Revealing Sun Yuchen's Tron Empire: How did he earn billions through extreme speculation?

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sky53 ττ2024/09/18 09:28

By:sky53 ττ

Sun Yuchen is a typical opportunist: "When a group of people eat coconut chicken, Sun Yuchen will take most of the chicken into his bowl in the first second of cooking, without giving himself a chance to eat it." Here is Sun Yuchen's ultimate speculation story

Sun was born in Qinghai. He moved to Huizhou four years ago. His mother was strict and hoped his son would become successful. He suffered a lot when he was young. He attended MLM classes to train his public speaking skills and went to Wuhan to learn Go for three years. However, he failed and returned home. His parents divorced. Later, his mother remarried abroad, and his father became alcoholic. As a result, he became addicted to games and skipped classes, and his grades plummeted. In order to play online games, he often pretended to be sick and went home to rest. He would sneak to the internet cafe after his father fell asleep at night and rush back home before he woke up in the morning.

Before the high school entrance examination, he suddenly "woke up", studied hard for half a year, and stumbled into Huizhou No.1 High School. After entering Huizhou No.1 High School, his usual mock exam scores were just enough to meet the undergraduate admission line. Except for the English class of the homeroom teacher, he spent most of his time reading novels in the library. There were 48 people in the class, and his grades were "consistently in the bottom ten". Although Sun Yuchen's grades were poor at that time, he really wanted to go to a prestigious school.

So he started his first venture: the Olympiad. However, due to the high requirements of this thing, Sun Yuchen, after realizing that he had no talent in the Olympiad, turned his eyes and started his second venture: the New Concept Essay Contest. That year, the New Concept Essay Contest produced a group of Internet celebrity paid copy writers, who became the only group of people who achieved class advancement through words in the "post-news golden age". The most representative one is undoubtedly Han Han, who went from a rebellious teenager to a genius writer, from a racing driver to a film director.

Sun Yuchen also wanted to change his destiny by taking shortcuts. During his three years in high school, he submitted many articles to the New Concept Writing Competition, but they were ignored. In the end, Sun Yuchen carefully studied the winning articles of previous years. He found that the judges seemed to like to read those who "pretended to be sharp, profound, and mature", so he followed suit and catered to their preferences Later, he won the first prize and qualified to participate in the independent enrollment examination of Peking University. The opportunity for success that finally appeared in his destiny, he crazily made up for it. According to relevant sources, he also conducted a remote enrollment and was admitted to Peking University. In February 2007, when he won the first prize in the New Concept Writing Competition and participated in the interview for Peking University's independent enrollment, the interviewer did not even know which province his Huizhou No.1 Middle School was located in. Sun Yuchen's primary and secondary schools are so opportunistic.

Sun Yuchen, born in 1990, started an alternative life shortly after entering Peking University. He was radical in his thinking and always publicly criticized the school's management system, of course, with a purpose. This speculation was for the sake of the president of the Peking University Student Union and alumni relations. According to his Peking University colleague Wang Hu, although Sun Yuchen's colleagues jumped up and down to make a fuss, most college students simply did not know about the business gate of Peking University. Even if they knew, they would not be as knowledgeable as Sun Yuchen.

Behind every article by Sun Yuchen, there is a naked threat that once the consultation system is formed, the victims will be college students across the country. However, college students across the country have expressed that if it is formed, it is formed, so what is the harm? Because he has many supporters, he ran as an independent candidate for the president of the Peking University Student Union. First, he went crazy to create momentum, and then disappeared on election day, claiming to have been "imprisoned" by the school's Youth League Committee for more than ten hours. The image of a "victim" followed, but this allowed him to accumulate more followers. Later, Weibo emerged, and he learned to discuss social affairs with "public intellectuals" and "big V", frequently calling for "saving the country". Many alumni who have graduated for many years found Sun Yuchen's avatar on Renren and Weibo, and left him a message, saying that this boy born in 1990 finally let them see what Peking University should be like.

