Source:
https://finance.yahoo.com/markets/crypto/articles/justin-suns-htx-rotating-chain-124448382.html
Source:
https://financefeeds.com/zh/binance-payments-financial-services-growth-3/
孫宇晨 + 趙長鵬
這篇文章無意討論孫宇晨 (Justin Sun) 或景甜誰對誰錯。色情小說兼錢債糾紛仍在發展中，越來越多人插嘴（爆料）或插手（提示：曾穎 + 胡錫進），隨時「巴黎鐵塔反轉再反轉」（出處：周星馳 + 張曼玉 +《家有囍事》1992）。欲知「國產情 Deal」的最新發展，請上網。
Auntie 只是想利用這單「國產情 Deal」帶出另一位加密貨幣平台經營者趙長鵬 (Zhao Changpeng) ，即是批評孫宇晨的處理手法不當，令他「關燈」（放下或閉嘴）的那位同行兼前輩。二人有生意來往，趙長鵬創辦的幣安 (Binance) 從今年 8 月 23 日開始封鎖 HTX 以及其他加密貨幣平台，原因是後者協助俄羅斯（透過加密貨幣）規避制裁。詳情請參考《延伸閱讀》部份提供的參考資料（標題：Binance to block HTX and 15 other crypto platforms over Russia sanctions）。孫宇晨公開感謝趙長鵬「提點」，有幾真心，還是有弦外之音，自己想。
這篇文章的重點，是分析二人的相似之處。孫宇晨和趙長鵬有不少共通點：
首先，同樣是來自中國的加密貨幣交易平台經營者。孫宇晨是 HTX 的顧問和投資者，趙長鵬是幣安 (Binance) 的創始人。由於中國政府嚴禁加密貨幣，二人都不可以留在中國，必須離開中國才能繼續經營加密貨幣交易平台。
其次，二人在中國以外的地區經營加密貨幣交易平台，遇到重重障礙，被外國的監管機構找麻煩，原因是牽涉洗黑錢或金融罪案，孫宇晨的 HTX 被指協助俄羅斯（透過加密貨幣）規避制裁。孫宇晨的 HTX 在今年 5 月被英國制裁，到今年 7 月底被歐盟制裁，原因是協助俄羅斯（透過加密貨幣）規避制裁。英國和歐盟都出手很重，欲知詳情，請參考《延伸閱讀》部份提供的參考資料。
趙長鵬的幣安 (Binance) 在歐洲拓展業務，同樣遇到困難。幣安 (Binance) 透過希臘申請拓展業務所需的 Markets in Crypto-Assets Regulation (MiCA) licence 不成功，無法趕及今年 7 月的限期，正計劃透過其他歐盟國家提出申請。此外，根據英語傳媒的報導，兩名幣安 (Binance) 員工在今年 8 月底在阿拉伯聯合酋長國 (United Arab Emirates, UAE) 的機場被捕，原因是牽涉金融罪案，案件仍在調查中。 UAE 由七個大公國組成，杜拜（Dubai）是其中之一，它是中東的洗黑錢中心。欲知詳情，請參考《延伸閱讀》部份提供的參考資料。
第三，二人同樣向美國總統特朗普（川普）尋求保護。
趙長鵬在 2023 年因為幣安 (Binance) 的反洗錢措施不足而被美國的法庭判刑（4 個月）以及罰款 (US$4.3 billion)，在 2025 年 10 月得到美國總統特赦。根據英語傳媒的報導，幣安 (Binance) 花了一年時間向特朗普進行遊說。差不多同一時間（美東時間 2025 年 10 月 14 日），美國的司法部門在網上公開陳志 (Chen Zhi) 的罪行，並且制裁他和相關人等及實體（提示：太子集團 Prince Group）。由於時間上很接近，網上有傳聞指趙長鵬協助美國政府追查及凍結陳志持有的比特幣 (Bitcoin)，即是：提供技術支援，換取總統特赦，信不信由你。
