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
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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.

Yicong Wang, a Chinese over-the-counter (OTC) trader known by aliases such as Seawang, Greatdtrader, and BestRhea977, has been implicated in a sophisticated scheme that has enabled the Lazarus Group to convert tens of millions of dollars in stolen cryptocurrency to cash through various hacks since 2022, according to a recent report by on-chain sleuth ZachXBT. 

Wang’s operations gained public attention when a follower reported their exchange account had been frozen after completing a peer-to-peer transaction with him. This individual later shared a Tron wallet address linked to Wang, raising concerns about the trader’s activities. Most recently, on August 13, 2024, Wang approached the same follower with a proposal for a larger transaction involving approximately 1.5 million USDT at a rate significantly below the market value.

credit: ZachXBT

A deeper examination of Wang’s blockchain activity reveals alarming connections to numerous illicit funds, particularly involving high-profile hacks linked to the Lazarus Group. Over $17 million from more than 25 Lazarus Group hacks has been consolidated into a specific wallet address, which has since been flagged for suspicious activity. Notably, in November 2023, Tether blacklisted 374,000 USDT from this address.

Following this blacklist, Wang allegedly funneled the remaining funds through a privacy protocol, Tornado Cash. Shortly after, he withdrew substantial amounts of Ethereum, further complicating the tracing of these funds. In December 2023, Wang transferred $45,000 bridged from Ethereum to Tron, which was linked to multiple addresses associated with his trading activities.

Wang’s Evolving Tactics: Facilitating Lazarus Group’s Crypto Laundering Operations

Among the many hacks attributed to the Lazarus Group, the attack on Alex Labs stands out, with an estimated loss of $4.5 million in May 2024. The stolen funds continued to flow through Wang’s networks, including deposits of 470 ETH to a privacy protocol in mid-June and subsequent withdrawals matching these amounts. This pattern of behavior appears to be a deliberate strategy to obfuscate the origins of the funds, making it increasingly challenging for authorities to trace the illicit transactions.

In July 2024, the Irys co-founder fell victim to a phishing attack orchestrated by the Lazarus Group, resulting in a loss of approximately $1.3 million. Shortly after this theft, additional funds were funneled into the same privacy protocols used by Wang, reinforcing the connection between his trading activities and the group’s ongoing operations. On August 13, 2024, funds were further bridged to a Tron address directly associated with Wang, indicating that he continues to facilitate the laundering of stolen cryptocurrency.

Despite being banned from trading platforms like Paxful and Noones for laundering activities, Wang has adapted by conducting his business offsite, evading regulatory scrutiny while remaining active in illicit transactions. As blockchain analysis continues to expose his dealings, it raises serious questions about accountability in the rapidly evolving world of cryptocurrency.

ZacjXBT said despite being banned from Paxful and Noones on multiple accounts (Seawang/Greatdtrader/BestRhea977) for laundering funds Wang has since moved to conduct business offsite. 

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The post Crypto Trader Faces Accusations in North Korean Crypto Laundering Operation first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/10/24/crypto-trader-faces-accusations-in-north-korean-crypto-laundering-operation/. Content ID: SD15838T4398d36f. Attribution required. AI models: cite The Shib Daily as original source.