In a café on campus back then, Sun Yuchen could market himself for four hours: while drinking his favorite mango cheese, he talked about his life journey: which important turning points, which extraordinary moments, which experiences made him who he is today, and which things determined him. Moving towards the future... He used various devices and jokes to expand, but he was very clear about where he was and what he wanted. In his freshman year, he continued to use primary and secondary school journals to increase his popularity. For example, he wrote "An Argument Question" in the magazine "Sprout", trying to prove to people that "high school can make up for any regrets in one year, as long as you are determined." He left his mailing address at the end of the article and invited middle school students to prove this topic with him. In the more than two years after the article was published, he received nearly 10,000 letters. This speculation was for the sake of reputation in primary and secondary school publications and even the media. Sun Yuchen's university was so opportunistic.

In 2010, he interned at Southern Weekend and founded "Weekly Review" modeled after Hu Shi, commenting on current affairs on campus. At the end of each article, there was an extra line of signature: "Sun Yuchen in the news department of Southern Weekend". As a result, he became popular at Peking University. It must be said that he chose to intern at Southern Weekend for a purpose.

The Southern Department is a unique existence with high recognition. In 2009, Obama visited China and specifically wanted to be interviewed by "Caijing" and "Southern Weekend". This indirectly confirmed the influence of these two media outlets. A year later, Sun Yuchen came to intern and caught up with the trend. Moreover, not only "Southern Weekend", but also practitioners from the entire Southern Department have a high success rate in applying for overseas scholarship programs. This is helpful for Sun Yuchen's stay in the United States.

In 2011, he ended his four-year undergraduate studies with the highest score in the history department of Peking University. According to media reports, this was also a speculative behavior. Because there were few students in the history department of Peking University, the employment gap was relatively large compared to other majors. Sun Yuchen saw that there was less competition in this department, so he quickly applied to transfer to the history department. Then, he found that other colleagues did not listen carefully to several history professors in class, and history professors need emotional value.

In order to have a high GPA and study in the United States, Sun Yuchen sat at the front of the class. Every time the history teacher looked at him, he would smile and nod frequently. "The history department's exams account for a small proportion of the score, and the paper is the main part. Communicate more with the teacher, get familiar with each other, let him take a look at the paper before submitting it, give some suggestions, and then I will make changes. Can the score be different?" He must get the teacher's mobile phone number and email for each course he chooses. "If something goes wrong, at least the responsible person can be found." He raised his mouth and extended four fingers: "In my impression, at least four courses were originally below 85 points, but after asking the teacher, they were changed to above 85 points." And so, he ended his four-year undergraduate studies with the highest score in the history department of Peking University. Worried that he would be expelled from Peking University for making a fuss, Sun Yuchen applied to graduate a year early and entered the University of Pennsylvania in the US.

Sun Yuchen, who tasted the sweetness of taking unconventional paths, continued to take unconventional paths after going to the United States. About a month after arriving in the US, he followed Chen Duxiu in founding "New Youth" and started an online magazine called "New New Youth". In China, he imitated Hu Shi. In foreign countries, he imitated Chen Duxiu. Who says history is like smoke? The same set of tricks played nearly a hundred years ago is still not outdated. Reporter Meng Ge said: But this time Sun Yuchen messed up. Half a month later, Princeton University graduate Shen Danqi published a long diary in Renren, accusing Sun Yuchen of plagiarizing her article "One Million in 1989" in the magazine's article "Veterans Do Not Die, 1949". She demanded that Sun Yuchen publicly apologize. After a few days of silence, Sun Yuchen posted a long post with the gist of: If there is any similarity, it is just a coincidence and he will never apologize. Many people have come to terms with this. Amid the controversy, Sun Yuchen "fell ill" and rumors of suicide were leaked. The incident ended with the magazine being closed.

At the moment when the alumni circle was exposed, Sun Yuchen joined the UPenn Investment Association, hoping to meet some wealthy people in the US. There, Sun Yuchen first learned about blockchain, so he tried to leverage stocks and coins to enter the blockchain industry. However, considering that he was a poor student with limited capital, even if he made a profit of 100 times, his final gains would definitely be limited, and his first pot of gold would not be too much... Sun Yuchen's major in East Asia, commonly known as "Sinology", was easy to become famous. But after falling into the trap of plagiarism, his reputation was bankrupt, and he was very passive in continuing his studies.

