article/3014813/5-things-know-about-chinese-crypto-entrepreneur-justin |access-date=2022-03-14 |website=South China Morning Post |language=en |archive-date=March 14, 2022 |archive-url=https://web.archive.org/web/20220314174647/https://www.scmp.com/magazines/style/news-trends/article/3014813/5-things-know-about-chinese-crypto-entrepreneur-justin |url-status=live }} He became the cover figure of Yazhou Zhoukan in 2011 and a Davos Global Shaper in 2014.{{Cite web|url=https://www.forbes.com/profile/justin-sun/#3e68b892603f|title=30 under 30|website=Forbes|access-date=July 3, 2019|archive-date=December 1, 2017|archive-url=https://web.archive.org/web/20171201045056/https://www.forbes.com/profile/justin-sun/#3e68b892603f|url-status=live}}
Career
= Diplomacy =
Sun was appointed Ambassador and Permanent Representative of Grenada to the World Trade Organization (WTO) in 2021. As a result, Sun phased out of his daily roles at his crypto-related projects such as TRON in order to focus on his diplomatic role at the WTO in Geneva. Sun told Bloomberg he would use his role to advocate cryptocurrency and blockchain technology to countries and promote technology development in Grenada. Sun said the Caribbean has "become a very good place for entrepreneurship" because of its close proximity to the U.S., with less strict regulations regarding cryptocurrency.
In December 2021, Justin Sun retired as a CEO of TRON to become a diplomat for Grenada.{{Cite news|last=Kharif|first=Olga|date=December 17, 2021|title=Crypto Wunderkind Justin Sun Says He's Becoming a Diplomat for Grenada|url=https://www.bloomberg.com/news/articles/2021-12-17/crypto-wunderkind-sun-says-he-s-becoming-a-diplomat-for-grenada|access-date=2022-01-11|newspaper=Bloomberg.com|archive-date=December 23, 2021|archive-url=https://web.archive.org/web/20211223145705/https://www.bloomberg.com/news/articles/2021-12-17/crypto-wunderkind-sun-says-he-s-becoming-a-diplomat-for-grenada|url-status=live}}{{cite news |last1=Yang |first1=Yueqi |date=December 22, 2021 |title=Crypto Entrepreneur Justin Sun Tackles Space Next With Blue Origin Flight |publisher=Bloomberg |url=https://www.bloomberg.com/news/articles/2021-12-22/crypto-entrepreneur-sun-tackles-space-with-blue-origin-flight?sref=qpwbmgSU |access-date=December 23, 2021 |archive-date=March 17, 2023 |archive-url=https://web.archive.org/web/20230317140657/https://www.bloomberg.com/news/articles/2021-12-22/crypto-entrepreneur-sun-tackles-space-with-blue-origin-flight?sref=qpwbmgSU |url-status=live }}
In March 2023, Sun stepped down from his position as Permanent Representative of Grenada to the World Trade Organization, which followed the previous governing party of Grenada which had appointed him losing power following the general election the previous year.{{Cite web |last=Weiss |first=Ben |title='His excellency' no longer: Grenada sunsets Justin Sun's role as WTO rep in wake of SEC lawsuit |url=https://fortune.com/crypto/2023/03/31/his-excellency-sec-lawsuit-justin-sun-grenada-diplomat-wto/ |access-date=2024-09-20 |website=Fortune Crypto |language=en}}
In October 2024, Sun was elected as a "Speaker of Congress" and appointed as "Prime Minister" of Liberland, a micronation (self-proclaimed country) that claims to own (but does not control) a small region on the Danube river floodplain border between Serbia and Croatia.{{Cite web |last=Chaturvedi |first=Vinamrata |date=2024-10-10 |title=A crypto king is now the prime minister of a tiny country |url=https://qz.com/crypto-entrepreneur-justin-sun-prime-minister-of-liberl-1851669959 |access-date=2024-10-16 |website=Quartz |language=en}}
= Internet =
Sun founded Peiwo, an app aspiring to become China's Snapchat that matches and connects users by analyzing 10-second voice samples as well interests. Peiwo has introduced a host of channels for users to make like-minded friends, with online games, talent shows and live streaming. According to Sun it has matched more than 4 billion chats to date.{{Cite web |title=Justin Sun |url=https://www.forbes.com/profile/justin-sun/ |via=Forbes.com |access-date=July 3, 2019 |archive-date=December 1, 2017 |archive-url=https://web.archive.org/web/20171201045056/https://www.forbes.com/profile/justin-sun/ |url-status=live }} The Verge described the app as an "audio-based mashup of Tinder and a live-stream chat room".
