Sun Yuchen claims that the media promised to keep his asset data confidential and attempted to include him in the billionaire index, but later drafted a profile that disclosed detailed cryptocurrency holdings.
Tron founder Sun Yuchen has filed a lawsuit in the U.S. District Court for the District of Delaware, seeking to prevent Bloomberg from publishing what he calls highly sensitive details of his cryptocurrency holdings. The blockchain entrepreneur stated that the disclosure would violate his privacy and put him and his family at risk. In the lawsuit, Sun claims that Bloomberg approached him earlier this year, hoping to include him in its online billionaire index (ranking the world's wealthiest individuals).
Sun claims that cryptocurrency holdings were only shown as a single amount
Before agreeing, he stated that Bloomberg assured him that any asset information he provided would be "strictly confidential." Furthermore, this particularly applied to his cryptocurrency holdings. He added that this information would only be used to verify his net worth.
Source: Sun v. Bloomberg, LP, 1:25-cv-01007
Sun Yuchen founded Tron in 2017 and possesses a significant amount of cryptocurrency and other assets, which he claims he ultimately agreed to based on these assurances. He provided detailed wallet and asset data to Bloomberg's wealth verification team through secure channels. He claims that his understanding was that any mention of his cryptocurrency assets in the profile was limited to a one-time valuation. He added that the valuation would not include information broken down by token type. Bloomberg declined to comment on the matter.
Allegedly, the draft profile release violated the confidentiality promise
According to the documents, several Bloomberg reporters reiterated this confidentiality in writing. They stated that this data would be kept in internal systems, accessible only to specific employees. They also confirmed that this data would be deleted after verification. Sun Yuchen's team also set clear conditions in March. They stated that this information was "for verification purposes only" and "should not be used for any other purposes, including reporting." Additionally, the lawsuit claims that Bloomberg did not dispute these terms. In late July, Sun's team learned that a Bloomberg reporter had used data from the confidential materials in another article. Around the same time, Bloomberg provided a draft of the billionaire index profile, which included what Sun described as "a large number of inaccuracies," and crucially, detailed the types and amounts of cryptocurrency he held.
Detailed crypto data could help trackers link wallets and make claims
Sun argued that such detailed disclosures in the Bloomberg index are uncommon. Furthermore, he stated that this exceeds the disclosure range of other cryptocurrency billionaires, such as Brian Armstrong of Coinbase or Changpeng Zhao of Binance. He also added that this information would not be shared unless the individual had already made it public.
He claimed that the planned publication would allow blockchain trackers to link his wallet. Therefore, he believes this could make him a prime target for hackers and thieves. Additionally, he warned that this could even expose him to potential physical attacks.
The document noted that once the asset composition is clear, the transparency of public blockchains makes it relatively easy to identify large wallets. The document also cited past incidents where wealthy cryptocurrency holders faced kidnapping or extortion. Furthermore, it referenced Bloomberg's previous reporting on these risks.
Sun Yuchen believes asset collapse could have far-reaching effects
Sun Yuchen filed two lawsuits: public disclosure of private information and promissory estoppel. Additionally, he claims that the data Bloomberg plans to publish clearly violates the promise that persuaded him to share the data. He also added that the damages could be both economic and material. This is because cryptocurrency transactions are irreversible, and attackers can quickly transfer stolen funds.
The lawsuit seeks a temporary restraining order as well as preliminary and permanent injunctions. These injunctions would prevent Bloomberg from publishing detailed data. Additionally, the lawsuit seeks compensation for legal fees. Sun Yuchen also requests a jury trial.
For Sun Yuchen, his public image is closely tied to Tron and other businesses, making this case more than just a media report.
This touches on the core contradiction in the cryptocurrency field: the transparency of blockchain data versus the personal safety of high-value holders. Sun Yuchen stated that the consequences of disclosing his detailed holdings could go far beyond a news article.
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