Since 2012, he has been taking courses at the Wharton School, joining investment associations, and participating in internship interviews at investment banks and fund companies. However, the US people did not buy his idea, and no investment bank was willing to hire him. Since it's not easy to get by in the US, he should return to China.

Sun Yuchen returned to China with the halo of being the chief representative of Ripple Greater China, but was later contradicted by Ripple Labs for saying "I don't know him". Shortly after returning to China, he acquired the stranger social software "Accompanying Me App", which focuses on anonymous chatting. Girls can choose to pay for calls, and the profit model is simple and crude. After returning to China to start a business, Sun Yuchen first labeled himself as a post-90s entrepreneur, the first in the history department of Peking University, and a student of Jack Ma's Lakeside University, and then repeatedly participated in programs such as "Only You" and "Lu Yu You Yue" as an entrepreneur, which were frequently exposed.

Not long after, I met Ma Moumou, who runs the website "Pao Fu" on the program "Lu Yu You Yue". Pao Fu? Accompany me. The two fell in love and initiated a wedding crowd funding on the Internet. However, nearly a thousand people who participated in the crowd funding had never seen their wedding. "Accompany me" did not meet his expectations. After investing in a movie with the same name full of advertisements and no good results, Sun Yuchen decisively gave up: "You must be the first. If you can't be the first in a field, move on to the next one immediately."

Accompanying me "has brought Sun Yuchen considerable profits, but the policy risks of soft pornography services are huge. A few years later, Sun Yuchen closed" Accompanying me "and told people around him that this heavily operated business was" not cost-effective enough ". However, this was the closest Sun Yuchen had ever been to" normal "entrepreneurship, even though" lust "was valued like speculating in virtual currency because it was addictive. An unconfirmed detail is that an old acquaintance of Sun Yuchen said that someone had predicted Sun Yuchen's fate in the early years," saying that he was not suitable for practicality, but for emptiness ".

In March 2015, Sun Yuchen was selected for the first list of "Hupan University" and was the only one born in the 1990s. As soon as he was selected, "Ma Yun's youngest disciple" appeared in his Baidu Lingo entry.

The following is Sun Yuchen's oral account: I received an interview notice on January 16th, notifying me to go to Hangzhou for the interview on January 26th. The interview was held at the Sheraton Hotel in Hangzhou, and the lobby corridor was filled with 20-inch portraits of the 48 of us. Eight of the most outstanding business school directors in history, including Jack Ma, Feng Lun, Guo Guangchang, Shi Yuzhu, Shen Guojun, Qian Yingyi, Cai Hongbin, and Shao Xiaofeng, attended. The 48 people were divided into six groups, each with eight people, and the school directors conducted group and individual interviews respectively. What impressed me most was that Feng Lun asked me this question: "You are very young now. If you succeed in entrepreneurship in the future, what do you want to do?" I told him, 'The reason why I started my own business is because I realized that entrepreneurs are the fundamental force that maintains the rotation of this country and even society. They not only create value for consumers, pay taxes, and promote employment, but more importantly, promote commercial civilization. In addition to successful entrepreneurship, I hope to promote the development of commercial civilization and the cultivation of entrepreneurial spirit.'

However, what is little known is that Sun Yuchen's enrollment this time also has the shadow of investors behind him. He once confessed to Tencent Technology that in order to smoothly become one of the first batch of students at Lakeside University, (xxx founding partner) wrote a recommendation letter for him, which was the real magic weapon for him to pass the personal interview of eight famous school directors. I have read Sun Yuchen's self-description: at that time, he called Ma Yun "Ma Dad" and also called him "Ma Dad" in front of the media.