至於孫宇晨，他曾經被美國的金融監理機構調查，原因是牽涉詐騙。他投資特朗普家族的加密貨幣項目 World Liberty Financial（WLF），時間是 2024 年的下半年，之後被輕輕放下。特朗普是凡事皆可 Deal 的美國總統，也是加密貨幣的支持者及保護傘（適用於第二個任期內即是 2025 年 1 月 25 日至今），他跟孫宇晨之間是否利益交換，自己想。最近孫宇晨跟特朗普關係惡化，向法庭提出控訴，指自己的錢被 WLF 鎖死了（騙財）。欲知詳情，請參考《延伸閱讀》部份由 Oliver Bullough 所寫的兩篇英文文章。
共通點：進退兩難，雙重夾擊。天下之大，無處容身。二人既不可以回中國，拓展海外市場又被外國的監管機構找麻煩，又或者被個別國家或地區（例如：英國，歐盟）所制裁或封殺，最近連中東國家阿聯酋 (United Arab Emirates, UAE) 也開始採取行動，原因是七個大公國之一的杜拜（Dubai）是中東的洗錢中心。官府想洗脫污名，就要拿加密貨幣平台開刀，不難理解。至於 HTX 被指協助俄羅斯（透過加密貨幣）規避制裁，就反映出這個行業的合規風險偏高，容易被捲入地緣政治之中，以致經營困難。
「國產情 Deal」是否轉移視線的花生？
看懂了背後的政治經濟脈絡，經營者的感情糾紛實在微不足道。用加密貨幣包裝的「國產情 Deal」是否轉移視線的花生，自己想。你越是認真地分析評論，越是中了設局者的門道，明白未？港式網路語言：「認真你就輸！」
又或者應該這樣說：當男人身處困局，難以脫身，就會回歸自己能夠控制或有把握的事情，玩一些令自己感覺良好的遊戲，作用是轉移視線。對北大中文系才子來說，那件事情是寫色情小說。這種遊戲，港式粵語叫「打飛機」，即是男人的「高射砲」。比較溫柔和女性化的說法，是貓咪在激烈打架途中，突然停下來，低頭舔毛，作用是舒緩緊張情緒。
大陸網民的陰謀論：那篇色情小說是北大中文系才子用來迫退誘捕自己的「燕子」（前蘇聯斯大林時期對紅色女特工的稱呼）以及（趁比特幣價格反彈）收割流量的，目的已達，立即收兵，信不信由你。
延伸閱讀／參考資料：
【孫宇晨景甜】
孫宇晨突發文談「關燈」：這件事到此為止
冀景甜安好 態度逆轉與趙長鵬有關？
撰文：金融組
香港經濟日報
2026/08/29
https://inews.hket.com/article/4185092
節錄：加密貨幣平台波場（TRON）創辦人孫宇晨 (Justin Sun) 近日在社交平台發布長文《我的女友景甜》，詳述過去與內地女明星景甜相識到交往的私密細節，又入稟法院追討禮金，成為城中熱話。孫宇晨最新在社交平台發文，以「關燈」作比喻，暗示自己準備放下事件，並祝福景甜未來一切安好，態度明顯有所轉變。
孫宇晨指：「關燈的聲音驚擾了景女士，那不是我的本意。我希望她好。願她往後的日子，與這些字無關。」孫宇晨指，與景甜的民事財產糾紛已經進入司法程序，將尊重法院判決，結果如何都接受。
值得留意是，孫宇晨發文前，幣安創始人趙長鵬（CZ）擬批評孫宇晨的做法，發文指：「市場營銷激進一點可以，但利用和上升到人身攻擊，甚至損害人家未來職業生涯發展，沒有必要。直接打官司也比披露不必要的細節好，希望能夠妥善解決。互相尊重！」
孫宇晨回應趙長鵬指：「謝謝 CZ，說得對。互相尊重，妥善解決，剩下交給法院。我不再多說了」。孫宇晨曾公開表示，趙長鵬是他的貴人。
Explainer
From trading bans to total embrace, a global guide to crypto regulation
Across jurisdictions, governments are struggling to rein in a volatile
industry worth more than $3 trillion, leading to patchy oversight.
