Chinese crypto-entrepreneur Justin Sun, the founder of the TRON cryptocurrency who won a lunch with billionaire investor Warren Buffett, has apologized on social media for ‘over-marketing’ the event and his cryptocurrency.
According to Quartz, Sun published a letter on Chinese microblogging platform Weibo apologizing “to the public, media, officials, and regulatory authorities” for over-marketing his cryptocurrency and the highly-anticipated charity lunch with Warren Buffett.
In the letter, he claimed his intentions were because of his admiration for the ‘Oracle of Omaha’ and his enthusiasm for charity. While noting he also planned to promote blockchain technology and TRON itself, he claimed his “immature, naïve, and impulsive conducts […] turned it into an out-of-control and failed over-marketing hype and led to a significant series of unexpected consequences.”
Sun, as CryptoGlobe covered, paid $4.57 million to have lunch with Buffett, and recently postponed it allegedly because of kidney stones. In his letter, he wrote:
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.
While Sun didn’t specify which regulators he was referring to in his letter, he mentioned them a total of 13 times in it. The letter has so far only been published in Chinese, which according to some speculators means it was directed at Chinese authorities.
Is Sun in Hot Water With Chinese Authorities?
Soon after Sun announced the postponement, Chinese news outlet Caixin reported he was on the country’s border control list, and couldn’t leave the country. Per the publication it was unclear how the founder of TRON got out of the country, but it’s clear he did.
This, as soon after the reports surfaced he livestreamed himself in San Francisco, proving to the world he wasn’t in the country.
— Justin Sun (@justinsuntron) July 23, 2019
According to Decrypt the director of global communications at the TRON Foundation, Cliff Edwards, claimed Caixin’s report was untrue, and that Sun was in San Francisco since October and has been moving freely in other countries.
A source close to the situation reportedly told the news outlet Sun hasn’t pleased the Chinese government because he was planning to have lunch with Buffett, and was going to give money to American charities. The source reportedly stated:
Justin was giving money to American charities—when the Chinese economy is suffering under Trump due to trade wars. You can connect the dots So he’s been apologizing to the government, and Caixin. It’s an apology tour.”
In his apology Sun claimed he is a low point in his life, and that he has been losing sleep while reflecting on his mistakes.