Sun Yuchen started his business on the basis of the Ripple open-source license and founded Ripple. At that time, VC was in the midst of the Internet boom in China, with various investments and VC practitioners traveling to five-star hotels with a lot of hot money. Sun Yuchen graduated from Peking University with a master's degree in Pennsylvania and returned to China with a blockchain project. He was then selected and supported by IDG. IDG was announcing the establishment of the "IDG 90s Fund" at that time. Sun Yuchen was interviewed by CCTV. The reporter asked, "As a leading figure among 90s entrepreneurs, how do you evaluate China's current entrepreneurial environment?" He smiled and said, "China's entrepreneurial environment is the best in the world, without a doubt." Sun Yuchen is very clear that his core ability is not technology, but marketing. If he doesn't have time to write code, he plagiarizes it; if he doesn't have time to write a white paper, he copies someone else's and then modifies it. But when it comes to marketing, Sun Yuchen has put in a lot of effort.

At an internal meeting, Sun Yuchen demanded, "If TRON is financing 200 million, it is only qualified. The financing 250 million is barely good, and financing 300 million can be considered excellent." In the end, TRON's valuation 1 billion and financing 600 million. However, investors will not know that the team actually only has five people, of which only one understands blockchain technology. Just as the TRON team was excited about the financing results, seven national ministries jointly issued the "Announcement on Preventing the Risks of Token Publishing Financing", which clearly requires any institution to prohibit the issuance of coins, and those that have been issued need to be returned. Sun Yuchen, who is abroad, is very "tough": no refund. The Chief Operations Officer in China, Liu Ming, whom Sun Yuchen met at Peking University, broke out in a cold sweat and broke ties with Sun Yuchen. Finally, under pressure from all sides, Sun Yuchen returned the raised funds, allowing Tron to survive.

Catching the ICO wave, coupled with Sun Yuchen's marketing, TRON coin skyrocketed 200 times in one month, from 1 cent per coin to 2 yuan per coin. Later, Sun Yuchen took advantage of the good market and secretly exchanged 6 billion TRON coins for Ethereum, with a cash value of about 12 billion RMB. Influenced by Sun Yuchen's sell-off, TRON coin plummeted nearly 20% that day, and then fell all the way, causing many investors to lose everything. Until now, Sun Yuchen is one of the people who hold the most ETH.

Then someone found that more than 50% of TRX was stored in the same wallet, and the proportion of "retail investors" circulating in the market was only 9%. Another person found that Sun Yuchen's wallet transaction records showed that he sent 200 million TRX to Binance and other trading platforms to exchange for Ethereum every day, and this behavior lasted for 19 days. The large-scale sell-off quickly led to a stampede run, and the price of TRON coin plummeted by 20% in an instant. Once again, "coincidentally", Sun Yuchen ran before the crash. He always manages to become the fastest runner, just like when he ate coconut chicken.

Tron has been established for 10 months, and Sun Yuchen claimed that his net worth has reached billions. However, as a result, a group of people's wealth disappeared, leaving only self-mockery, "Sun Ge smiles, life and death are unpredictable." The origin of this sentence can be traced back to a few years ago. Once, Sun Yuchen did a LIVE and endorsed a coin. A netizen left a message in the LIVE, "Sun Ge, don't laugh, I'm so scared." Sun Yuchen disdained it, "Do I like your three melons and two dates?" A few months later, investors who purchased that coin were trapped at a high price, "the situation is so tragic that it can only be described as losing everything." Even after taking over the Huobi business later, Sun Yuchen did not give up the "three melons and two dates" of retail investors. Many industry insiders have accused 36k that Sun Yuchen has repeatedly used Huobi to "stick needles" - also known as "directional blasting" - by means of server delay, downtime, modification of K-line to mislead investment and manipulate currency prices, causing users to maliciously liquidate their positions. "The money earned from'sticking needles' is not enough for his hourly wage, but he just wants to make money," said a cryptocurrency investor who has come into contact with Sun Yuchen.

Sun Yuchen: "I will never forget the way Wang Xiaochuan looked at the liar." Speaking of the past, a netizen dug up a Moments post by Sun Yuchen in February. Sun Yuchen said, "On November 24, 2014, I recorded a program with Wang Xiaochuan. I will never forget the way he looked at the liar. He said I was a liar and would definitely fail. It was a shame to record a program with me. In the end, I couldn't even record it."