By Brenda Medina
ICIJ
November 17, 2025
https://www.icij.org/investigations/coin-laundry/cryptocurrency-regulations-global-explainer/
（推介原因：這篇文章根據不同國家對待加密貨幣的態度和監管方式，把它們區分成四個組別。中國屬於紅燈區，即是官府的立場強硬或曾經打壓加密貨幣。日本和歐盟屬於黃燈區，即是並非完全禁止和已經有監管法規。綠燈區即是官府鼓勵加密貨幣甚至大力發展成為支柱產業，例如：El Salvador 及 United Arab Emirates。經濟起飛的印度屬於 Under construction。）
以下節錄關於中國的段落：
Red Light
Some countries have taken a hard line against cryptocurrency. They cite concerns about threats to financial stability, illegal money flows and the massive energy consumption of crypto mining — the process of validating crypto transactions, which requires immense computing power. Governments in these countries have tried to shut down most or all crypto activity.
China
With the second largest economy in the world, China is one of the most prominent examples of countries that ban cryptocurrency. In September 2021, the People’s Bank of China declared all cryptocurrency transactions illegal, citing concerns about financial risk, capital leaving the country and the high energy consumption of crypto mining operations. People involved in illegal crypto trading can be fined, have their assets confiscated and face criminal charges, particularly in cases linked to money laundering or fraud. Authorities have enforced the ban by conducting police raids, shutting down crypto exchanges, and censoring crypto-related content on the internet.
Still, underground traders have reportedly found ways to circumvent the ban. In 2023, at least 60 million people in China are estimated to have owned crypto, according to the latest data released by Triple-A, a global payments firm.
Although China has cracked down on private cryptocurrencies, it launched a Central Bank Digital Currency, known as the digital yuan, in 2019 and has built a low-cost platform for developers to build applications that use blockchains — decentralized distributed ledgers — called the Blockchain-based Service Network (BSN). Central Bank Digital Currencies, or CBDC, are digital versions of national currencies, with the same value as fiat money — money issued by governments like the yuan or the U.S. dollar.
Two Binance employees were detained in UAE in recent
weeks, NYT reports
By Reuters
August 21, 2026
Key Points:
- Two Binance employees were detained in the United Arab Emirates in recent weeks amid police inquiries into possible financial crimes on the cryptocurrency platform, the New York Times reported on Thursday, citing four people familiar with the matter.
- The two employees were stopped at airports in the Emirates, the report said, citing two of the people with knowledge of the situation. It wasn't immediately clear what authorities in the UAE were investigating, NYT said.
- When asked about the NYT report, Binance told Reuters that a small number of its employees were asked to provide statements to UAE authorities as part of what it described as routine inquiries into third-party fund flows through a Binance client money account. The employees were not targets of the probe and were cleared and released, Binance added.
- In recent years, Binance has faced regulatory and legal scrutiny in several regions. In 2024, Nigerian authorities charged Binance and its then head of financial crime compliance, Tigran Gambaryan, with laundering more than $35 million, allegations both Gambaryan and the exchange denied.
- Binance secured a licence to conduct operations in Dubai in 2022.
NEWS:
Binance to block HTX and 15 other crypto platforms over Russia sanctions
By
PAUL O’DONOGHUE, Senior Correspondent
AMLintelligence.com
August 17, 2026
Intro: BINANCE will block transactions involving HTX and 15 other crypto platforms from August 23, as sanctions and regulatory action tighten controls on firms accused of helping to circumvent restrictions on Russia.
Binance announced the measures on August 14. It said it would stop
processing transactions involving 11 platforms from August 23. The exchange had
already blocked five others earlier in the month.
