Meet Justin Sun, 34, an entrepreneur who bought $6.2 m banana

Justin Sun recently made headlines for purchasing a banana artwork by Italian artist Maurizio Cattelan for $6.2 million at a Sotheby’s auction.

This piece, titled Comedian, consists of a banana duct-taped to a wall and has become emblematic of contemporary art’s intersection with popular culture and digital phenomena. Sun’s intention to eat the banana as part of this “unique artistic experience” sparked discussions about the value of art in the modern age.

Justin Sun, born on July 30, 1990, in China, is a prominent figure in the cryptocurrency landscape. He is known as the founder of TRON, a blockchain-based platform designed to facilitate digital content sharing and entertainment.

Sun’s journey into the world of cryptocurrency began during his academic years when he studied at Peking University and later at the University of Pennsylvania, where he developed an interest in blockchain technology.

His career took off when he joined Ripple Labs in late 2013 as a chief representative. This experience provided him with insights into the burgeoning cryptocurrency market. In 2017, he founded TRON and launched its native token, TRX, through an initial coin offering (ICO) that raised approximately $70 million. This ICO occurred just before the Chinese government imposed a ban on such fundraising activities, leading Sun to relocate to the United States shortly thereafter.

Read also: Duct-taped banana sells for $6.2 m at New York auction

In addition to TRON, Sun has expanded his portfolio significantly. He acquired BitTorrent, a peer-to-peer file-sharing protocol, for $140 million in 2018. Under his leadership, BitTorrent launched its own cryptocurrency token called BTT. Furthermore, Sun owns Poloniex, a cryptocurrency exchange that has faced its share of controversies and security breaches.

Sun’s ventures also include founding Peiwo, an app similar to Snapchat that allows users to connect through live streaming and voice samples. His influence in the cryptocurrency space has been marked by both innovation and controversy.

Sun’s business practices have attracted scrutiny. In 2023, the U.S. Securities and Exchange Commission (SEC) charged him with fraud and securities violations related to the manipulation of TRX and BTT token prices. Sun has denied these allegations and has stated that he intends to contest them vigorously.

As of late 2024, Justin Sun continues to be an influential figure in the cryptocurrency sector. He has also served as Permanent Representative of Grenada to the World Trade Organization (WTO) from 2021 to 2023, further demonstrating his reach beyond just cryptocurrency into international affairs.