Justin Sun Files Lawsuit Against Bloomberg Over Crypto Holdings Disclosure

Cryptocurrency entrepreneur Justin Sun has taken legal action against Bloomberg, accusing the media company of planning to reveal sensitive details about his personal finances. The lawsuit, filed in a Delaware federal court on August 11, stems from Sun’s participation in Bloomberg’s Billionaires Index, a ranking of the world’s wealthiest individuals. Sun claims he shared private information, including crypto wallet addresses, solely for wealth verification purposes after receiving assurances of confidentiality from Bloomberg journalists.

In the lawsuit filed, Sun argues that Bloomberg intended to publish a detailed breakdown of his crypto assets, which he believes would expose him to serious risks such as hacking, theft, or physical attacks like kidnapping. He highlights the irreversible nature of cryptocurrency transactions, noting that public knowledge of specific holdings could make him a prime target for criminals. Sun’s legal team emphasizes that this information is akin to private data like a social security number, in which the public holds no legitimate interest.

The dispute escalated when Sun attempted to impose unilateral conditions on the shared data, insisting in a group chat that all information remain confidential and be deleted after verification. He warned that the details could not be used for reporting or any other purpose beyond confirming his total wealth. Despite these demands, Bloomberg allegedly shared the data with another journalist for a profile piece, prompting objections from Sun’s representatives.

Background of the Dispute

Sun’s involvement began in February when Bloomberg approached him for inclusion in the Billionaires Index, where Sun is ranked #239, requesting comprehensive details to verify his net worth. He provided wallet addresses and other financial data, believing verbal reassurances ensured privacy. However, Bloomberg updated Sun’s profile on August 12, estimating his wealth at $12.4 billion, largely from digital assets including over 60 billion Tron, 17,000 Bitcoin, 224,000 Ethereum, and 700,000 USDT.

Bloomberg assigned a one-star confidence rating to its analysis, focusing on verifiable onchain holdings while excluding assets on exchanges like HTX and Binance. Sun disputes the accuracy of this report, claiming it attributes holdings he never owned and omits others he does control. His team sent a cease-and-desist letter on August 2 to halt publication, but Bloomberg proceeded anyway.

In response to the lawsuit, Bloomberg argues that the temporary restraining order Sun seeks is moot since the profile was published before the filing. The company asserts that granting such an order would violate its First Amendment rights, describing prior restraint on publication as an extraordinary measure rarely justified. Bloomberg maintains it never agreed to Sun’s proposed terms, which arrived weeks after the data was shared.

Sun’s suit also stresses the broader importance of journalists honoring promises to sources to foster open information exchange. He contends that Bloomberg’s actions breach implied confidentiality and could irreparably harm his privacy. The case underscores unique challenges in crypto reporting, where asset details can pose real-world dangers beyond traditional finance.

According to the court documents, Bloomberg plans to vigorously defend against the claims, emphasizing that Sun cannot prove invasion of privacy or enforceable agreements. The outlet points out that much of Sun’s crypto involvement has been public for years, including well-known wallets. As the legal battle unfolds, it raises questions about balancing media freedom with individual privacy in the digital asset space.