China Net Finance News, June 5 (Reporter Yang Chang) Yesterday, Justin Sun posted on Weibo that he successfully bought Warren Buffett’s 20th anniversary charity luncheon with a record high of US$4,567,888. He expressed his hope to invite celebrities in the blockchain industry to communicate with Buffett, thereby enhancing the understanding and friendship between top traditional investors and digital currencies. Justin Sun's Weibo mentioned that foreign media reported that "Justin Sun expressed his hope to fully communicate with Buffett about cryptocurrency and its underlying blockchain technology. Buffett expressed that he was very much looking forward to meeting with Justin Sun and his friends." Public information shows that Buffett once compared Bitcoin to "rat poison" and said that currency speculation is "similar to gambling."
A ChinaNet financial reporter confirmed to Sun on Weibo whether "bidding for Buffett's charity luncheon is a personal or corporate act", but did not receive a reply before publishing.
According to statistics from CoinMarketCap.com, Tron is the 11th largest cryptocurrency in the world by market value, with a market value of US$2.56 billion, while the market value of industry leader Bitcoin is nearly US$152 billion. There have been media reports that Tron's currency rose by 1.43% after the news was announced, and the price has increased by approximately 100% this year.
Sun Yuchen calls the bidding luncheon "pursuing mutual understanding and growth"
In a Weibo post after Justin Sun announced the successful bid, he talked about the TRON and BitTorrent projects. He wrote, "I am very happy to have lunch with Mr. Buffett, a senior alumnus. I believe that this time I can not only learn investment and life experience, but also a new starting point for the TRON and BitTorrent projects. It is also of great significance to the entire blockchain industry." (In July 2017, Justin Sun created the blockchain project "TRON" and is committed to building a global decentralized free content entertainment system.)
In addition, the Weibo post also included a "letter to the community." In the letter, Justin Sun talked about his views on Buffett's negative remarks about Bitcoin. "The CEO of Berkshire Hathaway has publicly stated that he believes that Bitcoin, the world's largest cryptocurrency, does not have "unique value." But he also pointed out the potential of blockchain as the underlying technology of all cryptocurrencies."
Justin Sun also talked about his purpose and views on this luncheon: "I believe that this luncheon with Buffett will be an opportunity to seek mutual understanding and growth. In order to enhance dialogue and support the entire cryptocurrency and blockchain community, I will invite several blockchain industry leaders to go to New York for the luncheon."
During his career in the currency circle, Justin Sun once declared that “34.2 billion TRX will be locked up until 2020” in response to the question of “cutting leeks”
According to public information, since 2013 to the present, Justin Sun has served as chief representative, special representative, and consultant of Ripple Labs Greater China. In 2014, he returned to China to found Ripple and served as CEO. Ripple also became China's first Internet technology company engaged in the development of decentralized clearing system products. In the same year, RippleLabs appointed Justin Sun as the chief representative of the Greater China Representative Office, fully responsible for all business in Greater China.
In July 2017, Justin Sun created the second project "TRON", with Li Feng and Xue Manzi as project investors. The project claims to be committed to building a global decentralized free content entertainment system, and its business model is ICO, which means issuing coins.
Public information shows that at 12:00 on August 22, 2017, TRON, a decentralized content protocol based on the blockchain, conducted a snap-up sale for a total of 500 million TRON official tokens (TRX) on Binance.com, one of the world's largest blockchain asset trading platforms. All shares were sold out within 53 seconds.
According to media reports, “Tron” completed its ICO a week ahead of schedule due to regulatory pressure. The next day, the regulator issued the "Announcement on Preventing Token Issuance Financing Risks", halting ICO activities and requiring the currency to be returned. Some media reported that Sun Yuchen had raised more than 400 million in funds at this time, and for safety reasons he returned the funds raised.
In April 2018, a self-media article stated that there were rumors in the circle that Justin Sun had converted TRX into Ethereum, cashed out 12 billion, and fled to the United States. According to reports, Justin Sun's wallet records show that he sends 200 million TRON coins to the trading platform every day to exchange for Ethereum, and has exchanged a total of 6 billion TRON coins for 19 consecutive days, cashing out nearly 12 billion based on the current price.
Justin Sun issued a statement refuting the rumors on the evening of April 9, 2018. The statement mentioned that "Tron Foundation holds 34.2 billion TRX and has publicly locked it up at a public address on December 19, 2017 to provide public supervision to the community. It has never reduced its holdings and cashed out, and the lock-up period is until 2020. This is in response to the question of 'cutting leeks'."
(Picture note: Screenshot of Sun Yuchen’s Weibo)
Sun Yuchen's encyclopedia uses a large space to display people's deeds and 13 corporate legal persons
The reporter noticed that Justin Sun’s Weibo profile was “Ruibo & Paiwo, Chairman and CEO, Founder of TRON Foundation, BitTorrent CEO.” His Weibo signature is "Jack Ma Yun Hupan University's first batch of students, Chairman and CEO of Paiwo APP Weibo signed a contract with self-media".
Baidu Encyclopedia shows that Sun Yuchen is an entrepreneur who returned from overseas after graduating from a prestigious school in the 1990s. His main achievements are listed in 8 items, with more than 6,000 words in the column about people and deeds, and 60 reference materials.
(Illustration: taken from Baidu Encyclopedia)
According to Qixinbao data, Sun Yuchen has 17 affiliated companies and serves as legal representative for 13 companies, mainly in the fields of software and information technology services, technology promotion and application services, and commercial services.
