Original author: Token Dispatch, Thejaswini MA
Original translation: Block unicorn
Preface
Justin Sun: The Chinese-born crypto billionaire founded TRON, acquired BitTorrent for $140 million, had lunch with Warren Buffett for $4.6 million, ate a $6.2 million banana, and just became the No. 1 investor in Trump’s meme coin with a $20 million position.
From Peking University history student to one of the most controversial figures in cryptocurrency, Justin Sun built his empire through aggressive marketing, strategic acquisitions and a talent for staying one step ahead of regulators.
How did a man who once faced SEC fraud charges become a guest at the presidents dinner?
Behind the publicity stunts and regulatory battles lurks a more complex question: Is this visionary entrepreneur a savvy marketer or a dangerous opportunist?
From Xining to the world stage
Justin Sun’s cryptocurrency rise began in Xining, a remote city in China’s Qinghai province, where he was born on July 30, 1990.
His family background provided a stable but not privileged life - his father managed a state-owned enterprise, his mother was a primary school teacher before becoming a journalist, and his late grandfather was deputy mayor of Xining in charge of education.
It was his academic achievements that allowed him to enter the circle of Chinas elite.
At Peking University, one of China’s most prestigious institutions, Sun majored in history while also showing off his flair for publicity by running (unsuccessfully) as an independent candidate for student union president.
In 2011, he appeared on the cover of Asia Weekly, marking his emergence as a compelling young voice in China’s intellectual circles.
His masters studies in the United States brought him a breakthrough in cryptocurrency. In 2012, while studying for a masters degree in East Asian studies at the University of Pennsylvania, Justin Sun read an article about Bitcoin.
He became an early investor in Bitcoin, laying the foundation for what would become a multi-billion dollar cryptocurrency empire.
Sun’s education continued at Lakeside University, an elite business school founded by Alibaba founder Jack Ma. He was reportedly the youngest graduate of the program, gaining access to China’s entrepreneurial elite and the transactional mindset that defined his career.
The beginning of social media
Before entering the blockchain space, Justin Sun cut his teeth in China’s highly competitive social media sector.
After graduation, Justin Sun dove headfirst into the world of cryptocurrency.
Ripple Labs (2013): Justin Sun’s first major role in the cryptocurrency space was as Chief Representative and Advisor for Ripple Labs in Greater China. This allowed him to see first-hand how blockchain technology actually works and how to navigate the regulatory environment in Asia.
Peiwo (2014): Before Tron, Justin Sun founded Peiwo, described as “an audio hybrid of Tinder and a live chat room.” Users connected via 10-second voice samples, and the app was a huge hit in China.
The success of “Peiwo” earned Sun some early recognition: he was listed in Forbes’ “30 Under 30 in Asia” (2015-2017) and was recognized by China Central Television as a young entrepreneur to watch.
But Sun Yuchen has bigger plans. The audio social app is just a warm-up.
By 2017, Sun had amassed enough blockchain knowledge and connections to prepare for his next venture — the one that would catapult him into the elite ranks of cryptocurrency entrepreneurs.
The origin of TRON
In 2017, 26-year-old Justin Sun founded TRON with the goal of “decentralizing the Internet” and building a blockchain-based content entertainment system. The timing was perfect… but also questionable.
Sun launched TRON’s initial coin offering (ICO) in September 2017, just days before the Chinese government imposed a blanket ban on ICOs. Coincidence? Sun reportedly got advance notice of the impending ban and rushed to complete the token sale, raising around $70 million before the window closed.
Immediately after the sale was completed, Sun left China for the United States, effectively moving TRON operations overseas. Was this a smart move or a premeditated one? You be the judge.
The move was not without controversy. Critics accused Sun of insider trading based on regulatory information, while supporters praised him for acting decisively to protect investor funds.
By 2018, TRON launched its own blockchain network, migrating away from Ethereum to become an independent platform capable of processing thousands of transactions per second at a very low cost.
Almost at the same time, critics accused TRONs white paper of plagiarizing parts of Ethereum and the peer-to-peer file system Interstellar File System (IPFS) without citing the source. Sun Yuchen argued that it was a translation error between the Chinese and English versions, but the reputation of borrowing ideas lingered.
Despite the controversy, TRON has grown rapidly, and by 2020 it has become a top 15 cryptocurrency by market cap, with applications ranging from decentralized finance (DeFi) projects to gambling decentralized applications (dApps).
In addition to technical indicators, TRON has also achieved a real-world utility that many blockchain projects cannot achieve: real-world practicality. The network hosts numerous gambling applications, content platforms, and financial services (MetaWin, LUMINIOUS, JustLend DAO, SunSwap, and Bridgers), providing services to millions of users around the world.
