Justin Sun is a lot like Sam Bankmain-Fried and Do Kwon. All three have outsized ambitions, SEC case files and have gambled with bitcoin. And all three have sat at the top of crypto trading empires that would cause cascading problems across the industry if they were to implode. Thankfully, that’s only happened to two.
awbvious is a pseudonymous DeFi user and internet artist.
After a lifetime in crypto Justin Sun has done nearly everything the industry has to offer – he saw the early years of Ripple Labs, launched a blockchain in 2017 and got rich enough to throw his weight around as an advisor and investor ever since – so you might justifiably compare him to any crypto entrepreneur and find similarities.
However, when it comes to Justin Sun, Do Kwon and Sam Bankman-Fried there is a je ne sais quoi that links all three. Knowing the calamity his peers have caused, it’s worth considering these similarities in personality, affect and business — and what it means for Sun’s future.
Justin Sun seems to have taken a page from the SBF playbook with his similar TradFi-style shenanigans, similar political ambitions and similar “savior washing.” He also knows something of the ways of Do Kwon, considering their similar problematic projects and attempts to obfuscate those project’s origins.
If you had to guess which of the triumvirate said “We have a way to pump the price” and “Fake the KYC!” could you? (It was Sun, reportedly.)
None of that is truly alarming until you realize the scope of Sun’s influence in crypto is on a scale matched only by few, including SBF and Do Kwon. We know what happened after those two were toppled: cascading waves of bankruptcies, liquidations and misery. Would the downfall of Justin Sun cause as much damage? It’s worth considering.
See also: Tron Founder Justin Sun Sued by U.S. SEC
Justin Sun’s Tron blockchain now matches the total value locked (TVL) in Do Kwon’s Terra blockchain right before it collapsed.
The above shows DefiLlama data from May 2022. Do Kwon’s Terra (labeled here as “Terra Classic”) is number two in TVL, representing almost 15% of all TVL on all chains related to decentralized finance (DeFi). The screengrab shows a period just two weeks before the infamous UST stablecoin “death spiral.”
This chart above shows the…
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