Justin Sun – Success Goes Hand In Hand With Notoriety
Justin Sun is not a stranger to those interested and has experienced a while in the crypto space. He is currently a 9x crypto billionaire and is also known for his success in 2 projects, TRON and BitTorrent.
Although he has achieved many successes, Justin Sun has also been involved in many scandals in his career.
Who is Justin Sun?
In a well-to-do family and knowledge, Justin Sun is a businessman born in 1990 in Qinghai, China.
Despite his young age, he has already achieved remarkable achievements in the crypto world by founding the TRON platform and being the CEO of BitTorrent.
Not only that, but Justin Sun was also on the list of “30 Under 30 – Asia – Consumer Technology” voted by Forbes Magazine.
Justin Sun’s Biography and Journey to Crypto
Before succeeding in the field of cryptocurrency, as a child, Justin Sun had a dream of becoming a professional Go player, but he was unable to pursue that dream to the end.
Right from middle school, Justin showed his leadership qualities with an independent ideology that is hard to be dominated.
He received a master’s degree from the University of Pennsylvania and graduated with a bachelor’s degree from Peking University during college.
In an interview with GQ magazine, Justin Sun said that one of the principles he continually applies to his life and career is:
“Must be first. If you can not be the first in a sector, replace it immediately.”
In 2013, Justin Sun did not hesitate to learn and invest in Bitcoin, when this asset was still very new and not many people knew about it. Thanks to that, he has repeatedly earned tens of millions of yuan in Bitcoin. This is also the beginning of Justin Sun’s journey into Crypto.
Justin Sun’s successful career
Working for Ripple Labs
Justin Sun used to work for Ripple Labs and became the company’s representative in the China region. Then hold the position of advisor here.
Initially, Ripple Labs was just a startup with the ambition to develop a cross-border payment system using the XRP cryptocurrency. However, the coin has since thrived and is currently at 6th place in the market capitalization rankings.
Founder Pei Wo
Justin Sun’s first success came from the founding of Peiwo – an application that connects people by voice.
According to a statistical report in 2018, Peiwo has more than 10 million registered users and 1 million regular active users.
Despite having achieved particular successes with Peiwo, he is not satisfied.
Therefore, while studying at Human, in July 2017, Justin Sun founded a decentralized blockchain called TRON.
Founder of the TRON (TRX) project
From here, Justin Sun’s career began to advance powerfully with the primary role of the founder of the blockchain project TRON and CEO.
TRX’s original goal was to develop a blockchain-based entertainment platform. But then the direction changed and turned to build a blockchain platform for decentralized applications (DApps) capable of matching or surpassing Ethereum.
Since then, TRX has grown tremendously and is becoming a project with a total capitalization of 7 billion USD, the 14th largest in the entire crypto market. Thanks to that, Justin Sun has also earned a large amount of money.
The acquisition of BitTorrent
In 2018, the TRX price increased and helped the TRON Foundation and Justin Sun collect a large amount of money.
Since then, Justin Sun has decided to take the next step: spend $ 140 million to acquire BitTorrent, a P2P data-sharing platform, for $ 140 million in June 2018.
The acquisition of the Poloniex exchange
After announcing the Poloniex exchange separating from the parent company, Circle, and changing its name to Polo Digital Assets, Ltd, there were rumors that Justin Sun was the leader of an investment group that bought Poloniex. Initially, Sun completely denied this information.
However, during a Livestream on Poloniex’s official Twitter channel on November 12, 2019, Justin Sun admitted that he was one of the investors who acquired this exchange.
In addition, Sun emphasized that Poloniex will operate independently of the Tron Foundation. At the same time, he also wants investors to support Poloniex to develop more.
“Stain” in Justin Sun’s career
Besides outstanding achievements in his career, Justin Sun also has to face many different accusations.
Accused of plagiarism by ETH founder Vitalik Buterin
Because TRX’s goal is to match or surpass Ethereum, Justin Sun does not have a good relationship with ETH founder Vitalik Buterin. Specifically, the two had a war of words via Twitter.
However, the most prominent one was in April 2018, when Sun posted a diagram arguing that TRX is a superior protocol to Ethereum.
In response, Vitalik Buterin responded on Twitter, accusing Sun of falsely arguing about the capabilities of the ETH platform, as well as accusing Sun of plagiarizing ETH’s model to apply to the TRON project. Specifically, Vitalik sarcastically stated that TRON is only better at replicating the whitepaper (detailed project document) of ETH.