Sun Yuchen has further expanded into the traditional art field through the APENFT Foundation, connecting the physical and digital art markets through NFT technology. His high-profile art purchases reflect both personal enthusiasm and provide strategic marketing for TRON’s cultural projects.
Building through acquisition
Not only did Justin Sun create TRON, he also dominated the cryptocurrency space through acquisitions.
BitTorrent (2018): Suns biggest move was the acquisition of BitTorrent for $140 million.
BitTorrent, the pioneering peer-to-peer file-sharing protocol, brought millions of existing users into the TRON ecosystem. More importantly, it provided Sun with proven decentralized content distribution technology.
The acquisition gave rise to the BitTorrent Token (BTT), which incentivizes file sharing through cryptocurrency rewards. Within months of its launch, BTT became one of the most actively traded tokens in the crypto market.
The acquisition had a profound impact on the company culture. Under Sun’s aggressive, high-pressure leadership, BitTorrent’s previously relaxed work environment underwent a seismic shift.
Ironically, both cryptocurrencies and BitTorrent are built on the principle of decentralization, but Justin Sun has concentrated control entirely in his own hands.
Poloniex (2019): Sun acquired the US-based cryptocurrency exchange Poloniex from Circle, though he initially denied controlling the exchange. Under his leadership, Poloniex worked closely with TRON, promoted TRX trading, and became the primary market maker for Sun’s various tokens.
According to The Verge, Justin Sun instructed Poloniex employees to confiscate $11 million worth of Bitcoin that users mistakenly sent to the wrong addresses and regard the funds as his finders reward.
HTX (formerly Huobi, 2022): Sun joined Huobi Global as an “advisor”, but there were reports that he actually took control of the exchange. In 2023, Huobi changed its name to HTX, with Sun playing a major role in operations and strategy.
By 2022, Justin Sun controls a vertically integrated crypto ecosystem spanning blockchain infrastructure, content platforms, and major exchanges.
Diplomatic Immunity and Political Operations
In December 2021, Justin Sun was appointed as Grenadas Ambassador and Permanent Representative to the World Trade Organization (WTO).
The designation allows Sun to use the title “Your Excellency” in public and provides him with a platform to advocate for blockchain-friendly policies in international forums.
However, this diplomatic career was short-lived. In March 2023, following a change of government in Grenada, Sun was reportedly removed from his WTO position, coincidentally, just as his dispute with the U.S. Securities and Exchange Commission (SEC) intensified.
Not wanting to waste a good title, Sun joined Liberland, a self-proclaimed micronation between Croatia and Serbia. In October 2024, Liberland announced Sun as “Speaker of Parliament” and “Prime Minister,” two largely symbolic positions for a largely symbolic country.
The art of controversy
Justin Sun’s business success is matched only by his ability to generate headlines through increasingly audacious publicity stunts.
The lunch with Warren Buffett perfectly showcased his marketing genius and tendency to overextend. After buying a private lunch with the legendary investor for $4.57 million at a charity auction, Sun billed the encounter as a historic meeting between traditional finance and cryptocurrency.
But days before the lunch was scheduled, Sun abruptly canceled, citing kidney stones. Chinese media reported that authorities were investigating him for unspecified financial crimes, prompting Sun to issue a lengthy apology on social media.
“My immature, naive, impulsive behavior and loud mouth turned this into an over-the-top marketing hype that spiraled out of control and failed, leading to a series of unintended consequences,” he wrote in his apology, acknowledging that his “excessive self-promotion” had attracted unnecessary regulatory attention.
The lunch eventually took place in a low-key manner in January 2020, achieving Sun’s goal of connecting the cryptocurrency and traditional financial worlds.
In November 2024, Justin Sun purchased Maurizio Cattelans conceptual art work Comedian for $6.2 million at Sothebys. The work consists solely of a banana taped to the wall.
But Sun didn’t stop there. In a move that made international headlines, he ate the banana during a press conference, calling it “a cultural phenomenon that connects the art, meme and cryptocurrency communities.”
His review? I can taste a little bit of the Big Mac banana from a hundred years ago.
Only Justin Sun would spend $6.2 million on a banana and then eat it just to create hype.
Other notable moves:
Blue Origin space flight: In 2021, Sun won a seat on a Blue Origin space flight with an anonymous bid of $28 million, but was unable to ride due to scheduling conflicts.
Tesla Giveaways: Sun has organized controversial sweepstakes, including Tesla giveaways, which have brought him a lot of attention but also sparked accusations of manipulation.
Art Collection: He bid on Beeple’s NFT work “Everydays: The First 5000 Days” at a Christie’s auction, narrowly missing the final winning bid of $69 million.
Each stunt serves the same purpose: to keep Justin Sun and his projects in the headlines.
Legal disputes and regulatory games
Suns aggressive business strategies inevitably attracted regulatory scrutiny, culminating in a comprehensive lawsuit filed against him by the U.S. Securities and Exchange Commission (SEC) in March 2023.