Justin Sun：和解談判進行中，HTX 不在英國與歐盟展業
BlockBeats
2026-08-15
https://tw.theblockbeats.news/flash/361734
BlockBeats 消息，8 月 15 日，Justin Sun 於社交平台發文稱，「我與 Binance 溝通過了，只涉及 Binance 英國與歐盟用戶，HTX 本身不在英國與歐盟展業，我們與英國歐盟監管機構的和解談判也已經在進行中，如果有用戶在此和解談判中受到影響，可以隨時反應給 HTX
客服，我們會協調解決。」
Justin Sun's HTX 'Rotating' On-Chain Wallets Amid UK
Sanctions: TRM Labs
Decrypt Agent
Yahoo
July 22, 2026
https://finance.yahoo.com/markets/crypto/articles/justin-suns-htx-rotating-chain-124448382.html
Key Points:
- Crypto exchange HTX has rebuilt its underlying wallet infrastructure in the weeks since the UK sanctioned it, rotating deposit and hot wallets on a rapid cycle, blockchain intelligence firm TRM Labs said in a report Tuesday. The exchange has "rebuilt its on-chain plumbing," TRM Labs said, with the result that address-list screening "cannot keep pace".
- The Office of Financial Sanctions Implementation designated Huobi Global S.A., the entity behind HTX, on May 26, the first time the UK applied the measure to a crypto exchange of that size. The package of sanctions targeted crypto exchanges and the "A7 network," which British authorities said was "used by Russia to evade existing restrictions" and channel funds to fuel its invasion of Ukraine. In the announcement, the UK government flagged HTX as a "major global cryptocurrency exchange" suspected of having channeled more than $1.5 billion to the Kremlin.
- The report also noted that the U.S. Treasury's OFAC and the EU have not designated HTX, so freeze obligations fall only on UK-regulated firms, even as TRM urged others to treat the exchange as an "elevated sanctions-evasion risk."
Binance maintains commitment to EU, seeking
more licences in Asia
By Rae Wee and Sumeet Chatterjee
Reuters
July 9, 2026
Key Points:
- Cryptocurrency exchange Binance remains in "close talks" with regulators in the European Union over its application to operate in the bloc and is seeking to secure more licences in Asia, said its co-chief executive Richard Teng on Thursday.
- It comes as Binance, the world's largest cryptocurrency exchange, announced last month that it had withdrawn its Markets in Crypto-Assets Regulation (MiCA) licence application in Greece and is seeking to pursue authorisation in another EU member state.
- Crypto companies must obtain a MiCA license by July 2026 to continue operating in the EU.
- A senior executive told Reuters previously that the exchange intends to stay in the EU and will make a fresh push for permission to operate there, with the fate of its customers based in the bloc uncertain. He added that the decision to withdraw the application was done to prevent Binance users in the EU from facing a "short transitional period".
- Teng, who leads Binance in a dual leadership structure with co-founder Yi He, said the exchange is also seeking licences across Asia.
- Binance recently announced its expansion into the Philippines through a partnership with local fintech company Blockshoals Technologies.
- Crypto markets have struggled this year on the back of heightened market volatility, investor hype around big expected IPOs and persistent ETF outflows that track the assets.
- Bitcoin, the world's largest cryptocurrency, is down nearly 30% this year and has fallen more than 50% from a record high hit last October.
Binance Cuts Off European Users After
Regulator Raises Financial-Crime Concerns
The EU’s markets regulator had privately
advised national authorities to block the crypto exchange’s application to
operate under a new regulatory regime
By Angus Berwick and Patricia Kowsmann
The Wall Street Journal
July 1, 2026
Intro: Binance, the world’s largest crypto exchange, failed to obtain a license to operate in the European Union after a key regulator expressed concerns about its history of financial-crime violations.
Binance said last week it withdrew a license
application filed in Greece that would have allowed the exchange to offer its
services across the EU from July under the bloc’s new crypto regulations.
NEWS: Binance prepares to suspend services
across the EU
By PAUL O’DONOGHUE, Senior Correspondent
AMLintelligence.com
June 29, 2026
https://www.amlintelligence.com/2026/06/news-binance-prepares-to-suspend-services-across-the-eu/
Key Points:
- BINANCE will suspend many of its key services across several EU countries from 1 July after failing to secure the licence needed to operate under the bloc’s new crypto rules.
