Legal Setback for Justin Sun
A federal judge in the U.S. has dealt a blow to Tron’s creator and CEO, Justin Sun, by rejecting his request for a court order to prevent Bloomberg from disclosing details about his cryptocurrency portfolio. In a ruling issued on Monday from the U.S. District Court in Delaware, Judge Colm Connolly dismissed Sun’s effort to obtain a temporary restraining order along with an injunction aimed at halting Bloomberg’s publication of information pertaining to his cryptocurrency investments.
Background of the Case
The legal spat stems from Bloomberg’s inquiry into Sun’s financial profile for its Billionaires Index, during which they sought data about his cryptocurrency assets reportedly amounting to approximately 60 billion Tron, 17,000 Bitcoin, 224,000 Ether, and 700 million Tether. Sun, who filed his initial complaint on August 11, alleged that Bloomberg intended to release “unverified, confidential and private” financial information regarding his holdings. After engaging in conversations with Bloomberg, Sun’s legal team renewed their motion for the injunction on September 11.
Judge’s Ruling
However, the judge found that Sun failed to prove that Bloomberg had assured him his information would remain confidential. Connolly noted that Sun did not substantiate his claims that making his crypto holdings public would heighten his risk of being targeted for cybercrime or other potential harm. The judge remarked that Sun’s own public disclosures on social media about his Bitcoin investments contradicted his arguments regarding safety concerns.
Connolly explicitly stated that Sun had revealed more detailed information about his Bitcoin assets than what Bloomberg intended to publish, which weakened Sun’s claims about the necessity of the injunction.
It remains uncertain whether Sun will explore additional legal options or strategies following this decision. Cointelegraph reached out for comments from Sun’s representatives but did not receive a response by press time.
Additional Scrutiny
Adding another layer to Sun’s predicament, he is currently facing scrutiny from U.S. lawmakers as he is implicated in a lawsuit concerning allegations of issuing unregistered securities, filed by the U.S. Securities and Exchange Commission (SEC) earlier this year. Notably, after the transition to President Donald Trump’s administration, the SEC requested a postponement in their case against him. Recently, two Congressional members inquired about the SEC’s decision to drop its case against Sun, suggesting that his significant investments in crypto-related businesses linked to Trump and his associates might have swayed the agency’s decision.
