Bloomberg faces lawsuit for disclosing Justin Sun’s TRON token holdings
Tron founder Justin Sun has filed a lawsuit against Bloomberg, accusing the media outlet of unlawfully disclosing his private financial information in its Billionaires Index profile.
In an Aug. 11 court filing, the crypto billionaire alleged that Bloomberg intended to “recklessly and improperly” publish highly confidential and proprietary details about his crypto holdings.
He argued that the disclosure would cause “significant and irreparable” harm, both financially and personally, due to the sensitive nature of the data.
Sun said he provided Bloomberg with some information about his crypto portfolio only for verification purposes and under the condition that it would not be published without his consent.
He claimed that Bloomberg’s planned report went far beyond the standard data typically included in the Billionaires Index and directly contradicted assurances given to him.
According to him, Bloomberg’s publication would provide everyone, including bad actors, with
vital information to identify his crypto wallets. This action, Sun argued, would constitute an invasion of his privacy and also subject him and his family “to a significant and imminent risk of theft, hacking, kidnapping, and bodily harm.”
Sun’s legal team added:
“Given his significant crypto holdings, once Plaintiff’s wallet numbers are known, Plaintiff will become a considerable target for bad actors who can use the information to determine the methods to carry out an attack, which may include a variety of tools to steal, extort, and attack Plaintiff.”
This case adds to Bloomberg’s history of disputes with prominent crypto industry figures. In a separate matter, Binance founder Changpeng Zhao previously threatened to sue the outlet, alleging it published false and damaging reports about him and his company.
Bloomberg’s response
In an Aug. 12 letter to Judge Maryellen Noreika, Bloomberg stated that it will challenge the lawsuit and the temporary restraining order (TRO) that Sun requested.
The outlet argued the TRO was irrelevant because the article had already been published before it received a cease-and-desist letter from Sun’s legal team. Bloomberg further claimed that blocking publication would infringe on its First Amendment rights.
In its report, Bloomberg estimated Sun’s net worth to be $12.4 billion, with most of his wealth tied to digital assets.
The traditional media outlet stated that Sun owned more than 60 billion TRX tokens, which equates to roughly 63% of the token’s total supply. In addition, Bloomberg noted that Sun owned 17,000 Bitcoin, 224,000 Ethereum, and 700,000 Tether USD (USDT).
Bloomberg pointed out that its analysis covered only verifiable on-chain holdings and excluded assets on exchanges like HTX and Binance.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
US CPI Heats Up Across the Board, Triggering "Inflation Spiral" Alert; October Rate Hike Odds Once Hit 50%. "New Fed News Agency": Watch Waller's Speech This Week
After the CPI was released, the market-implied rate hike probability first rose to 50% before falling back to 40%. Wall Street generally believes that whether action will be taken in October still depends on how the Federal Reserve assesses inflation trends. "The New Fed News Agency" noted that, unlike in August when price increases were concentrated in certain items, the stronger-than-expected performance of September's core CPI was more broad-based, further reinforcing the case for a December rate hike. The speech by Waller on Friday morning Beijing time is his last public statement before the Fed's blackout period ahead of this month's meeting. Economists are warning about an "inflation spiral," with real purchasing power and midterm election pressures interweaving.
The calm period in the US stock market is over! The S&P 500 ends its record of 53 consecutive trading days without a drop of over 1%. AI stock sell-off intensifies market concerns.
The S&P 500 Index fell by 1.1%, ending a streak of 53 consecutive trading days without a drop of 1% or more. This was the longest period of calm since January 2020.
Federal Reserve Beige Book: U.S. economy expands moderately but inflationary pressures intensify; AI boosts productivity curbing some corporate hiring demand
The latest Beige Book released by the Federal Reserve on Wednesday shows that overall economic activity in the United States continues to grow, but performance varies across regions. Consumer spending remains generally weak, and there has been little change in the labor market.
Overnight US Stocks | September Inflation Remains High, Major Indexes Decline, Coreweave (CRWV.US) Drops Over 15%
At the close, the Dow Jones Industrial Average fell by 47.96 points, or 0.09%, to 51,622.14 points; the S&P 500 Index dropped by 85.95 points, or 1.10%, to 7,719.50 points; and the Nasdaq Composite Index declined by 511.51 points, or 1.88%, to 26,692.87 points.
Crypto prices
More
