Overview
• Justin Sun, the founder of Tron, reportedly lost his diplomatic status in Grenada last year.
• US authorities charged Sun with securities fraud in March 2023.
• Reports suggest that Sun lost his diplomatic immunity after a change of power in Grenada in June 2022.
Background
Justin Sun is a controversial crypto entrepreneur who founded the Tron network and the major crypto exchange Huobi. He was given the position of Ambassador of Granada to the World Trade Organization (WTO) in 2022, which came with certain perks, including immunity from criminal prosecution worldwide. However, on Mar 22, 2023 US authorities charged him with securities fraud and local reports from Grenada suggested that he had lost his immunity after the June 23 elections due to his close relations with the former administration. Despite these reports, Sun provided screenshots of the WTO’s official website which still lists him as Ambassador to Granada to counter them.
Potential Consequences
Sun losing his diplomatic status and immunity could have significant legal consequences for his SEC lawsuit as it could put him at risk of facing criminal charges worldwide. This could also hurt the global crypto market as Sun controls both Tron and Huobi exchanges.
News Outlets Reporting
The news has been reported by multiple outlets including dissident accounts from China, The Grenada Broadcasting Network on Monday and other sources such as Lindsay Lohan, Jake Paul Fined $400,000 for Tron (TRX) Promo and Binance Withdrawals in U.S. Disrupted Amid Legal Battles reported by Binance’s official website among others.
Conclusion
Justin Sun faces potential legal troubles due to his loss of diplomatic status and immunity which could have serious implications not only on himself but also on the global crypto market due to his control over Tron and Huobi exchanges. Despite this news being reported by multiple outlets including Chinese dissidents account on Twitter, Justin Sun denies that he lost his ambassadorship position providing proof via screenshots from WTO’s website which still list him as Ambassador of Granada to their organization