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Tron’s Justin Sun Denies Media Accusation of Illegal Crypto Fundraise

Originally published on: CoinDesk
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July 23, 2019


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Hours after Justin Sun postponed his hotly anticipated lunch with Warren Buffet over a health issue, a Chinese business news source has raised allegations against him, implying the matter may not be so straightforward.

The 21st Century Business Herald published an article on Tuesday, accusing Sun of illegal fundraising via his Tron cryptocurrency project. It also alleged the Tron network operated illegal gambling services that are accessible to Chinese residents and further took aim at Sun’s early startup Peiwo, a social network app, accusing it of involvement in the illegal pornography business.

The media outlet stated that it has confirmed with multiple sources that Justin Sun is, in fact, currently inside mainland China.

“Without a clear answer to these questions raised, will Justin be able to have this $4 million meal?” the article questioned, implying Sun may not be able to leave the country without addressing the alleged issues.

Earlier today, Sun and the Tron foundation both announced the lunch with billionaire investor Warren Buffet had to be postponed since Sun is currently suffering from kidney stones and couldn’t make it for the scheduled July 25 slot.

Since then, Sun has responded via his Weibo account to deny the allegations made by the 21st Century Business Herald.

“The illegal fundraise accusation is wrong. Tron complied with regulators and refunded investors on Sept. 20 in 2017, immediately after the order [of a ban on initial coin offerings] from seven ministries in China,” Sun wrote, adding:

“The Tron foundation is based in Singapore in compliance with local regulations and laws. … and does not involve any flow of capital, or any crypto or fiat currency onramp.”

Sun’s response did not include any detail regarding his whereabouts, however. He did not respond to CoinDesk’s enquiry about his current location.

Justin Sun image via CoinDesk

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