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Boosted by slightlyoff@toot.cafe ("Alex Russell"):
molly0xfff@hachyderm.io ("Molly White") wrote:

Justin Sun has sued Bloomberg for publishing details about his wealth that he himself provided. While Sun claims the lawsuit stems from privacy concerns, Sun seems to be trying to suppress unflattering details about his wealth and business activities as he reinvents himself in the US.

#crypto #cryptocurrency #USpol #USpolitics #JustinSun

Crypto billionaire Justin Sun has sued Bloomberg for publishing details about his wealth that he himself provided to qualify for their Billionaire Index. While Sun was initially eager for Bloomberg to publicize his multibillionaire status, he became furious when he learned they planned to publish a rough breakdown of the assets comprising his crypto fortune. This may be because it reveals an inconvenient detail: the majority of his assets are TRX, the cryptocurrency issued by his company Tron — and he owns most of the TRX in circulation (63%). This concentration is somewhat reminiscent of the 2022 revelation that Sam Bankman-Fried had built his crypto empire on a foundation of FTT, the token issued by his own company FTX, sparking concerns about the solvency of his businesses and the value of FTT that ended in the collapse of both. Sun’s fury could also stem from Bloomberg’s reporting that Sun owns the HTX cryptocurrency exchange (renamed from Huobi in late 2023 [I40]). Though it has long been clear that Sun holds more control over the exchange than he claims to have as a mere adviser, he has refused to admit he owns the company. This is a pattern with Sun, who has also denied ownership of other companies with which he’s heavily involved, such as Poloniex (which he later acknowledged owning), BiT Global, and Techteryx.
While Sun claims the lawsuit stems from fears over his privacy, personal safety, and financial security, these concerns are difficult to reconcile with his frequent public displays of wealth. Sun instead appears to be continuing his years-long pattern of trying to dictate his image in the media — downplaying his shady past1 and attempting to suppress reporting about his Tron network’s heavy use by criminal enterprises23 — now with heightened urgency as he works to reinvent himself for an American audience. Less than a year ago, Sun was a crypto entrepreneur dogged by SEC fraud allegations,4 so concerned about a reported criminal investigation into suspected financial crimes that he refused to step foot in the United States out of fear he would be arrested.5 Now he’s working to rebrand himself as a legitimate businessman, taking Tron public in US markets and securing an advisory role with one of the president’s own crypto ventures. This transformation has been aided by the mysterious easing of his legal troubles, which coincides with hundreds of millions in investments into Trump-linked businesses.