Also, in a move regarding BitTorrent, when the platform was accused of plagiarism by Juan Benet, the creator of IPFS – Interplanetary File System, Vitalik also mocked that BitTorrent looked like a zombie under the Justin Sun dictatorship.
Accused of cheating, committing multiple crimes
On March 9, 2022, The Verge newspaper published an investigative report showing Justin Sun’s fraudulent and criminal acts over the years.
Fleeing from China to avoid the ICO ban
First, the article claims that in September 2017, Justin Sun “escaped” from China to evade the ICO ban that the country issued.
Specifically, Sun’s TRON at that time had just successfully held an ICO of TRX, raising $70 million. Fearing that he would become a government target, Justin Sun quickly secretly made a trip from Beijing to San Francisco in the United States.
Running an insider trading department to manipulate the market
Second, as revealed by a former BitTorrent employee, CFO Dipak Joshi believes that TRON is running an “insider trading department” in Beijing to manipulate the price of TRX.
Specifically, one of their many activities is to buy TRX before the good news about TRON is announced, then release tokens to take profits. In addition, the department will also cooperate with other “whales” in the crypto village to coordinate pumping and flushing for synchronization.
If this is true, this is market manipulation and insider trading. With this crime, US law can punish up to 20 years in prison for TRON’s act.
Investigated by the FBI
Besides, the article also pointed out that at Christmas 2019, Justin Sun was investigated by the US Internal Revenue Service (IRS) and the US Federal Bureau of Investigation (FBI) for alleged tax evasion.
Meanwhile, many other employees received subpoenas from the New York Southern District Court.
According to the summons, the crimes that the court is looking to investigate Justin Sun include:
- Money transfer fraud.
- Money transfer fraud conspiracy.
- Fraud.
- Money laundering.
- Using dirty money by criminal organizations.
- Not posting securities and perjury in this regard.
- Tolerating and colluding with criminal activities and conspiracies to defraud the United States.
It can be seen that he has made a lot of remarkable achievements in his career to become a billionaire in the crypto community. However, besides that, Justin Sun’s career has also appeared many “stains” in recent years.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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Justin Sun – Success Goes Hand In Hand With Notoriety
Justin Sun is not a stranger to those interested and has experienced a while in the crypto space. He is currently a 9x crypto billionaire and is also known for his success in 2 projects, TRON and BitTorrent.
Although he has achieved many successes, Justin Sun has also been involved in many scandals in his career.
Who is Justin Sun?
In a well-to-do family and knowledge, Justin Sun is a businessman born in 1990 in Qinghai, China.
Despite his young age, he has already achieved remarkable achievements in the crypto world by founding the TRON platform and being the CEO of BitTorrent.
Not only that, but Justin Sun was also on the list of “30 Under 30 – Asia – Consumer Technology” voted by Forbes Magazine.
Justin Sun’s Biography and Journey to Crypto
Before succeeding in the field of cryptocurrency, as a child, Justin Sun had a dream of becoming a professional Go player, but he was unable to pursue that dream to the end.
Right from middle school, Justin showed his leadership qualities with an independent ideology that is hard to be dominated.
He received a master’s degree from the University of Pennsylvania and graduated with a bachelor’s degree from Peking University during college.
In an interview with GQ magazine, Justin Sun said that one of the principles he continually applies to his life and career is:
“Must be first. If you can not be the first in a sector, replace it immediately.”
In 2013, Justin Sun did not hesitate to learn and invest in Bitcoin, when this asset was still very new and not many people knew about it. Thanks to that, he has repeatedly earned tens of millions of yuan in Bitcoin. This is also the beginning of Justin Sun’s journey into Crypto.
Justin Sun’s successful career
Working for Ripple Labs
Justin Sun used to work for Ripple Labs and became the company’s representative in the China region. Then hold the position of advisor here.
Initially, Ripple Labs was just a startup with the ambition to develop a cross-border payment system using the XRP cryptocurrency. However, the coin has since thrived and is currently at 6th place in the market capitalization rankings.
Founder Pei Wo
Justin Sun’s first success came from the founding of Peiwo – an application that connects people by voice.
According to a statistical report in 2018, Peiwo has more than 10 million registered users and 1 million regular active users.
Despite having achieved particular successes with Peiwo, he is not satisfied.