- Binance emailed customers in France, Italy, Poland and Spain to say it could no longer accept new registrations. It also warned that some services would be restricted from 1 July because it would not have a MiCA licence in place.
- The company is the world’s largest cryptocurrency exchange by trading volume. Its bid to secure a licence in Greece unravelled earlier this month. Binance now plans to seek authorisation in another EU member state.
- MiCA came into force in 2024. It introduced a single regulatory framework for crypto-assets across the EU. The rules include anti-money laundering requirements and investor protection measures. Crypto firms needed authorisation from at least one EU member state by 1 July 2026 to continue offering services across the bloc.
- Founded in 2017, Binance grew into the world’s largest crypto exchange. However, the company has faced growing regulatory scrutiny.
- French
authorities continue to investigate alleged money laundering offences linked to
the firm. Meanwhile, former chief executive
Changpeng Zhao pleaded guilty to violating US AML laws in 2023. He served a
four-month prison sentence in 2024.
Binance to halt crypto services across EU countries
after failing to secure MiCA approval
By Rebecca Rommen
Euronews
25/06/2026
Key Points:
- The world's largest crypto exchange is pulling out of multiple EU markets after withdrawing its Greek licence application before a June 30 deadline.
- MiCA, which entered into force in 2024, established a common EU-wide framework governing crypto asset trading, covering investor protections and anti-money laundering obligations. Exchanges were given until 30 June 2026 to obtain authorisation from a national regulator within the bloc - a deadline the vast majority have failed to meet.
- Binance said it withdrew its Greek application "after careful consideration of the status and the timeline of the process in Greece, with our users' interests at the center." The firm said it had engaged "constructively and in good faith" with Greek authorities, but with no formal decision forthcoming before the transition period closes, it opted to pursue licencing elsewhere. "We have taken the prudent decision to move forward in a way that gives users more clarity and allows us to continue pursuing a compliant, long-term path in Europe," the company said.
- Founded in 2017, Binance rapidly came to dominate global crypto trading, making co-founder and former CEO Changpeng Zhao a billionaire. Originally established in China, the company shifted its operations internationally following Beijing's sweeping crackdown on the crypto sector.
- Its trajectory since has been marked by significant legal and regulatory turbulence. When crypto markets crashed in 2022, scrutiny from regulators around the world intensified. Binance has faced accusations in multiple countries of facilitating money laundering by criminal organisations, a probe in France remains ongoing.
- In late 2023, Zhao pleaded guilty to violating US anti-money laundering laws. He served a four-month prison sentence in 2024.
UK Issues Sanctions Against Justin Sun's HTX, Other
Crypto Firms Over Alleged Russia Ties
Sander Lutz
Yahoo
May 27, 2026
https://finance.yahoo.com/markets/crypto/articles/uk-issues-sanctions-against-justin-181534200.html
Key Points:
- The United Kingdom announced a package of sanctions Tuesday against entities accused of aiding Russia—including HTX, the massive crypto exchange founded by Justin Sun.
- The U.K. government sanctioned HTX for "making available funds, economic resources, goods or technology to individuals and entities in the Russian financial sector." HTX is one of the largest crypto exchanges in the world, which last year reported over $3 trillion in trading volume.
- The British government specifically accused HTX of providing financial services to A7, a Russian crypto exchange with its own ruble-pegged stablecoin, A7A5, that experts say is used by the Russian state to avoid international sanctions.
- The penalties the British government has now levied against HTX are sweeping and significant. As of today, all institutions in the country are now banned from establishing any financial relationships with the crypto exchange. Further, and perhaps more impactful, any on-chain transaction that at one point passed through HTX may now be considered a prohibited transaction as well, according to blockchain analytics platform Elliptic.
- Earlier this year, the U.K. began legal proceedings against HTX because the company "illegally promot[ed] crypto asset services to UK customers." In response, HTX restricted its availability within the country—at least to new customers.
