There is a boy born in the 1990s in China who made tens of billions overnight. He spent 30 million to bid for Buffett's sky-high priced lunch, but he repeatedly stood Buffett up. Finally, he was wanted across the United States for cheating Americans' money.
This legendary figure is Sun Chenyu, a post-90s "cryptocurrency tycoon" who became popular in 2021. He became rich overnight by hyping virtual currency, and was later called a "drama queen" because of his various operations.
How did he turn a 2-cent cryptocurrency into a 1.4 billion market value? Why was he wanted by the entire United States? What is his fate now?
Unlike other entrepreneurs who have worked hard to build a fortune of tens of billions, Sun Chenyu can be said to be a model of overnight wealth. He copied foreign concepts, raised money from investors in China, and then used the hype of the world's richest man to gain traffic and then raised money from ordinary people. This cycle of means has brought him both fame and fortune.
Sun Chenyu is not from a grassroots background. He was born in 1990 in a well-off family in Xining. Because of his excellent performance in the college entrance examination, he was admitted to Peking University. Later, he went to the University of Pennsylvania, which is ranked among the top 50 in the United States, for further studies.
At Penn, where business talents abound, Justin Sun first learned about the new concept of blockchain and how to trade Bitcoin. At that time, Justin Sun had just earned several times the profit from Tesla's concept stocks, so he invested all his money in Bitcoin.
Sun Chenyu caught the right time. When Bitcoin just started to gain momentum in 2013, he received a return of 70 to 80 times on his investment. After seeing how much the virtual currency appreciated, Sun Chenyu decided to bring this concept back to China, develop his own digital currency, and focus on this track.
In 2014, the domestic venture capital sector was just starting out. Both domestic investment companies and foreign venture capital institutions that decided to expand their presence in the Chinese market were faced with a stage where they had a lot of money but could not find projects. Influenced by foreign companies, venture capital companies at the time had three main investment criteria: novel concepts, origins from prestigious universities, and future market value growth.
Taking advantage of the rapid development of China's venture capital industry, Justin Sun founded TRON in the name of Ripple's Greater China chief representative, focusing on speculating in virtual currencies in the name of blockchain technology. At the same time, with the gimmicks of "Peking University tycoon", "post-90s entrepreneurial representative" and "Asia Weekly cover figure", he quickly won millions of dollars in investment from IDG Capital, a top ten investment company in the world.
However, Sun Yuchen's hype means go far beyond this. He knows very well that in the entrepreneurial circle, if he wants to make more money, he must package himself as an elite on the Internet platform, so in 2015 he enrolled in Lakeside University organized by Jack Ma for his own chamber of commerce and became the only post-90s student.
But Sun Yuchen was not satisfied. In 2019, he bid $30 million for Buffett's lunch and repeatedly hyped it up on the Internet. However, when he met with Buffett, he postponed the time one after another within a month, and finally became the only one who stood up Buffett.
Although Wang Sicong was always angrily criticizing him at the time, one has to admit that his hype tactics were very effective. He made his 2-cent virtual currency have a market value of 14 billion. After reaping the profits, he successfully ran away, leaving the bankrupt investors in China to complain bitterly.
By the end of 2019, the virtual currency boom had completely ended, and many entrepreneurs were changing careers, but he was still thriving in the United States thanks to his ability to "have three burrows".
However, if you reap too many benefits, you will always have to pay a price. It is said that the U.S. Internal Revenue Service is investigating Justin Sun on charges of insider trading and money laundering. Sun, who has been using the media to gain momentum, obviously has no intention of stopping and has bluntly stated that he wants to run for president of the United States and sanction the media.
Everyone knows that Sun Yuchen's approach is unlikely to succeed, and perhaps his arrogant remarks are just to build momentum for the new business. But how long can this deceptive trick last, and what will be his final outcome? I believe most people are unwilling to have a positive opinion.
Sun Yuchen is only in his early 30s. In the past few years, he seemed to have been smooth sailing, becoming famous at a young age and gaining both money and fame. However, when a person values money above all else, who knows what bad consequences he will suffer in the second half of his life. #美国大选如何影响加密产业？ #币安7周年 #美国PCE数据将公布 #山寨季何时到来？ $BTC $ETH $BNB
