Justin Sun, the crypto billionaire who shot to art world notoriety after buying, and promptly eating, Maurizio Cattelan’s duct-taped banana, and has remained in the spotlight amid a legal dispute with collector David Geffen, is again under scrutiny—this time for his dealings with World Liberty Financial (WL), the controversial cryptocurrency firm peddled by President Donald Trump.
According to a New York Times, investigation of WL published on April 28, the 34-year-old Hong Kong native reportedly spent $75 million on $WLFI coins late last year, not long after buying the Cattelan sculpture, Comedian, for $6.2 million from Sotheby’s. As the Times notes, Sun’s investment in WL drew accusations of a clear conflict of interest: In March 2023, Sun and the blockchain he founded, Tron, were sued by the US Securities and Exchange Commission for fraud, among other security violations.
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Sun and Tron have denied the federal agency’s allegations, and of his WL investment, Sun told the Times he was signaling support for an “excellent project,” 60 percent of which is owned by a Trump family corporate entity. In February, the SEC asked a federal judge to halt proceedings in Sun’s civil fraud case, as Sun and the agency were exploring “a potential resolution.” The request was granted.
ARTnews has contacted World Liberty and the SEC, as well as Sun’s legal representation, for comment.
That February, Sun launched his own legal challenge in New York against billionaire collector and music mogul David Geffen, who Sun accused of purchasing a prized an Alberto Giacometti sculpture from his collection in an illicit dealing. According to Sun, the bronze, steel, and iron Giacometti, titled Le Nez (1949–65), and purchased at a Sotheby’s auction of works from the Macklowe collection in November 2021 for $78.4 million, was stolen from his collection by an employee and sold as part of an elaborate fraud. Sun has called on Geffen to return the sculpture, which is in New York.
Geffen, who figures on the ARTnews Top 200 List, and has a collection reportedly valued at $2 billion, hit back in April with a scathing 100-page countersuit, which describes Sun’s lawsuit as “a sham.” Among the countersuit’s numerous and detailed rebuttals, Geffen alleged that Sun had a history of dishonest business: Per the filing, Sun has been sued by several ex-employees who claimed that he ordered them to engage in “unethical and/or illegal business activities.”
The case is ongoing.