- Sun, the exchange's founder, previously faced a years long fraud lawsuit in the United States, until the Trump SEC abruptly moved to settle the case earlier this year. Sun had previously spent tens of millions of dollars buying up tokens from both the Trump family's crypto firm, World Liberty Financial (WLF), and from President Donald Trump's personal meme coin project.
- Sun's relationship with the Trumps has recently soured, however, with the crypto founder and World Liberty now locked in multiple lawsuits accusing the other party of rampant misconduct.
US
President Trump pardons convicted Binance founder Changpeng Zhao
By Pascale
Davies
Euronews
23/10/2025
Key Points:
- Changpeng Zhao, known as "CZ," stepped down as head of the world's largest cryptocurrency exchange and pleaded guilty to money laundering in 2023.
- US President Donald Trump has pardoned Changpeng Zhao, the founder of Binance, the world's largest cryptocurrency exchange, a White House official said on Thursday.
- White House press secretary Karoline Leavitt said in a statement that Trump had "exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency".
- “These actions by the Biden Administration severely damaged the United States’ reputation as a global leader in technology and innovation,” she added. “The Biden Administration’s war on crypto is over”.
- Known as CZ, Zhao pleaded guilty to money laundering and stepped down as Binance CEO in 2023. The company agreed to pay $4.3 billion (€4 million) to settle related allegations.
- He was sentenced in April 2024 to four months in prison. However, prosecutors had asked for a three-year prison sentence.
- The US Securities and Exchange Commission (SEC) had filed 13 charges against Binance and Zhao, which included commingling and diverting customer assets to an entity that Zhao owned called Sigma Chain.
- According to Axios, Binance had been lobbying Trump for more than a year and the pardon may mean Binance can once again operate in the US.
Trump pardons Binance founder Changpeng Zhao
Liv McMahon
Technology reporter
BBC
23 October 2025
https://www.bbc.com/news/articles/cly1qrl9l1qo
Key Points:
- The pardon reignited debate over the White House embrace of cryptocurrency as the Trump family's own investments in the industry have deepened.
- Binance had spent nearly a year pursuing a pardon for its former boss, who completed his four-month prison sentence in September 2024, the WSJ reported on Thursday.
- Its campaign came as Trump, who released his own coin shortly ahead of his inauguration in January, promised to take a friendlier approach to the industry than his predecessor.
- Since then, he has loosened regulations, sought to establish a national cryptocurrency reserve and pushed to make it easier for Americans to use retirement savings to invest in digital assets.
- Zhao, who stepped down as Binance chief executive in 2023, wrote on social media on Thursday that he was "deeply grateful for today's pardon and to President Trump for upholding America's commitment to fairness, innovation, and justice".
- The pardon lifts restrictions that had stopped Zhao from running financial ventures, but it's not yet clear whether it changes his standing with US regulators or his ability to lead Binance directly.
- In a
statement Binance called the decision "incredible news". The exchange, which is registered in the Cayman Islands,
remains the world's most popular platform for buying and selling
cryptocurrencies and other digital assets.
Wikipedia - 孫宇晨
https://en.wikipedia.org/wiki/Justin_Sun
Excerpt: Justin Sun (Chinese: 孙宇晨; pinyin: Sūn Yǔchén; born July 30, 1990) is a Chinese-born crypto billionaire and businessman. He is the founder of TRON, a company that develops the TRON blockchain with the associated Tronix (TRX) cryptocurrency token, as well as USDD, a stablecoin issued by TRON DAO Reserve. Sun is also the owner of Rainberry (formerly BitTorrent Inc.), which developed the BitTorrent protocol and under Sun's leadership developed the BTT cryptocurrency token. Sun also owns the crypto currency exchanges Poloniex and HTX (formerly Huobi). Sun was Permanent Representative of Grenada to the World Trade Organization (WTO) in Geneva from 2021 to 2023.
According to Forbes, Sun is the 411th-richest person in the world, with a net worth estimated at $8.5 billion as of April 2026. His net worth is largely held in cryptocurrency, including Tronix tokens (TRX).