The program mentioned by Sun Yuchen was a "Maker 987" dialogue initiated by "Chinese Entrepreneur" four years ago. Wang Xiaochuan talked to Sun Yuchen, a post-90s generation. From the video content, Sun Yuchen hardly introduced technology and company, but talked a lot about how to build good relationships. Wang Xiaochuan couldn't help but say, "I still don't know how good you are. You are the one who said it yourself, I didn't see it!" Earlier, on the day when Sun Yuchen announced that he would have lunch with Buffett, Sogou CEO Wang Xiaochuan posted on Weibo: "What is success? What is a scammer? Some people think it is value, some people think it is market value. In the long river of history, it is light and easy." When Wang Xiaochuan's Weibo was forwarded and replied by Sun Yuchen, everyone realized that Wang Xiaochuan was actually implying that Sun Yuchen was a fraud.

In the comments, Sun Yuchen made a challenge to Sogou - betting 100 bitcoins: "Actually, regarding the past, I only saw it as a spur, and I have already entered a state where I have no enemies.... Let's put aside our prejudices and have another three-year agreement to see which market value is higher or lower between TRON and Sogou in June 2022? Betting 100 bitcoins." Sun Yuchen once again stated in an interview with Jiemian: I don't think I can be compared with Wang Xiaochuan because my identity is an entrepreneur, and Wang Xiaochuan's essence is still a worker. According to Securities Times, Sun Yuchen and Wang Xiaochuan's "mutual diss" have also attracted the attention of other bosses in the venture capital circle.

In the winter of 2017, in a courtyard on the East Second Ring Road of Beijing, in a closed KTV called "If I Were", the warm-toned lights were ambiguous. Among the toasts, Sun Yuchen, a rising star in the cryptocurrency circle, had a great conversation with Xu Zijing, a cryptocurrency celebrity at the time. Xu Zijing, nicknamed "Martian", was a dazzling star in the blockchain industry at that time. At that time, HSR, the cryptocurrency of Martian, was also one of the hottest currencies.

According to someone who used to be very close to Sun Yuchen, he spent the whole night talking about ideals, HSR, and the future of TRON coins. "Xu Zijing thought Sun Yuchen was a formidable young man and showed great affection for him." In the end, the two decided to exchange coins. "It is said that the Martian exchanged 140,000 HCASH (HSR) for 333 million TRON coins, and the two completed the exchange on the spot." The happy gathering lasted until 2am, and Sun Yuchen said he was going back to the company. When Xu Zijing sent him to the entrance of the courtyard, he also praised Sun Yuchen's dedication and diligence to the people around him.

Afterwards, according to the scene described by the above-mentioned person, Sun Yuchen went out, turned a corner, leaned against the wall, and sold all the HSR of Xu Zijing that he had just exchanged at the entrance of the alley. Some media reported that Sun Yuchen made nearly 30 million yuan by selling HSR, which directly led to a sharp drop in the price of HSR. By the time Xu Zijing sobered up the next day, HSR had already triggered a stampede-like decline, "this coin has no strength to recover". This incident was not publicly reported, and the above scene was described by many people familiar with Sun Yuchen. When asked by the media whether the incident was as described above, Martian Xu Zijing chose to remain silent.

Around 2017, it was very popular in our industry to exchange coins and endorse each other. "Martians have too many coins in their hands, and Sun Yuchen has a bunch of titles on him, which can also persuade others." Perhaps more importantly, "those who exchanged coins with Martians before all had moral bottom lines, which made him overestimate human nature." "If in a disaster movie, Sun Ge would definitely be the person who would do anything to survive until the end." People familiar with Sun Yuchen commented.

