Tron founder Justin Sun has launched a high stakes legal battle with Bloomberg. The lawsuit, filed in federal court in Delaware on August 1, stems from Bloomberg’s efforts to include Bloomberg’s Justin San in the Bloomberg billionaires index.
From temptation to cutting plans, his concerns are precedent given the recent surge in code crime. However, it is not just about security risks, but also about it.
Justin Sun Battles Bloomberg breached the crypto-retention disclosure agreement
Tron executives accused the financial media giant of breaching the non-disclosure agreement in his plan to release a detailed breakdown of his code retention.
Bloomberg reportedly repeatedly verbally and in writing that his portfolio data would remain “stricken confidential.” More specifically, they only help with validation of his net worth.
Sun argues that these assurances are central to his decision to participate. He points to an internal Bloomberg message cited in the complaint. The editor and reporter reportedly agreed to restrict access to the data and delete it after verification.
According to the Crypto executive, his review of other profiles within the index revealed that there is no precedent for publishing such fine cryptocurrency details, unless these numbers have already been made public through filing or voluntary disclosure.
However, Sun claims that Bloomberg’s draft profile, released in late July, contains “mass inaccuracies” and a breakdown of crypto assets by Coin. These include his suspicious 60 billion TRX holdings estimates, representing approximately 63% of Tron’s total supply.
“My guess is that his anger lies in the revelation that he manages 60 billion TRX (63% of the total supply, not to the extent that he counts the TRXs that the companies he owns).
Given that Tron’s TRX has maintained a fairly stable price action over the years, speculation may not be overstated. Other ciphers, meanwhile, have shown considerable volatility over the years.
Bloomberg’s profile reportedly includes 17,000 BTC, 224,000 ETH and 700,000 USDT in his possession.
Among other concerns, Justin Sun says such a revelation could put his safety at risk.
Is Justin Sun afraid of the dark side of code wealth?
The lawsuit warns that by revealing this information, Justin Sun could pose a serious security threat. Among them are hacking, theft, fear tor and even physical harm to him and his family.
Given the recent surge in crypto crime, these concerns are guaranteed. Beincrypto has reported several recent incidents. This includes a plan to lure the family and cut the finger with $3 million in cryptocurrency debt, and the perpetrators ran the scheme by offering $10,000 to the Hitmen.
In France, ledger users have recently been accused of, marking the 10th crypto-related invitation this year. Amidst these heights of fear, Coinbase CEO Brian Armstrong recently called a bomb squad to his residence after receiving a suspicious package delivery.
Against these backgrounds, Justin Sun’s lawyers sent a letter of suspension and denial on August 2nd. They hope that Bloomberg will limit publication to his net worth and broad asset categories.
Anyway, Bloomberg newsroom lawyers reportedly confirmed to advance “immediate” detailed disclosure.
They also show plans to oppose the Sun’s request for the Temporary Restraint Order (TRO), claiming that it is stated because the article was already live.
“The Sun sent a ceasefire to Bloomberg and was informed that they were still going to publish. He is now seeking an injunction against the company,” Molly White revealed.
The legitimate fight sparked speculation within the crypto community. According to Molly White, Sun’s secret push could be tied to regulatory scrutiny, tax concerns, or optics to retain such dominant share of TRX.
Widely circulated theory accused the Sun of trying to hide politically sensitive deals. For now, Sun is seeking TRO, preliminary and permanent injunctions and legal fee compensation to block the disclosure of certain cryptocurrency amounts.
Bloomberg argues it acts within its rights and challenges the claim.
Whether this legal gambit will succeed can set precedents about how much transparency the world’s wealthiest code figures can demand. And pulling back the blockchain billionaire curtains could have an impact on how far the media can go.
Justinsan, the founder of Posttron, resorted to legal wars to maintain his code secrets.