Legal issues
In 2020, a civil lawsuit was filed against Sun by former TRON employees Lucasz Juraszek and Richard Hall, with allegations "ranging from fraud to harassment to whistleblower retaliation". While the filers sought a public trial, the judge sided with Sun's request for private arbitration. In March 2023, Sun was sued by the U.S. Securities and Exchange Commission for selling unregistered securities related to the sale and promotion of Tron (TRX) and BitTorrent (BTT) tokens, alleging that Sun and his companies had engaged in fraudulent activities such as wash trading in the secondary market for TRX in order to raise its price.{{Cite web |title=SEC.gov {{!}} SEC Charges Crypto Entrepreneur Justin Sun and his Companies for Fraud and Other Securities Law Violations |url=https://www.sec.gov/news/press-release/2023-59 |access-date=2023-03-22 |website=www.sec.gov |archive-date=March 22, 2023 |archive-url=https://web.archive.org/web/20230322225716/https://www.sec.gov/news/press-release/2023-59 |url-status=live }}{{Cite news |last=Wigglesworth |first=Robin |date=22 March 2023 |title=SEC goes after Justin Sun, Lindsay Lohan and Soulja Boy |work=Financial Times |url=https://www.ft.com/content/fd4696b6-53d9-4156-a874-4ddb9b172d57 |access-date=March 22, 2023 |archive-date=March 22, 2023 |archive-url=https://web.archive.org/web/20230322225715/https://www.ft.com/content/fd4696b6-53d9-4156-a874-4ddb9b172d57 |url-status=live }}{{Cite web |last=Roth |first=Emma |date=2023-03-22 |title=SEC sues Justin Sun for his crypto schemes, along with Lindsay Lohan, Jake Paul, and Soulja Boy |url=https://www.theverge.com/2023/3/22/23652268/justin-sun-tron-crypto-sec-lawsuit-securities-fraud-jake-paul |access-date=2023-03-22 |website=The Verge |language=en-US}} Eight celebrities, including Akon, Ne-Yo, Austin Mahone, Soulja Boy, Lindsay Lohan, Jake Paul and Lil Yachty were charged with promoting these cryptocurrencies without disclosing that they were sponsored. All defendants excluding Soulja Boy and Austin Mahone settled with payments in excess of $400,000 without admitting liability.{{cite news|url=https://thehill.com/business/3913168-sec-charges-lindsay-lohan-jake-paul-with-crypto-violations/|title=SEC charges Lindsay Lohan, Jake Paul with crypto violations|first=Julia|last=Mueller|work=The Hill|date=March 22, 2023|accessdate=March 22, 2023|archive-date=March 22, 2023|archive-url=https://web.archive.org/web/20230322215355/https://thehill.com/business/3913168-sec-charges-lindsay-lohan-jake-paul-with-crypto-violations/|url-status=live}}{{cite news|url=https://deadline.com/2023/03/crypto-charges-lindsay-lohan-jake-paul-lil-yachty-celebrities-1235307430/|title=Lindsay Lohan, Jake Paul, Lil Yachty Among Celebrities Charged In SEC Crypto Case|first=Patrick|last=Hipes|publisher=Deadline Hollywood|date=March 22, 2023|accessdate=March 22, 2023|archive-date=March 22, 2023|archive-url=https://web.archive.org/web/20230322230130/https://deadline.com/2023/03/crypto-charges-lindsay-lohan-jake-paul-lil-yachty-celebrities-1235307430/|url-status=live}} Prior reporting by The Verge also alleged that TRON, at the direction of Sun, had engaged in market manipulation by buying/selling TRX tokens based on non-public internal information. The Verge also alleged that as of 2022, Sun was under the investigation of the Federal Bureau of Investigation (FBI) and the prosecutor's office for the Southern District of New York for potential criminal charges.
