Infamous crypto boss Justin Sun to expose 'ponzi scheme'

Justin Sun Yuchen, a Chinese cryptocurrency entrepreneur infamous for eating the world's priciest banana, said he will hold a press conference in Hong Kong on Thursday to reveal a “ponzi scheme” involving the city’s “traditional financial institution” and Web3 platforms.

The invitation was issued by Tron, the same-name company of the cryptocurrency founded by Sun in 2017. The crypto boss did not disclose the names of the entities involved.

Last year, Sun won the notorious banana duct-taped to a wall by Italian artist Maurizio Cattelan at an auction – bidding US$6.2 million (HK$48.36 million) – and ate it later. The stunt made him go viral on social media but also sparked some doubts involving money laundering among netizens.

The controversial crypto boss was also featured on the cover page of one edition of Forbes last week.

Sun became known to the public in 2019 after making the winning bid of US$4.57 million for a charity lunch with legendary investor Warren Buffett.

In March 2023, the US Securities and Exchange Commission sued Sun and his companies, namely Tron Foundation, BitTorrent Foundation and Rainberry. However, SEC reported last month that it was exploring a resolution to its closely followed civil fraud case against Sun, who is also an adviser on a crypto project backed by US President Donald Trump.

STAFF REPORTER and REUTERS