Curious Case Of Justin Sun: Tale About Over Marketing
Justin Sun is certainly a sophisticated figure in Blockchain industry. Sun’s way of promoting his cryptocurrency TRON is questionable and arose many negative comments through the last 7 years. It seems that you can’t be neutral about Sun, either you can love him or hate him.
The title of this article is not chosen just because it sounds nice. Actually, it has more common with TRX founder and owner of BitTorrent than you might think. I guess it would not be an exaggeration if I said that Justin Sun’s social media behavior is an outstanding phenomenon. Although some news about him has been posted on BlockChain24.co, we have not delved deeper into that case yet. Time has finally come to gather all the information about Sun’s movements. Once upon a time, in a faraway Blockchain land…
Chapter 1: Lunch with Warren Buffet
Justin Sun’s latest irresponsible attitude was briefly mentioned by Dawid Paluch in the Weekly Update. This case was so interesting that the story should definitely be filled in.
Dawid’s article tells us that the founder of TRON made a bid for $4,6 million to attend an annual charity lunch with the most well-known business magnate, Warren Buffet. The American businessman, rather brutally, expressed that virtual currencies ‘are rat poison squared’ to him. Sun found the courage to try and change Buffet’s mind on that matter. To increase his chances, TRX CEO also invited some crucial figures from Blockchain industry, such as one of Ethereum’s co-founders Vitalik Buterin, Litecoin creator Charlie Lee and Binance general director Changpeng Zhao, and… the president of the United States Donald Trump (he remains a great opponent of cryptocurrencies, too). However, only Lee accepted the invitation, Sun was still determined to talk with Buffet.
Frauds and so-called deterioration of health
Unfortunately, out of the blue, Justin Sun decided to postpone the lunch because of health problems. Apparently, an issue with kidneys did not stop him from enjoying the TRON party barely a few days after announcing his health issues.
Another voice in that matter was raised by the Chinese business news outlet. It became more clear why TRON founder was not able to show up on the charity lunch.
Also one of Sun’s first projects, Peiwo social app, was allegedly formal involved in the pornography business. Indeed, the Chinese government got interested in how a young entrepreneur managed to spend almost $5 million at once. As one of the Coindesk’s sources claimed, he had to stay in the country due to the accusations. However, he was not formally charged, but was under the government supervision.
To quiet down all the suspicions, Justin Sun has aired a Periscope video, where he shows his surroundings as evidence that he actually stays in San Francisco. Cliff Edwards, the director of global communications at the Tron Foundation, has explained to CoinDesk that it is characteristic for kidney problems that there are some better moments between “excruciating pain”.
A few days later, Sun decided to issue a public apology through his social media channel Weibo. He wrote in Chinese:
“My intention of having lunch with Buffett was because of my admiration for him and my enthusiasm for charity. It was simple, but also with self-interest to promote the blockchain industry and my project. 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 (…) 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 has also stated that he needs some time to rest and also should go back to professional activity mostly due to technology development.
Please note, although I put this event at the beginning of my story, this is the latest cheap trick he has done so far. Nonetheless, you’d better get prepared for some more.
Chapter 2: Fake announcements
Have you already sensed an over marketing in the behaviour of the founder of TRON? Well, a few more things are making it even more explicit that all the commotion is aimed at gaining the attention of the public.
About a day after this tweet, it came out that some scammers were sending out partnership invitations on behalf of Liverpool. Most companies ignored these emails, but hot-headed Justin Sun did not examine this message if it’s true or not.
Another big announcement was posted on Sun’s social media. This time about a partnership with NASDAQ, the second-largest stock exchange in the world.
“More partnerships are coming! Even NASDAQ listed companies and giant companies with more than 100 million users started to contact us for partnership. We will be huge soon!”
Also, this cooperation seems to be another fake. After this message, there has been no post following on subject so far.
Fool’s games with his own community
Justin Sun wanted to act as a philanthropist and promised to give away a Tesla car. As a celebration of launching a BitTorrent token, he meant to pick one lucky follower who would get the car.
The first winner refused to receive the prize because it seemed to him that it could have been a scam. Additionally, one of Twitter users thought that winning account was a bot. In response to that, Sun promised to give away two Teslas – one for the original winner and the second one to a person whose authenticity would be checked by TRON. Till today there has been no announcement about continuing on this idea. Surprised?
Blockchain-based The Tron Dog Game launched by Tron Labs turned out to be no good for the PR of its owners. Something that was meant to be good fun turned out to be another scam. Players admitted that they did not get any promised profit and, without any reason given, their accounts were taken away from them. TRON officials apologized for these inconvenient circumstances, but as always, nothing changed in their proceedings.
Last, but not least
Blockchain Transparency Institute (BTI) claimed that TRON has over 84% fake trading volume. We can find out that organization holders reported a trading volume worth $218 million, while BTI revealed that this amount barely exceeded $30 million. It’s actually $33,2. Well, that is a huge difference, isn’t it?
Epilogue: And happily lived ever after?
Justin Sun’s actions have their positive and negative sides. Some people can be impressed by his courage to promote his organization, but still, it is not quite a professional way to manage a PR. Professional or not, I guess in the modern world, “it doesn’t matter what people say about you, as long as they’re talking about you.” If TRON survives all the negative reviews, we will be able to say that we have a Donald Trump of Blockchain industry; providing poor quality content based on sensations, but still being followed by millions.
Justin Sun was born in 1990 in China. He is a technology entrepreneur, the founder of cryptocurrency TRON (TRX). He has also created one of the most famous social application in China – PEIWO. In July 2018, Sun purchased BitTorrent for $140 million and became its CEO. Justin Sun graduated with a Master of Arts in East Asia Studies from the University of Pennsylvania and holds a Bachelor of Arts in History from Peking University. Sun was listed in Forbes’ 30 under 30 list in 2017 for consumer technology.
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