Sun's companies have been investigated by the U.S. Securities and Exchange Commission (SEC). After having formed business ties with Donald Trump, who became president in 2025, Sun's companies received more lenient treatment by the SEC.
Before the pardon, Zhao's companies had partnered with firms linked to Trump on new digital-currency projects including Dominari Holdings, where his sons sit on the board of advisers and which is based in Trump Tower.
The
Wall Street Journal also previously reported representatives of the Trump
family - which has its own crypto firm World Liberty Financial - had recently
held talks with Binance.
Why
Trump-backer Justin Sun is suing the Trumps’ firm
Oliver
Bullough
Coda Story
29 April
2026
https://www.codastory.com/oligarchy/why-trump-backer-justin-sun-is-suing-the-trumps-firm/
Excerpt: Donald Trump and the crypto world have done well out of each other. The Trump family has made profits of several billion dollars, and ‘cryptopreneurs’ have found the United States a newly supportive environment for their products. But the crypto world is not a single entity, and there are potential differences of opinion and approach between the parts that specialise in fraud, money laundering, and speculation (as well as the small number of societally beneficial uses), and a court case between billionaire Justin Sun（孫宇晨）and the Trump family’s World Liberty Financial threatens to blow those divides wide open.
He also had a key role in transforming Trump from cryptosceptic into cryptoenthusiast after investing millions of dollars in World Liberty Financial in late 2024, which helped to persuade the president — then running for re-election — that there was money to be made on the blockchain.
Sun is a colourful gentleman and a firm favourite of this newsletter, thanks to his efforts to essentially buy the Pitcairn Islands, his voyage into kind-of space, his consumption of a $6.2 million banana, his stewardship of the Tron blockchain, his premiership of Liberland, and his frankly adorable continued usage of “H.E.” (his excellency) as a title despite losing his Grenadian ambassadorship three years ago after being accused of fraud by the Securities and Exchange Commission.
Considering the improbability of the Trump family building an actually successful crypto company, and the strong likelihood World Liberty Financial would find a way to keep investors’ money as has happened with Trump ventures in the past, quite a lot of people assumed Sun’s money was in reality more of a gift than an investment. But it appears these doubters were wrong, at any rate that’s what it says in the suit that Sun has filed in California alleging that World Liberty Financial has abused his rights.
“Mr. Sun invested $45 million to purchase $WLFI tokens from World Liberty not only because of the project’s claims that it would promote adoption of decentralized finance… but also because of the Trump family’s association with the project,” his claim states. “But as Mr. Sun unfortunately has learned, World Liberty’s operators, including Chase Herro, see the project as a golden opportunity to leverage the Trump brand to profit through fraud.”
Sun has been careful to make clear this is not an attack on the president (“Unfortunately, certain individuals on the World Liberty project team have been operating the project in a manner that goes against President Trump’s values,” he posted on X), who is, he says, being betrayed by underlings — as autocrats have always been throughout history — but he is certainly airing a lot of dirty laundry, which is likely to upset influential people.
Perhaps the most significant allegations, which World Liberty Financial denies, is that the Trump family’s company is on the verge of collapse, having paid most of its money to its owners, and that it tried to extort money from Sun to keep it in business. This is not just significant for its investors but also for America’s diplomatic ties, since Abu Dhabi has invested $2 billion via World Liberty Financial’s USD1 stablecoin, and the United States can ill-afford to further irritate its allies in the Gulf right now.
The timing of the lawsuit is interesting. It was notable that, shortly after Trump returned to the White House, the Securities and Exchange Commission paused its investigation into Sun. In March, that investigation was finally wrapped up, with Sun paying $10 million but not admitting wrong-doing, so he is perhaps no longer concerned about facing legal action himself.
Sun was also a major investor in Trump’s memecoin, but is not the only person who seems to have soured on that particularly unlovely project. One of the perks of being an investor in the token is the right to have dinner with Trump, but the value of that ticket dropped this year to just $539,000 from $3.28 million in 2025, with the Financial Times quoting an expert as calling the friendship between Trump and the crypto-world “a shotgun marriage,” which seems fair.
