Things first started getting weird when Sun abruptly postponed his record-breakingly expensive lunch with Warren Buffett and a litany of notable figures in the crypto industry due to kidney stones.
This narrative began to break down further after a report by The Block indicated that the real reasoning for the lunch postponement was that the Chinese Government restricted his travel for alleged “money laundering, illegal fundraising, spreading pornography and gambling.”
Sun quickly refuted the claim that he was currently stuck in mainland China, posting a selfie of him and his bodyguard in the San Fransisco Bay Area.
— Justin Sun (@justinsuntron) July 23, 2019
Most recently, Sun posted a now-deleted social media statement on Weibo that apologized to both the TRON community and Chinese authorities for “vulgar hype and marketing behavior.”
Crypto media outlet CryptoSlate was able to transcribe the post prior to it being deleted:
“Dear Friends, In the past few weeks, I had my darkest moment with sickness and tiredness. I suffered the biggest drama ever in my life from people’s doubting and questioning. I didn’t sleep all night yesterday, and deeply reflected on my memories and was introspective for my behavior and words—I felt ashamed for my over-marketing. I want to deeply apologize to the public, media, leaders, and the related regulatory authority who cared about me.
I bought the Warren Buffett lunch because I admire him a lot and I have a huge passion for charity. The original reasons are good and simple. I cannot deny that I also want to promote blockchain related business at the same time. However, because of my immature words, behavior, youth, and vigor, I spoke without thinking twice. It became a failing of over-marketing that was out of my control. It also generated an unexpected outcome for me. I ignored the responsibility of being a public figure. This was not my original intent. During the process, I was excited, then worried, then afraid, and now I’m regretful. This whole thing was bad for society and attracted the scrutiny of regulatory authorities. I want to say sorry again.”
Clearly, something is amuck and the inconsistency in messaging from the TRON team indicates that there is potentially notable Chinese government pressure on the project and its founder.
TRX is currently down more than 10% over the last week, as investors likely look to de-risk until things clear up regarding the status of the project’s founder.
More: Justin Sun’s “darkest moment”: apologizes for “over-marketing” TRON to Chinese authorities, then deletes apology
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.