April 3, 2025<\/p>\n\n\n\n
By Our Correspondent<\/p>\n\n\n\n
Justin Sun Yuchen, a Chinese entrepreneur in the cryptocurrency sector known for his extravagant purchase of the world’s most expensive banana, has announced a press conference scheduled for Thursday in Hong Kong.<\/p>\n\n\n\n
During this event, he intends to disclose details about a “ponzi scheme” that allegedly involves the city’s “traditional financial institution” and Web3 platforms, reported The Standard <\/em>newspaper in Hong Kong. The invitation for the press conference was sent out by Tron, the cryptocurrency company founded by Sun in 2017. He has not revealed the identities of the parties implicated in this scheme.<\/p>\n\n\n\n Last year, Sun gained notoriety after purchasing a banana that was duct-taped to a wall by Italian artist Maurizio Cattelan for a staggering US$6.2 million (approximately HK$48.36 million), which he later consumed. This act garnered significant attention on social media, although it also raised suspicions of potential money laundering among online users. Recently, Sun was featured on the cover of a Forbes magazine edition.<\/p>\n\n\n\n He first captured public attention in 2019 when he won a charity auction for a lunch with renowned investor Warren Buffett, bidding US$4.57 million. In March 2023, the U.S. Securities and Exchange Commission filed a lawsuit against Sun and his associated companies, including the Tron Foundation, BitTorrent Foundation, and Rainberry.<\/p>\n\n\n\n However, last month, the SEC indicated that it was considering a resolution to its ongoing civil fraud case against Sun, who also serves as an adviser for a cryptocurrency project associated with former President Donald Trump.<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" April 3, 2025 By Our Correspondent Justin Sun Yuchen, a Chinese entrepreneur in the cryptocurrency sector known for his extravagant purchase of the world’s most expensive banana, has announced a press conference scheduled for Thursday in Hong Kong. During this event, he intends to disclose details about a “ponzi scheme” that allegedly involves the city’s […]<\/p>\n","protected":false},"author":4,"featured_media":7484,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-7482","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uncategorized"},"yoast_head":"\n