Personal life
Sun placed the winning $4.6 million bid to have a private meal with Berkshire Hathaway CEO Warren Buffett in June 2019,{{Cite web |last=Lam |first=Katherine |date=2019-06-03 |title=Winning bidder of Warren Buffett's private lunch revealed as Tron CEO Justin Sun |url=https://www.foxbusiness.com/business-leaders/winning-bidder-warren-buffett-private-lunch-revealed-justin-sun |access-date=2023-05-12 |website=FOXBusiness |language=en-US |archive-date=June 4, 2019 |archive-url=https://web.archive.org/web/20190604044206/https://www.foxbusiness.com/business-leaders/winning-bidder-warren-buffett-private-lunch-revealed-justin-sun |url-status=live }}{{Cite web |title=Chinese blockchain entrepreneur Justin Sun won Warren Buffett's charity lunch with $4.6M bid |url=https://finance.yahoo.com/news/justin-sun-a-chinese-blockchain-entrepreneur-won-warren-buffetts-charity-lunch-172032176.html |access-date=2023-05-12 |website=Yahoo Finance |date=June 3, 2019 |language=en-US |archive-date=June 3, 2019 |archive-url=https://web.archive.org/web/20190603183054/https://finance.yahoo.com/news/justin-sun-a-chinese-blockchain-entrepreneur-won-warren-buffetts-charity-lunch-172032176.html |url-status=live }} before canceling it to widespread surprise.{{Cite news |last1=Stevenson |first1=Alexandra |last2=Li |first2=Cao |date=2019-07-24 |title=Who Cancels Lunch With Warren Buffett? A Chinese Tycoon Did, but Why? |language=en-US |work=The New York Times |url=https://www.nytimes.com/2019/07/24/business/china-buffett-justin-sun-cryptocurrency.html |access-date=2023-05-12 |issn=0362-4331 |archive-date=March 14, 2021 |archive-url=https://web.archive.org/web/20210314072512/https://www.nytimes.com/2019/07/24/business/china-buffett-justin-sun-cryptocurrency.html |url-status=live }}{{Cite web |last=Russolillo |first=Stella Yifan Xie and Steven |title='Excessive Self-Promotion': Justin Sun Apologizes After Postponing Charity Lunch With Warren Buffett |url=https://www.wsj.com/articles/excessive-self-promotion-justin-sun-apologizes-after-postponing-charity-lunch-with-warren-buffett-11564043243 |access-date=2023-05-12 |website=WSJ |language=en-US |archive-date=November 7, 2020 |archive-url=https://web.archive.org/web/20201107231434/https://www.wsj.com/articles/excessive-self-promotion-justin-sun-apologizes-after-postponing-charity-lunch-with-warren-buffett-11564043243 |url-status=live }} The dinner with Buffett eventually occurred in early 2020. Sun met with Buffett, a critic of cryptocurrency, at the Happy Hollow Club in Omaha, Nebraska, on January 23, 2020.{{Cite web |last=Mohamed |first=Theron |title=Warren Buffett finally had his $4.6 million meal with crypto boss Justin Sun |url=https://markets.businessinsider.com/currencies/news/tron-ceo-justin-sun-had-5-million-lunch-warren-buffett-2020-2-1028882022 |access-date=2023-05-12 |website=Markets Insider |language=en-US |archive-date=February 7, 2020 |archive-url=https://web.archive.org/web/20200207131857/https://markets.businessinsider.com/currencies/news/tron-ceo-justin-sun-had-5-million-lunch-warren-buffett-2020-2-1028882022 |url-status=live }}{{Cite news |date=2021-12-22 |title=Crypto Entrepreneur Justin Sun Tackles Space Next With Blue Origin Flight |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2021-12-22/crypto-entrepreneur-sun-tackles-space-with-blue-origin-flight |access-date=2023-11-11 |archive-date=December 23, 2021 |archive-url=https://web.archive.org/web/20211223232238/https://www.bloomberg.com/news/articles/2021-12-22/crypto-entrepreneur-sun-tackles-space-with-blue-origin-flight |url-status=live }} Sun was joined by other cryptocurrency executives, including leaders of Litecoin, eToro, Huobi, and Binance Charity Foundation.