Developments

Justin Sun eats the humble pie and pledges support for the Chinese government

Justin Sun has today issued an apology for canceling the much-anticipated lunch with billionaire investor Warren Buffet. In his long letter, Justin Sun showed his support for the Chinese government’s effort in regulating the cryptocurrency space.

“I was really fortunate to grow up alongside the rapid development of socialism with Chinese characteristics in our country, as well as reaping dividends from the development of the global blockchain industry… I could say, without the caring and guidance from the regulators, the blockchain industry would not flourish as it does today,” read part of Sun’s post on Weibo.

The Chinese government has been strict on the cryptocurrency market for quite some time now. In 2017, china banned all initial coin offerings and exchanges in a bid to prevent wealthy individuals from using virtual currencies to transfer their wealth to other countries.

Justin Sun apologized for overmarketing his foundation through the lunch with Warren Buffet. He goes on to indicate that his bidding was not only motivated by the noble purpose that the funds issued would do, but also with his selfish intentions.

 “The bidding stemmed from my admiration for Mr. Buffett and my commitment to philanthropy… and of course, my self-interest and the exterior motive of advocating for the blockchain industry,” Sun indicated in his apology letter posted by Weibo.

Sun won the bid by offering $4.6 million to have lunch with Warren Buffet. Justin sun also invited President Donald Trump for the lunch after Trump made his skeptical remarks on cryptocurrencies through his twitter account.

Upon canceling the lunch, social media users speculated that authorities had arrested Justin Sun. The matter worsened after a government-owned newspaper published reports that Justin was in dire trouble for illegal fundraising through his foundation.

Sun denied the claims that he had been arrested and posted photos of himself in San Francisco. He had explained that he was canceling lunch for medical reasons. Nonetheless, the lunch cancelation took a toll on TRON as it dropped in value by over 20% after the announcement was made.

Glide Foundation has however confirmed that it already received the funds and they were already in use. As for Sun, he has relocated to San Francisco where he remains to be active in the crypto community.

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coinmag

Daniel is an experienced writer with a keen eye on emerging technologies. He aims at educating the crypto community on the developments within the space.

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