On November 20, a crazy auction took place at Sotheby's in Hong Kong, where a banana, deemed an artwork, was sold for an astronomical price of $5.2 million, reaching $6.24 million including fees, equivalent to 45.17 million yuan. Eight days later, the wealthy buyer actually ate the banana, and this high-profile buyer was none other than the notoriously infamous Justin Sun from the crypto world.
Packaging Start: Transformation from Campus to Investment Field
Justin Sun was born in 1990 in Xining, Qinghai, and there are rumors that his origin may be related to gaokao migration. In 2007, he scored 650 points on the gaokao and was admitted to Peking University’s Chinese Department. However, due to average grades, he transferred to the History Department, where he made a comeback to become the top student, earning an exchange opportunity to Hong Kong University. In 2010, he also interned at Southern Weekend. During his time at school, he was keen on self-packaging, founding clubs, and organizing campus activities; during his internship, he did not forget to sign his articles as 'Southern Weekend Commentator: Justin Sun,' thus making the cover of Asia Weekly and building early fame to pave the way for future development.
In 2011, Justin Sun went to the U.S. to study. His experience at the University of Pennsylvania transformed him from a packaging expert into an investor. Influenced by his mentor, he entered the stock market and cryptocurrency investments, first buying Tesla stock and making four times his money, then entering Bitcoin and profiting more than twenty times, becoming a millionaire. After returning to China, he got involved with Ripple Technology, laying out strategies in multiple fields including the stock market and virtual currency, easily accumulating his first pot of gold.
The art of harvesting leeks: The hype behind TRON
Unwilling to remain just a behind-the-scenes investor, Justin Sun launched TRON in China in 2017. As a humanities major, he did not understand blockchain technology. The TRON code was plagiarized, and the marketing copy was copied. With an initial team of just five people and holding a large number of tokens, he entered the market. To heat up the TRON coin, Justin Sun packaged it aggressively, leveraging his connections to meet Jack Ma, branding it with the label of Hupan University, and with the help of various celebrities and media, the marketing was a huge success.
At the end of 2017 and the beginning of 2018, TRON (波场币) skyrocketed from 1-2 cents to over a hundred dollars. Justin Sun took the opportunity to sell off, cashing out over $300 million, joining the ranks of billionaires. After that, he continued to make appearances in the crypto space, creating buzz. In 2019, he spent 31 million yuan to win a lunch with Warren Buffett. On that day, TRON surged by 13%. He also distorted Buffett's statements to drive up the coin's price for another cash-out, copying scenes from movies to exploit investors, even deceiving the stock god. After that, the 'lunch' was no longer sold to Chinese people.
This auction of an overpriced banana was similar; the related BAN coin spiked 26% at the crucial auction moment, but after the transaction, it plummeted 21%, causing investors to be exploited again. Meanwhile, Justin Sun's net worth has surpassed $2.4 billion (approximately 17 billion yuan), making him the second richest overseas Chinese in the crypto space.
Regulatory Storm Clouds: The Sword of Damocles Hanging Overhead
In 2022, American media reported that U.S. regulatory agencies had set their sights on Justin Sun, investigating him and the Huobi exchange he controlled for multiple charges including money laundering, cashing out, and inducing celebrity investments. In March 2023, he was sued by the U.S. Securities and Exchange Commission. However, the case was bizarrely withdrawn, simply because at that time, regulatory scrutiny was focused on Zhao Changpeng, who paid a massive fine of 53.1 billion.
Now, Justin Sun has lost a layer of protection after acquiring Grenadian citizenship in 2021 and giving up his Chinese citizenship. Although the U.S. has not acted against him immediately, he is now like a trapped beast under scrutiny, as the U.S. will not let go of this wealthy overseas Chinese 'fat sheep.' Will they continue to allow him to exploit Hong Kong investors before turning to financial harvesting, or strike directly? The crypto world is watching, how long can Justin Sun's 'get-rich' game last?