TRON founder Justin Sun has launched a high-stakes legal battle against Bloomberg. The lawsuit, filed August 1 in a Delaware federal court, stems from Bloomberg’s effort to include Justin Sun in its Bloomberg Billionaires Index, which ranks the world’s wealthiest individuals.
His concerns have precedent, given the recent surge in crypto crime, ranging from kidnappings to amputation plans. However, there may be more than just security risks involved.
Justin Sun Battles Bloomberg for Breaching Crypto Holdings Disclosure Agreement
The Tron executive accuses the financial media giant of breaching confidentiality agreements in its plan to publish a detailed breakdown of his crypto holdings.
Reportedly, Bloomberg repeatedly assured him verbally and in writing that his portfolio data would remain “strictly confidential.” More specifically, they would only aid in verifying his net worth.
Sun alleges that these assurances were central to his decision to participate. He points to internal Bloomberg messages cited in the complaint. Editors and reporters reportedly agreed to restrict access to the data and delete it after verification.
According to the crypto executive, his review of other profiles in the index revealed no precedent for publishing such granular cryptocurrency details unless those figures were already public through filings or voluntary disclosures.
However, Sun claims that Bloomberg’s draft profile, delivered in late July, contained “numerous inaccuracies” and a breakdown of his crypto assets by coin. These include estimates of his alleged 60 billion TRX holdings, amounting to roughly 63% of TRON’s total supply.
“My guess is that his fury here is at the revelation that he controls 60 billion TRX (63% of the total supply, and it’s not clear to what extent they’re counting TRX held by companies he owns). It’s always been known he owns a lot, but estimates I’ve seen are lower than that,” software engineer and crypto researcher Molly White observed.
The speculation may not be far-fetched given how Tron’s TRX has maintained a rather steady price action over the years. Meanwhile, other cryptos have exhibited significant volatility over the years.
Bloomberg’s profile also reportedly listed 17,000 BTC, 224,000 ETH, and 700,000 USDT in his possession, values he says are sensitive and proprietary.
Among other concerns, Justin Sun says such revelations could endanger his security.
Does Justin Sun Fear the Dark Side of Crypto Wealth?
The lawsuit warns that revealing this information could expose Justin Sun to significant security threats. Among them are hacking, theft, extortion, and even physical harm to him and his family.
These concerns are warranted, given the recent surge in crypto crime. BeInCrypto reported several incidents in the recent past, including a plan to kidnap a family and amputate fingers over a $3 million crypto debt, with the perpetrator offering hitmen $10,000 to execute the scheme.
In France, a Ledger user was recently abducted, marking the tenth crypto-related kidnapping in the country this year. Amidst the height of these fears, Coinbase CEO Brian Armstrong recently called the bomb squad to his residence after receiving a suspicious package delivery.
Against these backdrops, Justin Sun’s lawyers sent a cease-and-desist letter on August 2. They want Bloomberg to limit publication to his net worth and broad asset categories.
Regardless, Bloomberg’s newsroom counsel reportedly confirmed they would move forward with the detailed disclosure “imminently.”
They also indicated plans to oppose Sun’s request for a temporary restraining order (TRO), arguing that it was moot because the article had already gone live.
“Sun sent a cease-and-desist to Bloomberg, and was informed they still intend to publish. He now seeks an injunction against the company,” Molly White revealed.
The legal fight has ignited speculation within the crypto community. According to Molly White, Sun’s push for secrecy could be tied to regulatory scrutiny, tax concerns, or the optics of holding such a dominant share of TRX.
One widely circulated theory accused Sun of trying to hide politically sensitive transactions. For now, Sun seeks a TRO, preliminary and permanent injunctions to block the publication of specific cryptocurrency amounts, and compensation for legal costs.
Bloomberg maintains that it has acted within its rights and will contest the claims.
Whether this legal gambit succeeds could set a precedent for how much transparency the world’s wealthiest crypto figures can demand. It could also influence how far the press can go in pulling back the curtain on blockchain’s billionaires.
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