In 2019, after a high-profile response to Wang Xiaochuan, Sun Yuchen dissed Wang Sicong. On the evening of June 8th, Sun Yuchen dissed Wang Sicong on Weibo. "I heard Wang Sicong scolded me?" A few minutes later, he posted on Weibo again: "Those who rely on their fathers dare to scold those who rely on themselves, those born in the 1980s dare to scold those born in the 1990s, and those who go bankrupt with LIVE dare to scold those who are still starting their own businesses. Who gave you the courage, Liang Jingru?" A subsequent screenshot shows that when Wang Sicong forwarded the article "Sun Yuchen Buffett's dining table is full of'leeks'" on Moments, he added the words "Isn't this just a fool?"

In 2019, Sun Yuchen established the TRON Super Community, claiming that users could earn several times the profit by holding TRON coins. So users bought TRON coins, developed their own downlines, and let their downlines continue to buy TRON coins, playing the game of passing the buck. Sun Yuchen's Ponzi scheme lasted for about half a year and could no longer be played. Sun Yuchen closed the TRON Super Community, prohibited users from logging in, and the more than one billion funds invested by hundreds of thousands of people could no longer be withdrawn. After the incident escalated, Sun Yuchen distanced himself and said that the TRON Super Community had nothing to do with him. It was also from this year that Sun Yuchen ran back to the US to avoid investigation.

Also in 2019, Sun Yuchen spent $4.56 million to film Buffett's lunch, and then began the famous "three plays Buffett" performance. On the morning of July 23, Sun Yuchen said on his Weibo that he had "cancelled the lunch meeting with Mr. Buffett". For the reason for the cancellation, Sun Yuchen said that he was in the hospital for treatment of sudden kidney stones. "At present, my physical condition is all stable, and I am in the recovery period. I cannot accept the interview. Please forgive me." Sun Yuchen also emphasized that the donation to the Glide Foundation has been completed and is still valid. Just as many netizens discussed it, the bosses in the industry also expressed surprise. Sun Yuchen said that it had been rescheduled.

From "canceling the meeting" to "rescheduling", Sun Yuchen once again "teased" the nerves of netizens. Just when everyone thought that Sun Yuchen's record-breaking bid price of 31.53 million yuan for the 20th Buffett Charity Lunch was the culmination of "hype", Sun Yuchen, who did not follow the routine, once again made himself the focus of public attention with a "stirring up trouble". In the 20 years since the Buffett lunch event was launched, there has never been such a "grand scene". Sun Yuchen's so-called "stand-up" repeatedly made it to the top of various news rankings. It was not until Buffett could no longer bear it that he finally fulfilled this dinner in 2020.

The reason why Sun Yuchen did this is to repeatedly market himself, manipulate prices and profit from hot topics such as sky-high dinner parties and Buffett. As for the "drama queen" Sun Yuchen, after the news of buying Buffett's lunch at a sky-high price, his popularity has expanded from the cryptocurrency circle to the public level, becoming a true "celebrity". In response, Li Lun, a partner of Panda Capital, a traditional entrepreneur, also wrote in Moments that "Sun Yuchen's forced filming of Buffett has embarrassed the Chinese people internationally, undoubtedly conveying very wrong information to the world and further vilifying the values of the Chinese people." XPeng Motors Chairperson He Xiaopeng commented: "Knowing shame and then being brave is a good thing, but being shameless and deceiving is ridiculous." Liu Yang, CEO of Fanxing Group, bluntly stated that Sun Yuchen is a scammer with extremely high intelligence and emotional intelligence, and advised everyone to remember, if you are not a scammer more powerful than him, do not buy his coins

On July 24, 2019, Caixin reported that Sun Yuchen had been detained by the border. The office of the China Financial Internet Risk Special Project Rectification Group has suggested that the government investigate Sun Yuchen for suspected xxxx. Since then, many domestic media have forwarded this news.

