Michaela
Judge Colm Connolly has denied an effort by Tron founder Justin Sun to block Bloomberg from publishing details of his holdings, which reportedly include 60 billion Tron, 17,000 Bitcoin, 224,000 Ethereum, and 700 million Tether.
Key points:
- A Delaware judge rejected Justin Sun’s bid to stop Bloomberg from publishing details of his estimated $3B crypto holdings, citing lack of proof.
- The court found Sun failed to show Bloomberg promised confidentiality or that disclosure posed a real safety threat, noting Sun had previously revealed asset details himself.
- The ruling comes as U.S. lawmakers scrutinize Sun’s ties to Donald Trump and question the SEC’s decision to drop a fraud case against him.
In a ruling issued Monday in the U.S. District Court for the District of Delaware, Judge Connolly sided with Bloomberg in Sun’s lawsuit. The court noted that Sun had submitted a second motion seeking a temporary restraining order and preliminary injunction to prevent the outlet from disclosing the amounts of specific cryptocurrencies he holds.
However, Judge Connolly determined that Sun did not provide sufficient proof that the news organization had agreed to withhold details of his cryptocurrency holdings, noting that Sun must present “clear and convincing evidence” to establish that Bloomberg made such a commitment.
“Sun makes several attempts to establish the first element of his promissory estoppel claim-that Bloomberg made a promise. Each fails,” the filing wrote.
In February, Bloomberg contacted Sun’s representatives to request information about his wealth for its Billionaires Index. Sun later alleged that the outlet intended to disclose detailed financial holdings he described as “unverified, confidential and private.” On August 11, he filed a complaint seeking to block the release.
Additionally, the court found that Sun did not establish that releasing details of his cryptocurrency holdings would endanger him by increasing risks of hacking, phishing, social engineering, kidnapping, or physical harm. The filing noted that Sun himself had previously shared detailed information about his Bitcoin assets, undermining his claim that Bloomberg’s estimated figures now posed a security threat. “Sun himself has disclosed far more specific information about his Bitcoin holdings than what Bloomberg published,” the filing stated.
Judge Connolly’s ruling comes shortly after Sun was cited in a letter from Senator Jeff Merkley and Representative Sean Casten, who pressed the U.S. Securities and Exchange Commission (SEC) to explain its decision to dismiss an enforcement case against him.
The lawmakers also raised questions about Sun’s business connections with President Donald Trump, suggesting they could pose conflicts of interest or risks of foreign influence. They pointed to the SEC’s move during the Trump administration to drop its fraud case against Sun as a key concern.
The ruling adds to the evolving conversation about how the wealth of prominent figures in the digital asset space should be treated. As the cryptocurrency industry matures, questions over privacy, accountability, and disclosure are likely to remain at the forefront of legal and regulatory debates.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
