Chinese blockchain entrepreneur Justin Sun has been instrumental in aiding the Trump family’s crypto venture, World Liberty Financial (WLF), which netted them an estimated $400 million. Despite WLF’s initial struggles, Sun injected $30 million to cover operating expenses and later invested an additional $45 million, with 75% going directly to Donald Trump. This partnership coincided with the U.S. Securities and Exchange Commission dropping lawsuits against alleged crypto violators, including Sun himself.
Sun’s career in crypto began with his fascination for Donald Trump during his teenage years, inspired by Trump’s cutthroat business tactics. In 2023, Sun faced a lawsuit from the SEC alleging fraudulent market manipulation and selling unregistered securities. His Tron platform, boasting 300 million users, became central to his ambitions of creating a global payment system.
Sun’s opportunistic nature is evident in his business practices. He launched Tron, a faster and cheaper version of Ethereum, and acquired cryptocurrency exchanges Poloniex and HTX. His ventures have made him extraordinarily wealthy, with Forbes estimating his net worth at $8.5 billion.
However, Tron has faced allegations of illicit activities, with reports indicating that terrorist organizations have used Sun’s blockchain to move over $2 billion in funds. In response, Sun partnered with Tether and TRM Labs to form the T3 Financial Crime Unit, freezing $130 million in illicit transactions.
The SEC charges against Sun remain serious, accusing him of selling unregistered securities and engaging in bogus ‘wash’ trading to inflate demand for his blockchain’s token, TRX. Despite these challenges, Sun continues to embrace public attention through high-profile stunts, such as paying $4.6 million for a lunch with Warren Buffett and eating a duct-taped banana at an art event.
Looking ahead, Sun envisions Tron as the underlying payment infrastructure for AI-driven systems, emphasizing the need for a reliable global payment network. — news from Forbes