{{Cite web |last=Crippen |first=Alex |date=2020-02-06 |title=Cryptocurrency entrepreneur finally gets his $4.6 million meal with Buffett |url=https://www.cnbc.com/2020/02/06/crypto-entrepreneur-finally-gets-4point5-million-meal-with-warren-buffett.html |access-date=2023-11-11 |website=CNBC |language=en |archive-date=January 18, 2023 |archive-url=https://web.archive.org/web/20230118190414/https://www.cnbc.com/2020/02/06/crypto-entrepreneur-finally-gets-4point5-million-meal-with-warren-buffett.html |url-status=live }} At the dinner, Sun gifted Buffett a phone with bitcoin and other cryptocurrencies.{{Cite web |last=Crippen |first=Alex |title=Cryptocurrency entrepreneur finally gets his $4.6 million meal with Buffett |url=https://www.cnbc.com/2020/02/06/crypto-entrepreneur-finally-gets-4point5-million-meal-with-warren-buffett.html |access-date=2023-05-12 |website=CNBC |date=February 6, 2020 |language=en |archive-date=January 18, 2023 |archive-url=https://web.archive.org/web/20230118190414/https://www.cnbc.com/2020/02/06/crypto-entrepreneur-finally-gets-4point5-million-meal-with-warren-buffett.html |url-status=live }} The money from the charity auction benefited the Glide Foundation, which Buffett's late wife Susan introduced to Buffett after volunteering there.{{Cite news |date=2019-06-03 |title=Crypto pioneer Justin Sun pays $4.57 million for Warren Buffett lunch |language=en |work=Reuters |url=https://www.reuters.com/article/us-buffett-lunch-idUSKCN1T42ET |access-date=2023-05-12 |archive-date=May 12, 2023 |archive-url=https://web.archive.org/web/20230512162617/https://www.reuters.com/article/us-buffett-lunch-idUSKCN1T42ET |url-status=live }}
In December 2021, Sun announced that he had previously bid $28 million to be the first paying passenger on Blue Origin's first crewed mission into space on the New Shepard. Although he had won the auction, he was unable to attend the July 2021 flight due to a scheduling conflict.{{Cite news |date=2021-12-22 |title=Crypto pioneer Justin Sun plans space trip with Blue Origin |language=en |work=Reuters |url=https://www.reuters.com/markets/us/crypto-pioneer-justin-sun-plans-space-trip-with-blue-origin-2021-12-22/ |access-date=2023-05-12}}{{Cite web |last=Foust |first=Jeff |date=2021-12-23 |title=Crypto entrepreneur to go to space on New Shepard |url=https://spacenews.com/crypto-entrepreneur-to-go-to-space-on-new-shepard/ |access-date=2024-11-30 |website=SpaceNews |language=en-US}}
In November 2024, Sun purchased one of the three limited edition rights to Comedian, a 2019 conceptual artwork by Maurizio Cattelan consisting of a banana duct-taped to a wall, for $5.2 million ($6.2 million including fees) at an auction in New York.{{Cite news |last=Jefferson |first=Dee |date=2024-11-21 |title=Maurizio Cattelan’s duct-taped banana artwork fetches US$5.2m at New York auction |url=https://www.theguardian.com/artanddesign/2024/nov/21/maurizio-cattelans-duct-taped-banana-artwork-fetches-us52m-at-new-york-auction |access-date=2024-11-21 |work=The Guardian |language=en-GB |issn=0261-3077}} Shortly after the purchase he ate the banana onstage.{{Cite news |last=Wiggins |first=Kaye |last2=Ho-him |first2=Chan |date=2024-11-29 |title=Trump-linked crypto founder eats $6mn banana on stage |url=https://www.ft.com/content/76289406-300d-4e6c-8401-aa30d4a8f4c7 |access-date=2024-11-30 |work=Financial Times}} Sun later pledged to buy 100,000 bananas from the New York street vendor who the banana was originally purchased from (reportedly for 25 cents).{{Cite web |last=Nelson |first=George |date=2024-11-29 |title=Justin Sun Vows to Buy 100,000 Bananas From Vendor Who Sold 25-Cent Banana Used for $6.2 M. ‘Comedian’ |url=https://www.artnews.com/art-news/news/justin-sun-offers-to-buy-100000-bananas-from-fruit-vendor-1234725335/ |access-date=2024-11-30 |website=ARTnews.com |language=en-US}}
Bibliography
References
{{reflist}}
External links
- [https://www.hejustinsun.com/ Official website]
- [https://twitter.com/justinsuntron Justin Sun on Twitter]
{{DEFAULTSORT:Sun, Justin}}
Category:Peking University alumni
Category:University of Pennsylvania alumni
Category:People associated with cryptocurrency
Category:Chinese expatriates in the United States
Category:Immigrants to Saint Kitts and Nevis