The charges are serious: an unregistered securities offering, market manipulation through wash trading, and orchestrating undisclosed celebrity endorsements. The U.S. Securities and Exchange Commission (SEC) accuses Justin Sun of directing employees to conduct more than 600,000 fake trades to artificially inflate TRX trading volume.
Eight celebrities, including Lindsay Lohan, Jake Paul and Ne-Yo, were sued for promoting Sun’s token without proper disclosure.
Sun Yuchen responded on social media: The SECs allegations are unfounded. The regulatory framework for cryptocurrencies is not yet clear, and we will resolutely refute these allegations.
The case has cast a shadow over Sun’s operations for nearly two years, limiting his activities in the U.S. market and potentially exposing him to huge fines and restrictions.
However, in February 2025, the unexpected happened: the SEC quietly withdrew the case. This timing also attracted the attention of the entire cryptocurrency industry.
Just a few months ago, Justin Sun invested $75 million in World Liberty Financial, a cryptocurrency project backed by US President Donald Trump and his family.
The investment made Justin Sun the largest known backer of a Trump-related crypto project, with reports suggesting that 75% of token sale proceeds went directly to the Trump family as fees.
Whether it was a coincidence or a calculated move, the SEC’s withdrawal of the lawsuit cleared a major obstacle for Sun Yuchen’s continued expansion in the U.S. market.
$19 million dinner invitation
Justin Sun’s Trump investment strategy culminated in May 2025 when he announced that he was the largest holder of the TRUMP meme coin, holding approximately $19 million worth of tokens.
The status entitles him to attend an exclusive dinner with the president at Trump’s golf club near Washington, D.C., an event limited to the first 220 token holders.
“What a coincidence: the day after the Senate advances the GENIUS Act, Justin Sun announces that he, the president’s largest cryptocurrency buyer, will attend his private dinner,” Senator Elizabeth Warren commented. “It must be made clear to everyone that (the GENIUS Act) does not prevent corruption — it greenlights corruption.”
Sun’s total investment in Trump-related crypto projects now exceeds $90 million, a major bet on the future of U.S. cryptocurrency regulation politics.
Whether viewed as savvy political investment or unscrupulous money-for-money dealings, the strategy has put Sun at the center of the convergence of cryptocurrency and mainstream American politics.
His comments after the dinner:
“All the naysayers should really pay attention,” Sun told CoinDesk. “There are some positive things happening in the industry.”
The Shadow Side of Success
Justin Sun’s rise has not come without a cost, especially for those who work closely with him.
Former employees described a demanding work environment characterized by excessive goal setting, long hours, and Sun’s erratic management style. In 2020, two former BitTorrent employees filed a lawsuit alleging harassment, wrongful termination, and retaliation against whistleblowers.
The case ended up in private arbitration, and details have not been made public, but the allegations paint a picture of a leader willing to push ethical boundaries in pursuit of business goals.
Sun’s company has also faced security challenges. In November 2023, Poloniex suffered a $120 million hack, and Sun offered the hacker a 5% ($6.5 million) bounty on the condition that the remaining funds be returned.
These events highlight a consistent pattern: Sun is willing to bend the rules and push the boundaries in order to achieve larger strategic goals.
Our View
Justin Sun’s story reads like a cryptocurrency fever dream: A Chinese history student became a billionaire through aggressive marketing, strategic acquisitions and precise regulatory response.
His empire spans blockchains, exchanges, art collections, and now political connections to the highest levels of the U.S. government. He has survived plagiarism charges, SEC fraud allegations, employee lawsuits, and multiple market crashes.
Reasons to support Justin Sun
Built one of the largest and most widely used blockchain networks in the cryptocurrency space
Demonstrated a talent for marketing that continues to drive adoption
Navigating complex regulatory environments in multiple countries and regions
Created real technological innovation in blockchain scalability and decentralized finance (DeFi)
Reasons to oppose Justin Sun
A history of controversial business practices and challenging ethical boundaries
Aggressive management style can harm employees and partners
Tends to create hype that exceeds actual technical contribution
Ongoing regulatory troubles and legal challenges
Reality
Justin Sun may be both a dreamer and a showman. His blockchain technology contributions are real — TRON handles huge transaction volumes and supports significant DeFi activity. And his marketing innovations have changed the way crypto projects are promoted.
But his methods often involve taking shortcuts, pushing ethical boundaries, and prioritizing headlines over sustainable business practices.
Whether you admire or despise Justin Sun, his influence on cryptocurrency is undeniable. He has influenced everything from technology development to marketing strategies to regulatory approaches.
Remember: When someone pays $6.2 million for a banana and then eats it for publicity, you’re not dealing with an ordinary entrepreneur. You’re dealing with Justin Sun.
