Judge Rejects Justin Sun’s Lawsuit Against Bloomberg Over Crypto Holdings

A U.S. judge has denied Justin Sun’s lawsuit to block Bloomberg from publishing his crypto holdings, adding to his ongoing legal troubles.

 

A federal judge has denied Tron founder Justin Sun’s attempt to stop Bloomberg from publishing details of his crypto portfolio. 

The case shows both Sun’s large digital asset holdings and his ongoing legal battles in the United States.

Judge Denies Justin Sun’s Bid to Stop Bloomberg

The lawsuit, which was filed in the U.S. District Court for the District of Delaware, centred on whether Bloomberg could disclose the size of Sun’s crypto portfolio. Judge Colm Connolly ruled against Sun’s request for a restraining order and injunction and sided with Bloomberg’s position.

Sun had argued that the publication planned to reveal private and unverified financial data. 

He claimed this would put him at greater risk of hacking, phishing or even physical threats. However, the court concluded that he failed to provide convincing evidence.

Judge Connolly pointed out that Sun himself had already disclosed more specific information about his Bitcoin holdings on social media. This undercut his claims that Bloomberg’s reporting would increase his exposure to threats.

Inside Justin Sun’s Reported Crypto Holdings

Court filings showed the scale of Sun’s reported crypto portfolio. As of February, his holdings included 60 billion Tron (TRX), 17,000 Bitcoin (BTC), 224,000 Ether (ETH) and 700 million Tether (USDT).

Justin Sun’s net worth according to Bloomberg | source- Bloomberg

Bloomberg had reached out to Sun’s team earlier this year while preparing an entry for its Billionaires Index. After those discussions, Sun filed a lawsuit in August seeking to stop the publication from releasing specific numbers tied to his wealth.

Sun’s lawyers argued that Bloomberg reporter Muyao Shen had promised confidentiality. Bloomberg denied that any such promise was made, and the judge agreed with Bloomberg, noting that no evidence supported Sun’s claims.

Legal Arguments and the Court’s Reasoning

Sun’s legal team attempted to show that the disclosure of his holdings had personal and financial risks. They argued that detailed public information could make him a target for criminals.

The court, however, dismissed those arguments. Judge Connolly stated there was no proof that Bloomberg’s reporting would create new threats. 

He also noted that Sun had voluntarily shared information about his assets in the past, sometimes in greater detail than Bloomberg reported.

The ruling, therefore, allows Bloomberg to continue publishing estimates of Sun’s wealth and portfolio breakdowns.

Ongoing Scrutiny of Justin Sun

This dispute with Bloomberg is only one of several legal challenges facing Sun. In 2023, the U.S. SEC filed a lawsuit accusing him and his companies of offering unregistered securities. 

That case remains on hold after the agency requested a stay after leadership changes in Washington.

Lawmakers have recently questioned why the SEC stepped back from pursuing Sun. Some pointed to his investments in ventures tied to former President Donald Trump and his family, including World Liberty Financial (WLFI).

Sun’s Conflicts With WLFI

Adding to the controversies, Sun recently clashed with WLFI after the project froze millions of dollars in his tokens. 

He has called on the group to release the assets and is arguing that the freeze is unfair. WLFI is linked to the Trump family and has drawn attention from both the media and regulators.

This dispute has created speculation about Sun’s financial ties and political influence. It also shows the challenges he faces as his business dealings intersect with U.S. politics.

The post Judge Rejects Justin Sun’s Lawsuit Against Bloomberg Over Crypto Holdings appeared first on Live Bitcoin News.