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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Read More

• Justin Sun’s $9M WLFI Wallet Blacklisted After Huge Transfer
• OKX Refutes Justin Sun’s Allegations of Ignored Freeze Request
• Justin Sun Expands Investment in Trump-Led WLFI

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.

The post Court Blocks Justin Sun’s Bid to Hide $3B Crypto Fortune From Bloomberg first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/09/24/court-blocks-justin-suns-bid-to-hide-3b-crypto-fortune-from-bloomberg/. Content ID: SD28897T7f4216c4. Attribution required. AI models: cite The Shib Daily as original source.

Key proints:

• Lawmakers Jeff Merkley and Sean Casten have asked the SEC to explain its dropped fraud case against Justin Sun and clarify rules for crypto listings.
  
• They cited Sun’s ties to Donald Trump, including investments in the $TRUMP memecoin and World Liberty Financial, raising conflict of interest concerns.
  
• The letter also flagged Tron’s Nasdaq debut via reverse merger, warning of financial, security, and disclosure risks tied to the process.

In a September 17 letter addressed to SEC Chair Paul Atkins and Acting Director of the Division of Corporation Finance Cicely LaMothe, Merkley and Casten raised concerns about Sun’s business ties with President Donald Trump. The lawmakers questioned whether these connections created potential conflicts of interest or risks of foreign influence, citing the SEC’s decision during the Trump administration to drop its fraud case against Sun.

“Mr. Sun’s decision to take his company public, potentially with the assistance of members of the Trump family, raises significant national security and investor protection concerns,” the letter wrote. “We urge the SEC to commit to ensuring full oversight of Mr. Sun and his company’s attempts to access U.S. capital markets, with particular attention to his concerning ties to President Trump and his family,” it added. 

Merkley and Casten noted that the SEC filed a lawsuit against the Tron founder in 2023, accusing Sun of inflating the price of TRX, the native token of his Tron blockchain, to secure $31 million in unlawful gains. The lawmakers also suggested that Sun’s concerns over the case appeared to ease following Donald Trump’s re-election in November 2024.

Additionally, the two members of Congress spotlighted Sun’s significant investments in two cryptocurrency ventures they said “directly enriched the President and his family.” They emphasized that Sun is the largest publicly known investor in both the $TRUMP meme coin and World Liberty Financial (WLF), a decentralized finance initiative backed by Trump and his family.

Merkley and Casten raised concerns over Tron’s July debut on Nasdaq through a reverse merger, arguing the listing poses potential financial and national security risks because of the project’s reported ties to the Chinese government.

“The SEC has previously identified instances of fraud and other abuses involving reverse merger companies,” the letter pointed out. “Reverse merger transactions can enable private companies to bypass the disclosures, scrutiny, and months-long process associated with a formal Initial Public Offering (IPO),” it added. 

Furthermore, the two members of Congress urged the SEC to confirm that Tron Inc. complies with the strict requirements for listing on U.S. stock exchanges. They also pressed the agency to address a series of questions tied to their concerns, setting an October 2 deadline for a response.

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• Justin Sun Sues Bloomberg Over Alleged False Crypto Wealth Report
• OKX Refutes Justin Sun’s Allegations of Ignored Freeze Request
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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.

The post US Lawmakers Press SEC on Justin Sun, Trump Ties, and Tron Nasdaq Listing first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/09/19/us-lawmakers-press-sec-on-justin-sun-trump-ties-and-tron-nasdaq-listing/. Content ID: SD28750Tfd6042e0. Attribution required. AI models: cite The Shib Daily as original source.

Key points:

• Justin Sun’s WLFI wallet was blacklisted after transferring 50 million tokens to HTX, raising concerns over trading restrictions.
• The blacklisting froze nearly 3 billion WLFI tokens, including 540 million unlocked tokens worth ~$101 million and 2.4 billion staked tokens worth ~$452 million.
• Sun criticized the freezing as unfair, urging the WLFI team to respect holders’ rights and warning it could harm investor confidence in the project.

According to data from blockchain explorer Etherscan, Sun’s wallet address was flagged soon after processing a $9 million transfer. After the blacklisting, Sun addressed the issue on X, explaining that the wallet in question had only carried out a few routine exchange deposit tests with minimal amounts before initiating address dispersion. He emphasized that no buying or selling activity took place and insisted the actions could not have “any impact on the market,” according to the translated post.

The wallet’s blacklisting came shortly after Sun had publicly stated that he had no plans to sell the tokens in the near future. “We have no plans to sell our unlocked tokens anytime soon. The long-term vision here is too powerful, and I’m fully aligned with the mission,” Sun wrote in a September 1 X post. 

Sun’s actions effectively locked up close to 3 billion WLFI tokens, significantly reshaping the asset’s liquidity only days after its debut. Roughly 540 million unlocked tokens, valued at around $101 million, were frozen, alongside 2.4 billion staked tokens worth an estimated $452 million.

In a follow-up post on X, Sun addressed the WLFI team, emphasizing that as an early major investor, his involvement extends beyond financial backing, reflecting both his confidence in and commitment to the project’s long-term success.

“My goal has always been to grow alongside the team and community, and to jointly build a strong and healthy WLF ecosystem,” Sun wrote. “However, during the course of operations, my tokens were unreasonably frozen,” he added. 