Therefore, while studying at Human, in July 2017, Justin Sun founded a decentralized blockchain called TRON.
Founder of the TRON (TRX) project
From here, Justin Sun’s career began to advance powerfully with the primary role of the founder of the blockchain project TRON and CEO.
TRX’s original goal was to develop a blockchain-based entertainment platform. But then the direction changed and turned to build a blockchain platform for decentralized applications (DApps) capable of matching or surpassing Ethereum.
Since then, TRX has grown tremendously and is becoming a project with a total capitalization of 7 billion USD, the 14th largest in the entire crypto market. Thanks to that, Justin Sun has also earned a large amount of money.
The acquisition of BitTorrent
In 2018, the TRX price increased and helped the TRON Foundation and Justin Sun collect a large amount of money.
Since then, Justin Sun has decided to take the next step: spend $ 140 million to acquire BitTorrent, a P2P data-sharing platform, for $ 140 million in June 2018.
The acquisition of the Poloniex exchange
After announcing the Poloniex exchange separating from the parent company, Circle, and changing its name to Polo Digital Assets, Ltd, there were rumors that Justin Sun was the leader of an investment group that bought Poloniex. Initially, Sun completely denied this information.
However, during a Livestream on Poloniex’s official Twitter channel on November 12, 2019, Justin Sun admitted that he was one of the investors who acquired this exchange.
In addition, Sun emphasized that Poloniex will operate independently of the Tron Foundation. At the same time, he also wants investors to support Poloniex to develop more.
“Stain” in Justin Sun’s career
Besides outstanding achievements in his career, Justin Sun also has to face many different accusations.
Accused of plagiarism by ETH founder Vitalik Buterin
Because TRX’s goal is to match or surpass Ethereum, Justin Sun does not have a good relationship with ETH founder Vitalik Buterin. Specifically, the two had a war of words via Twitter.
However, the most prominent one was in April 2018, when Sun posted a diagram arguing that TRX is a superior protocol to Ethereum.
In response, Vitalik Buterin responded on Twitter, accusing Sun of falsely arguing about the capabilities of the ETH platform, as well as accusing Sun of plagiarizing ETH’s model to apply to the TRON project. Specifically, Vitalik sarcastically stated that TRON is only better at replicating the whitepaper (detailed project document) of ETH.
Also, in a move regarding BitTorrent, when the platform was accused of plagiarism by Juan Benet, the creator of IPFS – Interplanetary File System, Vitalik also mocked that BitTorrent looked like a zombie under the Justin Sun dictatorship.
Accused of cheating, committing multiple crimes
On March 9, 2022, The Verge newspaper published an investigative report showing Justin Sun’s fraudulent and criminal acts over the years.
Fleeing from China to avoid the ICO ban
First, the article claims that in September 2017, Justin Sun “escaped” from China to evade the ICO ban that the country issued.
Specifically, Sun’s TRON at that time had just successfully held an ICO of TRX, raising $70 million. Fearing that he would become a government target, Justin Sun quickly secretly made a trip from Beijing to San Francisco in the United States.
Running an insider trading department to manipulate the market
Second, as revealed by a former BitTorrent employee, CFO Dipak Joshi believes that TRON is running an “insider trading department” in Beijing to manipulate the price of TRX.
Specifically, one of their many activities is to buy TRX before the good news about TRON is announced, then release tokens to take profits. In addition, the department will also cooperate with other “whales” in the crypto village to coordinate pumping and flushing for synchronization.
If this is true, this is market manipulation and insider trading. With this crime, US law can punish up to 20 years in prison for TRON’s act.
Investigated by the FBI
Besides, the article also pointed out that at Christmas 2019, Justin Sun was investigated by the US Internal Revenue Service (IRS) and the US Federal Bureau of Investigation (FBI) for alleged tax evasion.
Meanwhile, many other employees received subpoenas from the New York Southern District Court.
According to the summons, the crimes that the court is looking to investigate Justin Sun include:
- Money transfer fraud.
- Money transfer fraud conspiracy.
- Fraud.
- Money laundering.
- Using dirty money by criminal organizations.
- Not posting securities and perjury in this regard.
- Tolerating and colluding with criminal activities and conspiracies to defraud the United States.
It can be seen that he has made a lot of remarkable achievements in his career to become a billionaire in the crypto community. However, besides that, Justin Sun’s career has also appeared many “stains” in recent years.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
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