Justin Sun Explained

Justin Sun
Native Name:孙宇晨
Native Name Lang:zh
Office:Permanent Representative of Grenada to the World Trade Organization
Term Start:2021
Term End:2023
Birth Place:Xining, Qinghai, China
Citizenship:Grenada
Alma Mater:Peking University
University of Pennsylvania
Known For:Founder of TRON

Justin Sun (; born July 30, 1990) is a Chinese-born Grenadian cryptocurrency entrepreneur and business executive. He is the founder of TRON, a blockchain DAO ecosystem and USDD, the first over-collateralized decentralized stablecoin issued by TRON DAO Reserve.[1] [2] [3] He also works as an advisor to HTX.[4]

Sun once served as Permanent Representative of Grenada to the World Trade Organization (WTO) in Geneva. According to a report from the Grenada Broadcasting Network in 2022, the general elections in Grenada resulted in the ousting of the ruling party, the New National Party (Grenada). The New National Party’s government had appointed Justin Sun as the country’s permanent ambassador in 2021. When the National Democratic Congress (Grenada) came to power in June 2022, several ambassadors handed in their resignations following the change of administration while other contracts ended.[5] Sun stated that his departure was a mutual decision to step down from his position.

Early life and education

Sun was born in 1990.[6] He holds a Bachelor of Arts degree with a major in history from Peking University[7] and a Master of Arts degree in East Asian studies from the University of Pennsylvania.[8]

At the University of Pennsylvania, Sun became interested in cryptocurrency and invested early in bitcoin.[9] He studied at Jack Ma's Zhejiang Hupan Entrepreneurship Research Center.[10] He became the cover figure of Yazhou Zhoukan in 2011 and a Davos Global Shaper in 2014.[11]

Career

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. It has matched more than 4 billion chats to date.[12]

Blockchain and technology

In late 2013, Sun joined Ripple Labs as chief representative and adviser. In 2014, he founded Peiwo, a Chinese voice-based social networking app. He was named CNTV's most noteworthy new entrepreneur in 2015, and was included in Forbes 30 Under 30 Asia list from 2015 to 2017.

Sun founded the blockchain-based operating platform TRON and launched the TRX token in 2017. In September 2017 his company Tron held an initial coin offering (ICO) for the TRX token, a few days before the Chinese government banned ICOs. Shortly afterwards, Sun left China for the United States. TRON raised about $70 million at its ICO.[13]

In June 2018, Sun acquired the company BitTorrent, Inc (later renamed Rainberry Inc.) for $140 million. The company is best known for developing the BitTorrent protocol. During his tenure leading BitTorrent as CEO, the BitTorrent network launched its own utility token, BTT.[14] [15]

Sun later acquired the crypto exchange Poloniex. In November 2023 Poloniex had $120 million stolen by hackers. Sun offered to let the hackers keep $6.5 million if they returned the rest of the money within 7 days.[16]

Sometime between 2018 and 2020, Sun acquired a Maltese residency card as a result of investing in the country.

In October 2021, Sun participated in a $65 million funding round in Hong Kong-based Animoca, a maker of crypto and blockchain video games such as The Sandbox.[17]

In February 2023, he was the largest individual staked ether holder, with a balance of $500 million.[18]

On behalf of non-fungible token (NFT) related projects and funds, he has spent more than $100 million at auction for artworks from Pablo Picasso, Andy Warhol, Alberto Giacometti, and Pak.[19] In March 2024, Sun deposited $480 million to the Ether.Fi protocol.[20]

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.[21] [22]

In March 2023, Sun stepped down from his position as Permanent Representative of Grenada to the World Trade Organization.

Pending Civil Cases

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 had engaged in wash trading in the secondary market for TRX in order to raise its price.[23] [24] [25] 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.[26] [27]

In June 2024, Sun Wins Landmark Case in the People's Court of China over a landmark defamation suit filed against the Chongqing Business Media Group (“the Media”). Per court order, the Media has removed all of its false contents and issued a formal statement of apology to Sun, who has long been a target of media misrepresentations.[28]

Personal life

Sun placed the winning $4.6 million bid to have a private meal with Berkshire Hathaway CEO Warren Buffett in June 2019,[29] [30] before canceling it to widespread surprise.[31] [32] 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.[33] [34] Sun was joined by other cryptocurrency executives, including leaders of Litecoin, eToro, Huobi, and Binance Charity Foundation.[35] At the dinner, Sun gifted Buffett a phone with bitcoin and other cryptocurrencies.[36] The money from the charity auction benefited the Glide Foundation, which Buffett's late wife Susan introduced to Buffett after volunteering there.[37]

In December 2021, Sun won an auction with a bid of $28 million to be the first paying passenger to fly on Blue Origin's New Shepard vehicle in July 2021, but he was not able to fly on the mission due to a scheduling conflict.[38]