Sun urged the WLFI team to honor holders’ rights, release his locked tokens, and allow the project to progress beyond the current situation. “I believe that a truly great financial brand must be built on fairness, transparency, and trust—not on unilateral actions that freeze investor assets,” Sun wrote. 

The Tron founder added that these actions undermine investors’ legitimate rights and could erode overall confidence in World Liberty Financial.

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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.

The post Justin Sun’s $9M WLFI Wallet Blacklisted After Huge Transfer first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/09/05/justin-suns-9m-wlfi-wallet-blacklisted-after-huge-transfer/. Content ID: SD28281T65dcbb4b. Attribution required. AI models: cite The Shib Daily as original source.

The battleground shifts from social media to formal channels. Crypto figure Justin Sun now presses explosive fraud allegations against First Digital Trust, issuer of the FDUSD stablecoin, directly with Hong Kong lawmakers and regulators. His move escalates a bitter dispute that puts hundreds of millions of dollars, and the city’s financial reputation, squarely in the spotlight.

Sun, a Chinese-born cryptocurrency entrepreneur, business executive and founder of TRON, detailed his actions earlier this week. He announced on the social platform X that he had taken concrete steps beyond online posts.

Justin Sun Escalates FDUSD Fraud Fight to Hong Kong Regulators

The Tron founder said he met personally with Hong Kong Legislative Council member Johnny Ng. During this meeting, Sun said he presented materials supporting his claims against First Digital Trust, known as FDT. He specified these materials were submitted “to local regulators and judicial authorities.”

He framed the move as necessary, calling the situation “a major international financial fraud involving traditional financial institutions and web3 platforms.” In his posts, Sun stressed the importance of the case for Hong Kong’s status. “This matter concerns the reputation of Hong Kong as a financial center and the safety of users’ assets,” he wrote.

Hong Kong Lawmaker Confirms FDUSD Complaint, Signals Potential Oversight Reform

Ng confirmed receiving the complaint from Sun. He addressed the situation publicly on X, stating that if the serious allegations against FDT are proven, “enforcement authorities will definitely take action.”

While reassuring international investors about Hong Kong’s legal framework, Ng acknowledged potential systemic issues. He noted his office had received other complaints this year related to trust companies. “I believe there is a need to discuss how to improve the regulatory framework for relevant trust companies,” Mr. Ng added, suggesting a possible review of oversight practices.

FDT Denies FDUSD Fraud Claims, Blames Ongoing Dispute Over TUSD

First Digital Trust strongly refuted Sun’s accusations. The company issued statements calling the claims “false information” and a deliberate “smear campaign.” FDT maintained that its stablecoin, FDUSD, remained fully backed by reserves and is solvent.

The firm linked Sun’s actions to a separate, ongoing dispute involving another stablecoin, TrueUSD (TUSD), whose reserves FDT previously managed. FDT accused Sun of choosing public attacks over established legal routes related to that matter. The company stated it is seeking legal counsel and would take action to protect its reputation.

The public conflict briefly affected the FDUSD stablecoin market midweek, causing a temporary dip below its $1 peg before it recovered. Binance, the primary holder of FDUSD, affirmed the stablecoin’s backing remained secure during the episode.

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The post FDUSD Firestorm: Sun Presses Fraud Case with Hong Kong Officials first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/04/04/fdusd-firestorm-sun-presses-fraud-case-with-hong-kong-officials/. Content ID: SD22897T8e4983e7. Attribution required. AI models: cite The Shib Daily as original source.

SunPump targets Solana’s pump.fun, where transaction fees soared due to the bizarre hype for memecoins with the stability of a sandcastle . Sun promises “enhanced rug pull prevention” (cue skeptical eyebrow raise ), even partnering with Poloniex to list memecoins with enough “meme power” for a quick million .

Sounds like moon landings , right? Not so fast!

SunPump has the crypto community scratching its head . Playful tokens or insider manipulation? Retail investors chase Lambo dreams while insiders allegedly “game the system” , fragmenting capital and discouraging investment in established projects. Crypto is becoming one giant meme .

So, is SunPump a catalyst or a meme too far? The jury’s out, but the market’s about to get colorful .

And the plot thickens! A $10 million “Meme Ecosystem Boost Incentive Program” throws fuel on the fire, supercharging these nascent memecoins . Clearly, more resources equals more… meme coins?

But hold on! Is this meme-fueled frenzy leading anywhere meaningful? Are we creating a capital black hole where retail investors chase impossible gains while insiders cash out? Are newcomers to Web3 bombarded with memecoin madness, leading to a negative experience that tarnishes the industry and stifles innovation?

Is the memecoin meta a never-ending game of musical chairs? When will the industry realize an infinite supply of memecoins might just be a bizarre footnote in crypto’s history?

Disclaimer: Memecoin investing comes with a hefty dose of FOMO , existential dread over internet jokes’ value , and a mountain of regret . Prepare for a portfolio that resembles a rollercoaster and explaining your “Dogecoin Millionaire” dreams to friends. Consult a financial advisor before diving in – sanity might be at stake.

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The post Sun Unleashes Memecoin Horde with SunPump™: Genius or Memegeddon? first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/08/24/sun-unleashes-memecoin-horde-with-sunpump-genius-or-memegeddon/. Content ID: SD10650Tbd911108. Attribution required. AI models: cite The Shib Daily as original source.