Justin Sun Wins Defamation Suit Against Chinese Media Group

Cryptocurrency entrepreneur and Torn founder, Justin Sun, secured a legal victory in a defamation lawsuit against the Chongqing Business Media Group. The People’s Court of China ruled in favor of Sun, ordering the media to retract false statements and issue a public apology.

The court’s decision followed a two-year legal battle, with the Chongqing Yubei District Court determining that the Media had published unverified and defamatory content, damaging Sun’s reputation. The Media acknowledged its failure to fact-check and issued an apology.

Sun commented on social media platform X, stating, “The rumor-monger has finally published an apology on the People’s Court’s website. Although it took two years, justice has arrived.”

The case originated in March 2022, when the Media published an article on eastmoney.com, alleging Sun’s involvement in insider trading, fraud, and money laundering. The article cited an opinion piece from The Verge, which included claims based on anonymous sources. The court found these claims to be unverified.

In its ruling, the court said that the original article by The Verge lacked concrete evidence and that the Media’s reproduction of these claims was baseless.

Another lawsuit was also filed against the frontman of the Tron cryptocurrency and his business associate in California, alleging they harassed and fired two employees in retaliation for their objections to management practices and technology applications.

Richard Hall and Lukasz Juraszek claim they endured escalating hostilities at work, culminating in their termination from BitTorrent. The file-sharing service was acquired by the Tron Foundation in a $120 million deal two years ago.

The plaintiffs are seeking $15 million in damages and government action for wrongful termination, discrimination, emotional distress, and hostile work conditions. In their December court response, the Tron Foundation, BitTorrent, Sun, and Li contested the charges’ motivations, jurisdiction, and factual basis.

The court case adds to the scrutiny of Sun’s cryptocurrency businesses. Adding to Tron’s challenges, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Sun and the Tron Foundation in March 2023, accusing them of offering unregistered securities and engaging in manipulative trading practices, which Sun has denied.

The SEC alleges that the Chinese entrepreneur and his companies conspired to distribute billions of cryptoassets and artificially inflate trade volumes in order to lure in investors. The federal agency also claims that Sun manipulated the price of BitTorrent’s BTT token.

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