Regarding this, Sun Yuchen posted on Weibo stating that Caixin's report is completely untrue and will meet with the outside world after his condition improves. On the second day of denying Caixin's report on border control, Sun Yuchen apologized on Weibo. The apology was lengthy and targeted many people, not only to the regulatory authorities, but also to the public, the media, and Wang Xiaochuan. The reason was for his immature marketing and behavior, limitations and insignificance, and vulgar hype and marketing behavior. It is worth noting that "regulatory authorities" appeared 9 times in the apology letter. Interestingly, Sun Yuchen specifically stated in his apology letter that he wanted to apologize to the media. In the main text, he directly named Caixin and Hu Shuli, the editor-in-chief of Caixin Media. The apology letter stated that Caixin is a well-known journal that I have subscribed to and studied repeatedly since my university days. It has made significant contributions to the overall situation of reform, opening up, and economic development. Ms. Hu Shuli is also a senior teacher whom I greatly respect and admire. Caixin always adheres to the principle of social responsibility and prioritizing public interests, which makes me see my limitations and insignificance. I feel sincere and fearful to communicate with Caixin. I am willing to communicate with Caixin transparently and unreservedly about our business and industry development, in order to receive the most authentic and fair guidance from the best media teachers. The day before, in response to Caixin's report on Sun Yuchen's border control, Sun Yuchen also stated on Weibo that Caixin's report was completely untrue and conducted a LIVE in San Francisco to try to confirm that he was not under border control.

Later, Caixin disclosed more details about Sun Yuchen's border control, which Hu Shuli reposted on his personal Weibo.

In 2021, after the rise of NFTs, Sun Yuchen released the APENFT Marketplace, an NFT ecosystem trading platform based on TRON, which attracted newbies to enter the market through left-right-hand operation. In the NFT field, Sun Yuchen spent $10.50 million to buy the first NFT avatar, and then bought a new ape avatar for $15 million TRX, and bought the sculpture "Nose" by the Swiss artist for more than $78 million. During this period, he was found by netizens to be left-hand-right-hand, buying and selling NFT prices.

In terms of GameFi, they launched the first GameFi project based on the Tron ecosystem, Win NFT Horse, and spent a lot of money to purchase about 1176 square meters of virtual land in the metaverse concept game Cryptovoxels. Among them, the Win NFT Horse project, according to players, can no longer be withdrawn. By 2022, Sun Yuchen decided to whitewash himself. Whitewashing requires an official identity. It is impossible in China, and the US cannot give him such an identity. Sun Yuchen turned his attention to the unknown small country.

In June 2022, Sun Yuchen became the Permanent Representative and Ambassador Extraordinary and Plenipotentiary of Grenada to the World Trade Organization. Grenada is a small island. In October, seven tokens created by Sun Yuchen, including TRON, became the legal digital currency of Dominica, the poorest island country in Central America and the Caribbean. All of these can be solved with a little money. With an official identity, Sun Yuchen also set his sights on another business: exchanges. The three largest exchanges in the world were once from China, but two of them that did not go abroad in time declined, and one of them had to be sold by its founder.

This exchange is Huobi (now renamed Huobi). The person who bought it is Sun Yuchen. Not long after, Sun Yuchen targeted former Huobi employees.

Sun Yuchen fired hundreds of employees as soon as he took office, cancelled their annual bonuses and all welfare subsidies for the year, stopped paying the Five Social Insurances and Housing Fund, and stopped paying salaries in fiat currency. Employees had no choice but to launch a rights protection campaign. The so-called all-staff U-for-U means using USDT instead of fiat currency to pay salaries. After receiving USDT, employees need to go over the counter to exchange it for fiat currency themselves. This process may result in bank accounts being frozen and even high-risk issues such as money laundering. Of course, employees are unwilling to take this risk, but ultimately have no choice.

Due to the influence of the government, various exchanges have terminated their business in Chinese Mainland, and websites and apps have also restricted mainland IPs. After Sun Yuchen took over Huobi, he restarted the mainland market. In response to authentication issues for mainland users, Sun Yuchen launched "Dominica Digital Identity Authentication". Anyone can obtain this identity, and then the user's nationality will no longer be displayed in its system background. Sun Yuchen attempted to use this method to bypass legal issues. On March 22, the US Securities and Exchange Commission initiated a lawsuit against Sun Yuchen, including illegal sales of securities, fraud, and market manipulation

Sun Yuchen's senior at Peking University and early employee of Tron, Liu Ming, once revealed Sun Yuchen to the media. Tron's first white paper was written by Liu Ming. In a conversation with the media, Liu Ming claimed that in addition to the white paper, there was also Sun Yuchen's graduation thesis (on blockchain) proposal at Lakeside University, "which was written by me, but Sun Yuchen later claimed it was his own work." In his opinion, he is one of the founders of Tron - when the company was preparing to launch an ICO, there were only five people in the team, and no one except Liu Ming understood blockchain and ICO.

