- Crypto Tracking Helps Uncover a Huge Global Child Porn Ring Based in South Korea
- Ethereum Price Technical Analysis (Oct. 17): Still in the Panic Phase
- Tokens Pegged to Nike's Sneakers Fall Sharply after Daryl Morey’s Hong Kong Tweet
- Ford Explores New Blockchain and Geofencing Tech to Lower Emissions
- Taking Cover from Brexit? Wales Set to Launch a Native Virtual Currency
Warren Buffett, the chairman and CEO of Berkshire Hathaway, was supposed to have lunch with Justin Sun, a cryptocurrency entrepreneur, on July 25. Sun had reportedly bid a record-breaking $4,567,888 to win the charity auction that has been hosted by Buffett for the past 20 years.
The winner was allowed to bring seven friends for lunch at a steakhouse in New York City with Buffett. However, the charity lunch has been postponed by Justin Sun. According to a tweet from Sun’s TRON Foundation, the lunch was postponed due to his ill health.
The tweet from Sun’s Foundation stated that “TRON Foundation announces postponement of Warren Buffett lunch, press conferences after founder Justin Sun falls ill with kidney stones.” The tweet was posted on Monday evening and also stated that a later date has been finalized by both parties for the lunch.
Sun was looking forward to the lunch as he had wanted to discuss the benefits of crypto and blockchain technology with the staunch crypto skeptic Buffett. In his exact words, the lunch would help to “bridge the gap between institutional and traditional investors and the realm of cryptocurrency and blockchain technology.”
Furthermore, Sun had stressed upon the significance of contributing to a foundation whose work aims to provide holistic programs for the local community. According to Sun, bidding on the eBay charity action was a key priority for both BitTorrent and TRON.
The CEO and president of GLIDE foundation, Karen Hanrahan, emphasized that Sun’s contributions would definitely be used “to help people overcome barriers such as homelessness, addiction, hunger, and social isolation and reach their full potential.” The news about the charity lunch being postponed has caused Sun’s TRON Foundation’s cryptocurrency, TRON (TRX), to drop sharply by approximately 12.3%.
Buffett’s past remarks about cryptocurrencies have shown that he is not a huge fan of it. In fact, he once called Bitcoin(BTC)trade “probably rat poison squared.” In fact, just last month during Berkshire’s annual meeting, Buffet remarked how betting on Bitcoin is equivalent to “betting on zero or double-zero in a roulette wheel in LA.”
One of the major goals of Sun’s Foundation has been to build a decentralized internet. TRON’s TRX token was launched back in 2017 has been able to raise about $70 million in an initial coin offering.
In addition, this foundation’s token had bought San Francisco-based BitTorrent for $120 million in cash last year. It would be interesting to see the outcome of this meeting. Until then, we wish Justin Sun a speedy recovery; according to Sun’s Twitter account, he will be back up and running in a few days.
The Recent Controversies of Justin Sun and TRON
Sun and TRON have been involved in a few scandalous affairs as of late. TRON’s CTO has resigned amidst accusations of bribery and misconduct by Sun, and shortly thereafter the crypto firm was passively involved in a crypto Ponzi scheme from which neither Sun nor TRON distanced themselves. This ultimately resulted in an angry protest of the scam’s victims who broke into TRON’s offices in Shanghai.
On top of all these altercations, recent reports in the Chinese media claimed that Sun is barred from leaving China due to police investigation into Sun’s alleged attempts to initiate illegal fundraising. These reports explained that this is the true reason why Sun postponed his lunch with Buffett.
However, at least these news don’t appear to be accurate as Sun posted video of himself in San Francisco on July 23.