Justin Sun, the CEO and Founder of the blockchain-powered Tron network, has recently issued a public apology via his social media channel, on Weibo, for his conduct in the cryptocurrency arena. His apology does seem slightly bizarre and many people are cynical about it. They think that Justin Sun is just trying to whine his way back into China, since he’s already out of the country despite being allegedly on the “exit ban” list.
Sun seems to be falling down the proverbial ladder of success and fame, just as quickly as he climbed it. Unless you’ve been living under a rock, you probably are aware of the most hyped $4.57 million crypto lunch between him and the billionaire investor Warren Buffett, which is now being postponed until further notice, due to Sun’s health issues. Hours after Sun announced the postponement of his lunch with Buffet, allegations started to pour in, one after the other
Many seem to think that it is due to the recent allegations that have been slapped on the Chinese millionaire and cryptocurrency celebrity by various publications of the country. After those allegations, Sun published a letter on Weibo, apologizing for his behavior in the industry. He started off by addressing his charity lunch with Warren Buffet and wrote:
During the whole process, I went from being excited, to worried, agonized and then terrified and regretful. … It led to a negative influence on the public and also drew concerns from regulators who care about me. Again I want to say: I am sorry.
Sun did not specify which regulators he’s referring to in his letter but he did mention them superfluously in his apology, which is only available in Chinese. Later in his letter he went on apologizing again to the regulators, admitting that his behavior had been rather immature.
All the while adding that the healthy development of the new industry is inseparable from supervision. He also wrote that he is willing to accept the regulations set by the regulatory authorities with an open heart, claiming:
I will abandon my own self-interests, actively reform, abide the law to operate and contribute more positive energy for the development of blockchain industry.
He further went to explain that his intention behind the lunch was the spirit of charity and his admiration for Buffet. It was simple, however he did admit there was a bit of self interest involved with regards to promoting the blockchain industry and his project as well. He then added:
But my immature, naive, and impulsive conducts with my big mouth have turned it into an out-of-control and failed over-marketing hype and led to a significant series of unexpected consequences
He apparently got carried away in the whole social media storm, which caused him to neglect his social and public responsibilities both, in addition to his personal intentions. Sun went as far as thanking and appreciating the Chinese media outlet, Caixen, which claimed that he was being kept in China under an exit ban while being investigated for potential illegal business activities and money laundering. He wrote:
Caixin continues to uphold the public interest of social responsibility. Priority, let me see my limitations and smallness, I am sincere and fearful to communicate with Caixin.
He concluded his letter by revealing that he will be taking a bit of a time out from the media by reducing his interviews, and minimizing his appearance in public in order to contemplate over the marketing issues and export more positive energy for the development of the blockchain industry. Sun also added that he is going to work on himself in order to give the contemporary youth a better role model to look up to.
Caixen wasn’t the only publication to give the Tron chief the spotlight. The 21st Century Herald accused him of operating an illegal fundraising project when he launched the initial coin offering (ICO) for TRX back in 2017. Moreover, Global Times, a nationalist tabloid, accused Sun of using the lunch with Mr. Buffett to raise his own profile.
Mr. Weese of the Hong Kong bitcoin association reportedly suggested that much of the media scrutiny on Sun stems from his high profile, he said that Justin Sun’s main crime is probably to have so openly flaunted his wealth. He explained that by such grandiose portrayal of cryptocurrency, he might have appeared to be legitimizing the cryptocurrency industry and his own riches by publicizing the lunch with Mr. Buffett. He further added:
The authorities don’t like this kind of personality cult and this money being thrown around. Spending $4.6 million on lunch, that seems to feed this personality cult
As for the lunch that seems to have opened the Pandora’s box for Sun,t is stuck in a limbo and there hasn’t been any announcement regarding a new date for it.
You can read Sun’s full apology here