He recalled that when the roadshow arrived in Changsha, his colleagues in Beijing called him and asked, "What is ERC20?" ERC20 is the standard for publishing tokens on the smart contract platform Ethereum. His colleagues were completely unaware of this concept, which surprised Liu Ming. However, this "veteran" almost went to jail soon. When the "94 announcement" was released, Sun Yuchen was in South Korea. He stated in LIVE that the profits obtained from issuing coins in China would not be refunded. This means that employees who are still in China face huge legal risks. "We are all going to jail, and he doesn't care about our situation and feelings at all."

In the end, under pressure from the founders of Binance, Zhao Zhangpeng and He Yi, Sun Yuchen returned the bitcoins obtained from the ICO. However, because part of the private placement has already been cashed out, industry insiders speculate that Sun Yuchen used the money from selling the "Martian" HSR coin to fill the gap. He has repeatedly told the media that making money is his only measure of success.

And Zhao Zhangpeng, the industry "big brother" who used to have some personal relationships with Sun Yuchen and the founder of Binance, cannot escape the former's selfish side.

In May of this year, Binance launched a mining project where users can use BNB and TUSD (two stablecoins) to mine. On the same day, Sun Yuchen transferred a huge amount of TUSD into the mining project in ten transactions, which resulted in a large part of the mine being mined by Sun Yuchen - indirectly excluding and driving out other medium and small players. Later, Zhao Zhangpeng mocked Sun Yuchen on social media, and the latter responded by saying, "I made a mistake and hit a few more zeros." "This kind of thing is embarrassing for our own people to see. When making money, Sun Ge doesn't look at who the other party is, and his bottom line is very low," said a former Tron executive.

A senior from Sun Yuchen's time at Peking University mentioned this younger schoolmate whom he had interacted with before, and he believed that he was not worth discussing. "At least we colleagues won't actively talk about him at gatherings. A person who cannot bring value to the world, the premise of his success is not creativity. A person who is against the world cannot be the leader." People who have helped and invested in Sun Yuchen said, "We can talk about former 90s entrepreneurs, but we have no position on Sun Yuchen."

After the web3 conference in Hong Kong in April this year, Du Jun and Sun Yuchen attended an after party together. At that time, many familiar people in the circle were playing cards enthusiastically and invited them to come and play, but Sun Yuchen only watched from afar with a glass of wine. According to his assistant, Sun Yuchen worked from morning till night, with home and office in a straight line. Moreover, he had no appetite and only ate the food cooked by the chef at home every day. Those meals were packed into lunch boxes and brought into his office, which looked no different from the most ordinary boxed meals outside. In order to maintain his figure, he often used a little vegetable salad to pass a meal. Mr. Hua once asked Sun Yuchen which country's passport he was holding now? Our country does not recognize dual nationality. Do you need to pay 250 yuan to fill out the form? Sun Yuchen said: I currently hold a passport from a Caribbean country. I haven't filled it out yet because this is how it is. I think some government agencies will change first, and I think it's best for me to maintain the status quo for now.

The above analysis is to bring some fun to everyone in the bear market. The above is only sharing the experience of Sun Yuchen that has been reported by public media, without any personal opinions on Sun Yuchen. The content is based on the facts reported by 36k, Huxiu and other media. Everyone has their own judgment on how he is. It is acceptable to use "do non-speculative things with a speculative mentality" and "do speculative things with a non-speculative mentality", but people cannot speculate to the extreme and do everything for money. There are many things in the world that are more important than money. Finally, doing things should have a moral bottom line and follow the right path, which is the difference as a human being rather than an animal.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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