The Trump family has, however, made $320 million in fees from the memecoin alone, so I suspect they’re not that bothered.
（推介原因：特朗普跟 Justin Sun（孫宇晨）的利益瓜葛和是非恩怨。）
A record Bitcoin haul & crypto comes to
the Pitcairn Islands
Oliver Bullough
22 October 2025
https://www.codastory.com/oligarchy/a-record-bitcoin-haul-crypto-comes-to-the-pitcairn-islands/
Excerpt: The Pitcairn crypto plan
Thanks to an Australian reader for tipping me off to an odd situation in the Pitcairn Islands, the only British Overseas Territory (BOT) in the Pacific, and the smallest territory in the world by population. Pitcairn has fewer than 50 inhabitants and is extraordinarily remote so unlike most BOTs – the Cayman Islands, the BVI, Gibraltar, Anguilla, etc – it has never developed an offshore financial services industry.
Anyway, it seems that in January 2020, Justin Sun（孫宇晨）– the Chinese-born billionaire head of the crypto giant TRON; prime minister of Liberland; first Kittitian in Space; former Grenadian ambassador extraordinary and plenipotentiary to the World Trade Organisation; eater of a $6.24 million banana; and early investor in Donald Trump’s crypto company – explored the possibility of turning Pitcairn into a crypto haven. According to the minutes of the meeting with the island’s council, three of Sun’s representatives were there on a friend-making mission: “TRON is looking to partner with a BOT to work together to craft regulations etc to help make crypto currency more mainstream.”
There was “a lot of community interest” among the locals for carving up this unexpected cash cow, but fate intervened in the form of a killjoy governor, who represents the U.K. in these parts. “TRON will not be permitted to establish bitcoin/crypto currency”.
According to one academic’s assessment of things, “a company with such a variable track record was never going to be afforded a foothold in the territory.” And, generally speaking, that should have been the end of the matter, leaving us with nothing more than a ghostly alternative timeline in which Pitcairn is a crypto hub (or, perhaps, a 21st century version of Nauru) and its few-dozen residents are multi-billionaires.
None of this has been confirmed by Tron, so I only have the Pitcairn administration’s documents to go on but it appears that the company did not in fact go away quietly. Instead, in order to “garner favour”, it began to provide solar panels to Pitcairn residents. An attempt by the governor to stop this collapsed, given that everyone really wanted them, and by July 2023, the council’s meeting minutes noted: “we all have solar units donated from TRON on our roofs”.
My Australian interlocutor informs me that Pitcairn residents are unsurprisingly now super-enthusiastic about Tron for having provided them with free electricity, though loath to publicise it. This year Tron advertised for a Project Director (Pitcairn Islands Development) to lead “a humanitarian infrastructure development project aimed at improving the medical and accommodation conditions of 35 indigenous fishermen residing on Pitcairn Island”, and is now looking for a “Legal Counsel (Pitcairn Islands Development)”.
Something’s happening here and I don’t know what it is, but if I worked for the British government I’d be trying to figure it out. Justin Sun’s stated philosophy is underpinned by the libertarian creed of “no forced obligations, no taxes, and no mandates”. It would be a challenging development if, now that he’s provided Pitcairn with free power, he managed to bring the islanders around to that point of view.
（推介原因：Oliver Bullough 收到讀者報料，Justin Sun（孫宇晨）正計劃把太平洋小島 Pitcairn Islands 轉型成為
crypto haven，但遇到阻力。Auntie 想起已經被遣返中國的太子集團（Prince Group）董事長陳志（Chen Zhi），他被指控通過空殼公司在西太平洋島國帕勞（Palau）建立豪華度假村，藉此洗黑錢以及轉移非法資金。共通點：來自中國的加密貨幣專家把影響力延申至太平洋島國，是同一種玩法。孫宇晨跟陳志是否同一類人？幕後老闆是否相同？自己想。 ）
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文章