Bibliography

External links

Notes and References

  1. Web site: USDD upgrades into the first over-collateralized decentralized stablecoin. June 5, 2022. cointelegraph.com.
  2. Web site: Crypto Exchange Huobi Delists Tokens Using Justin Sun's Tron Stablecoin . David . Pan . June 26, 2023 . Bloomberg.
  3. Web site: Another algorithmic stablecoin loses its peg as Tron's USDD falls, with founder Justin Sun vowing to deploy $2 billion . Fortune.
  4. Web site: In Huobi's HTX Rebrand, the Echoes of FTX Go Beyond the Name. September 21, 2023. Bloomberg.com.
  5. Web site: Joseph Andall: Ambassadors are sending in resignation letters. July 23, 2022. thenewtodaygrenada.com.
  6. Web site: Foust . Jeff . December 23, 2021 . Crypto entrepreneur to go to space on New Shepard . Space News.
  7. Web site: Chen . Jiayin . 2022-01-24 . 'Idols Are Dead': TRON Founder Justin Sun on the Opportunities That Crypto Art Presents for His Rising Generation . 2022-03-14 . Artnet News . en-US.
  8. Web site: Zou . Cornelia . 2019-07-02 . Why Justin Sun has 1.3 million Weibo followers . 2022-03-14 . South China Morning Post . en.
  9. News: Crypto-bro Justin Sun represents everything Warren Buffett "can't even" about crypto . Li . Jane . . July 21, 2019 . September 22, 2022.
  10. Web site: Fulton . Michaela . 2019-06-17 . 5 things to know about Chinese crypto entrepreneur Justin Sun . 2022-03-14 . South China Morning Post . en.
  11. Web site: 30 under 30. Forbes.
  12. Web site: Justin Sun . Forbes.com.
  13. Web site: Harland-Dunaway . Christopher . 2022-03-09 . The many escapes of Justin Sun . 2022-10-06 . The Verge.
  14. Web site: 2019-01-03 . BitTorrent unveils cryptocurrency so users can pay for faster download times . 2023-05-05 . VentureBeat . en-US.
  15. News: Kharif . Olga . December 17, 2021 . Crypto Wunderkind Justin Sun Says He's Becoming a Diplomat for Grenada . Bloomberg.com . 2022-01-11.
  16. Web site: Jones . Connor . Justin Sun offers 5% deal to $120M Poloniex crypto-robbers . 2023-11-23 . www.theregister.com . en.
  17. News: 2021-10-20 . Ubisoft, Sequoia China Help NFT Creator Hit $2 Billion Valuation . en . Bloomberg.com . 2023-05-05.
  18. Web site: Liquid Staking Takes DeFi By Storm With $240 Million Lido Inflow, Apparently From Justin Sun. Forbes. February 27, 2023. Nina Bambysheva. April 21, 2024.
  19. Web site: Abrams . Amah-Rose . 2021-11-16 . Crypto Billionaire Justin Sun Has Revealed Himself as the Buyer of the Macklowes' $78.4 Million Giacometti . 2023-05-12 . Artnet News . en-US.
  20. Web site: Justin Sun Deposits $480M of ETH to Restaking Protocol Ether.Fi . 2024-03-21 . markets.businessinsider.com . en.
  21. News: Kharif. Olga. December 17, 2021. Crypto Wunderkind Justin Sun Says He's Becoming a Diplomat for Grenada. 2022-01-11. Bloomberg.com.
  22. News: Yang . Yueqi . December 22, 2021 . Crypto Entrepreneur Justin Sun Tackles Space Next With Blue Origin Flight . Bloomberg .
  23. Web site: SEC.gov SEC Charges Crypto Entrepreneur Justin Sun and his Companies for Fraud and Other Securities Law Violations . 2023-03-22 . www.sec.gov.
  24. News: Wigglesworth . Robin . 22 March 2023 . SEC goes after Justin Sun, Lindsay Lohan and Soulja Boy . Financial Times .
  25. Web site: Roth . Emma . 2023-03-22 . SEC sues Justin Sun for his crypto schemes, along with Lindsay Lohan, Jake Paul, and Soulja Boy . 2023-03-22 . The Verge . en-US.
  26. News: SEC charges Lindsay Lohan, Jake Paul with crypto violations. Julia. Mueller. The Hill. March 22, 2023. March 22, 2023.
  27. News: Lindsay Lohan, Jake Paul, Lil Yachty Among Celebrities Charged In SEC Crypto Case. Patrick. Hipes. Deadline Hollywood. March 22, 2023. March 22, 2023.
  28. Web site: TRON Founder Justin Sun Wins Landmark Case in the People's Court of China – Company Announcement - FT.com . 2024-07-01 . markets.ft.com.
  29. Web site: Lam . Katherine . 2019-06-03 . Winning bidder of Warren Buffett's private lunch revealed as Tron CEO Justin Sun . 2023-05-12 . FOXBusiness . en-US.
  30. Web site: Chinese blockchain entrepreneur Justin Sun won Warren Buffett's charity lunch with $4.6M bid . 2023-05-12 . Yahoo Finance . en-US.
  31. News: Stevenson . Alexandra . Li . Cao . 2019-07-24 . Who Cancels Lunch With Warren Buffett? A Chinese Tycoon Did, but Why? . en-US . The New York Times . 2023-05-12 . 0362-4331.
  32. Web site: Russolillo . Stella Yifan Xie and Steven . 'Excessive Self-Promotion': Justin Sun Apologizes After Postponing Charity Lunch With Warren Buffett . 2023-05-12 . WSJ . en-US.
  33. Web site: Mohamed . Theron . Warren Buffett finally had his $4.6 million meal with crypto boss Justin Sun . 2023-05-12 . Markets Insider . en-US.
  34. News: 2021-12-22 . Crypto Entrepreneur Justin Sun Tackles Space Next With Blue Origin Flight . en . Bloomberg.com . 2023-11-11.
  35. Web site: Crippen . Alex . 2020-02-06 . Cryptocurrency entrepreneur finally gets his $4.6 million meal with Buffett . 2023-11-11 . CNBC . en.
  36. Web site: Crippen . Alex . Cryptocurrency entrepreneur finally gets his $4.6 million meal with Buffett . 2023-05-12 . CNBC . en.
  37. News: 2019-06-03 . Crypto pioneer Justin Sun pays $4.57 million for Warren Buffett lunch . en . Reuters . 2023-05-12.
  38. News: 2021-12-22 . Crypto pioneer Justin Sun plans space trip with Blue Origin . en . Reuters . 2023-05-12.