Asset Details Exposed! Sun Yuchen Files a Lawsuit Against Bloomberg, Controversy Centers on 60 Billion TRX Holdings?

According to the lawsuit filed by Sun Yat-sen, he believes that Bloomberg plans to publicly disclose the detailed composition of his cryptocurrency assets in the “Bloomberg Billionaires Index” and other unrelated reports, including the quantity and distribution of various token holdings, which will cause him “significant and irreparable financial and personal harm.”

However, Bloomberg’s lawyers sent a letter to the court on August 12, emphasizing that the TRO has become meaningless, as the relevant reports were published at approximately 5:12 PM Eastern Time on August 11, nearly two hours before Sun’s lawyer notified the application for the TRO. Bloomberg also stated that it would argue in its formal opposition that the application violates the First Amendment protection of press freedom and that Sun would find it difficult to prove the likelihood of success for the allegations of privacy invasion and promissory estoppel.

According to the Bloomberg report that has been released, its analysis indicates that most of Sun’s net worth comes from his holdings in cryptocurrencies:

TRX: Over 60 billion, accounting for approximately 63% of the total supply, and subject to a 75% discounted valuation due to liquidity risks;

BTC: About 17,000;

ETH: About 224,000;

USDT: About 700,000.

In addition, the analysis also estimates that he holds about 90% of the equity in the cryptocurrency exchange HTX (formerly Huobi). It is estimated that the platform’s revenue for 2024 will be approximately $1.3 billion.

Cryptocurrency commentator Molly White believes that the focus of the controversy is likely to center on the specific scale of the TRX holdings. Although it has long been known that Sun possesses a large amount of TRX, the newly disclosed figure (over 60 billion) exceeds previous general estimates and reflects his highly concentrated control over the token.

Bloomberg currently estimates Sun Yat-sen’s net worth at $12.4 billion, higher than the $8.5 billion assessment previously given by Forbes. The lawsuit is still ongoing, but since the relevant information has already been made public, even if the court ultimately rules, it will be difficult to reverse the exposure of the asset details.