Tron founder Justin Sun is in a legal battle with Bloomberg over falsely published information about his crypto holdings.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
3 mins read
Tron TRX $0.36 24h volatility: 0.4% Market cap: $34.21 B Vol. 24h: $1.86 B founder Justin Sun has sued Bloomberg, accusing the outlet of publishing false information about his crypto holdings.
The outlet reportedly listed assets Sun never owned while omitting ones he actually holds. Bloomberg says it is prepared to defend itself in court.
According to Sun’s legal representatives, the Tron executive’s profile on the Bloomberg Billionaires Index, which was released on Monday, had “inaccurate data that dramatically and dangerously misrepresents Mr. Sun’s assets.”
In a court filing, the Tron founder is now asking that the judge stop Bloomberg from pushing out the article. He claimed that his lawsuit against the media outlet is to prevent it from “recklessly and improperly disclosing his highly confidential, sensitive, private, and proprietary financial information.”
The crypto exec has requested a temporary restraining order. Bloomberg’s legal team signaled it may oppose the motion, arguing his case lacks merit since the article was published before he filed it.
Justin Sun confirmed that his team was approached in February by a Bloomberg journalist who asked if it was okay to list him on the Bloomberg Billionaires Index.
His assets needed to be verified and confirmed for authenticity, the journalist claimed. On this basis, the Tron founder agreed, especially because he was assured that his financial information would be kept confidential.
The media outlet claimed that it only needed the financial disclosure for verification and nothing else. However, Sun later reviewed profiles on the Index that included crypto holdings.
He found that it reported “only a lump sum value,” but claimed Bloomberg is working on publishing “specific financial holdings — in granular detail — alongside misstatements” about his holdings.
He suspects the outlet plans to use the information for an “unrelated Bloomberg article.” When the media company broke that promise, Sun launched his legal battle.
Justin Sun is known for making significant investments in emerging crypto projects and related ventures.
In January, he made a notable investment of $45 million in World Liberty Financial (WLFI), a crypto project linked to Donald Trump. This was just before Donald Trump was inaugurated as the President of the United States (POTUS).
Last month, Sun endorsed a new dual-profit strategy for TRX holders, backing his call to make idle assets productive. He also announced a $100 million commitment to the Official Trump TRUMP $9.00 24h volatility: 5.4% Market cap: $1.81 B Vol. 24h: $1.05 B token, deepening his exposure to the presidential meme coin birthed by the US president.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
