Court Denies Sun's Privacy Request, Highlighting Tron's Centralization Paradox

A U.S. federal judge has rejected

founder Justin Sun’s request to prevent Bloomberg from releasing information about his cryptocurrency assets, which reportedly include more than 60 billion tokens—representing over 60% of the total TRX in circulation. Judge Colm Connolly of the Delaware District Court dismissed Sun’s bid for a temporary restraining order, stating that Sun did not present "clear and convincing evidence" that Bloomberg had agreed to keep the information confidential. The court also pointed out that Sun had already shared even more detailed data about his assets on social media, undermining his claims to privacy.

According to Bloomberg’s report, which used financial details provided by Sun’s team in February 2025, most of Sun’s wealth comes from his crypto holdings. These include 60 billion TRX (valued with a 75% liquidity discount due to Sun’s control of the supply), 17,000 Bitcoin, 224,000 Ether, and 700 million Tether. Bloomberg’s Billionaires Index noted the risks of Sun’s large share of TRX, which runs counter to Tron’s stated goal of decentralization title1 [ 1 ]. Sun’s lawyers argued that making his holdings public could put his safety at risk, but the judge ruled that the information was "arguably less specific" than what Sun had already made public himself.

This legal battle highlights ongoing concerns about market concentration in the crypto world. A Onesafe report found that when a small group of investors—so-called whales—hold a large portion of an altcoin’s supply, it can destabilize the market and reduce investor confidence title14 [ 7 ]. For example,

(SHIB) has 62% of its tokens held by the top 10 wallets, raising similar issues title14 [ 7 ]. Sun’s case stands out because of the sheer scale of his TRX ownership and the legal attention his business activities have attracted.

The dispute has also overlapped with Sun’s role in

(WLFI), a crypto initiative associated with former U.S. President Donald Trump. In September 2025, froze 540 million of Sun’s WLFI tokens after he transferred them to the HTX exchange, which he helped establish title11 [ 4 ]. Sun denied any wrongdoing, calling the freeze "unjustified," while WLFI cited "potential market manipulation" as the reason for its action title12 [ 5 ]. This episode added to Sun’s mounting legal troubles, including an unresolved SEC lawsuit accusing him of offering unregistered securities.

The court’s decision to permit Bloomberg’s reporting is consistent with the SEC’s ongoing examination of crypto projects. In May 2025, the new SEC Chair requested a pause in Sun’s case to review whether it fit with the agency’s current focus. Meanwhile, Sun’s investments in ventures linked to Trump, such as a $75 million stake in World Liberty Financial, have drawn further scrutiny amid a shifting regulatory landscape.

This ruling brings to the forefront the ongoing debate between privacy and openness in the cryptocurrency sector. While Sun pushed for secrecy, Bloomberg defended its journalistic rights, arguing that the public’s right to know about powerful industry figures outweighs individual privacy. The decision could influence how courts address similar conflicts in the future, especially as regulators and institutional investors pay closer attention to token distribution and project governance.