A federal court has rejected Justin Sun’s legal attempt to prevent Bloomberg from disclosing financial information about his crypto assets valued at over $3 billion.
In a September 22 ruling filed in the U.S. District Court for the District of Delaware, Judge Colm Connolly ruled in favor of Bloomberg in Sun’s lawsuit challenging the publication’s disclosure of his digital asset holdings.
Source: Court ListenerAccording to Connolly, Sun had filed a second motion seeking a temporary restraining order and preliminary injunction to prohibit Bloomberg from “publishing the amounts of any specific cryptocurrency” in his possession.
Court Rejects Justin Sun’s Injunction Request
The judge ruled that Sun failed to prove Bloomberg agreed not to disclose his portfolio details. Connolly stated that Sun must “demonstrate by clear and convincing evidence” that Bloomberg made such a promise.
Court filings revealed that Sun’s holdings include 60 billion Tron (TRX), 17,000 Bitcoin (BTC), 224,000 Ether (ETH), and 700 million Tether (USDT).
Bloomberg contacted Sun’s team in February for its Billionaires Index. Hours after publication, Sun filed a complaint and motion for a restraining order, then withdrew the motion three days later, citing ongoing talks.
After negotiations failed, Sun filed a renewed motion on September 11, demanding Bloomberg “remove the amounts of any specific cryptocurrency owned by Mr. Sun from any of its online publication.”
Sun specifically demanded that Bloomberg retract its claim that he owns 60 billion TRX and controls the majority of the supply and stop publishing his crypto holdings in the future.
Sun alleged that reporter Muyao Shen promised that the information would remain “strictly confidential and would only be used to verify his personal assets for the Billionaires Index profile.“
Bloomberg disputed this through sworn declarations. Shen stated she made no “promises of confidentiality regarding any aspects of Bloomberg’s coverage of Mr. Sun.” Team members Dylan Sloan and Tom Maloney made similar denials.
Evidence Favors Bloomberg
Chat screenshots from Bloomberg’s interview process did not establish any confidentiality promise, Judge Connolly found.
Source: Court ListenerConnolly noted that Bloomberg’s publication contained “information that is arguably less specific than what other entities and Sun himself have made public” and would not be objectively offensive to a reasonable person.
The judge ruled that Sun failed to prove the likelihood of success on his privacy claims.
Connolly also found that Sun failed to prove that releasing information about his crypto holdings would make him an “increased target for hacking, phishing, social engineering, kidnapping, or bodily injury,” partly due to his own cryptocurrency disclosures on social media platforms.
“Sun himself has disclosed far more specific information about his Bitcoin holdings than what Bloomberg published,” Connolly observed.
The court decision comes weeks after Justin Sun’s cryptocurrency wallet was blacklisted by the World Liberty Financial, a project associated with the Trump family.
The WLFI project froze 540 million unlocked WLFI tokens belonging to Sun, preventing him from transferring tokens after a Sun-linked address made several WLFI token transfers on the Ethereum blockchain.
Sun publicly requested the unfreezing of his tokens, calling on the WLFI team to respect investor rights.
Justin Sun’s Ongoing SEC Litigation Amid Trump-Related Business Involvement
This development adds to ongoing speculation that Sun has been investing in President Trump-related cryptocurrency projects to mitigate accountability in his existing U.S. legal proceedings.
The Tron founder faces a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in 2023, alleging that his Tron cryptocurrency company offered unregistered securities.
Following President Donald Trump’s inauguration and the departure of former SEC Chair Gary Gensler, the agency requested a stay in the case.
Since then, the Chinese-born cryptocurrency entrepreneur has been acquiring stakes in ventures affiliated with President Trump.
In May, Sun attended a presidential gala outside Washington, D.C., reserved for holders of President Trump’s official memecoin.
He was reported to be the investor with the largest holdings of Trump meme coins.
Sun later disclosed that he received a Trump-branded Golden Tourbillon watch for being the top holder of President Donald Trump’s memecoin.
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