Justin Sun Wins Defamation Lawsuit Against Chongqing Business Media Group

Cryptocurrency entrepreneur and Torn founder, Justin Sun, secured a legal victory in a defamation lawsuit against the Chongqing Business Media Group.

Cryptocurrency entrepreneur Justin Sun, who is also the founder of Tron, has 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 comes after a two-year legal battle. The Media had published an article on eastmoney.com in March 2022, 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, however, 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.

The Media subsequently acknowledged its failure to fact-check and issued an apology, which was posted on the People’s Court’s website. Sun commented on the matter on social media platform X, saying, “The rumor-monger has finally published an apology on the People’s Court’s website. Although it took two years, justice has arrived.”

Another lawsuit was also filed in California against the frontman of the Tron cryptocurrency and his business associate, alleging that 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. Notably, 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 to attract investors. The federal agency also claims that Sun manipulated the price of BitTorrent’s BTT token.

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