Crypto Mogul Justin Sun to Venture into Space with Blue Origin
Crypto entrepreneur Justin Sun, widely recognized for his contentious blockchain platform Tron and his affiliations with former President Donald Trump, is set to join the ranks of wealthy space tourists. Sun has invested $28 million for a seat on Blue Origin’s upcoming mission.
Key Highlights
At 34 years old, Sun revealed on Monday that he will be part of a six-member crew for Blue Origin’s NS-34 flight, which will include various business leaders, a meteorologist, and a British philanthropist. This announcement comes four years after he initially purchased a seat for Blue Origin’s inaugural crewed space journey alongside Jeff Bezos but had to withdraw due to scheduling issues, as noted by the company. Born in China and now a citizen of Saint Kitts and Nevis, Sun is currently facing civil charges in the U.S. related to fraud and market manipulation. However, earlier this year, his SEC lawsuit was put on hold when the Trump administration halted most investigations into alleged misconduct within the cryptocurrency sector.
Outstanding Questions
As of now, there is no confirmed date for the NS-34 mission, the 14th human flight for the New Shepard program. Blue Origin has indicated that further details regarding the launch date will be forthcoming.
Significant Statement
“I’m thrilled to be part of Blue Origin’s NS-34 mission and to inspire young people to chase their aspirations in science and space!” Sun expressed on Monday.
Who Else is Joining Blue Origin’s Upcoming Mission?
Alongside Sun, Blue Origin’s NS-34 mission will include five additional space tourists: real estate investor Arbi Bahal, Turkish entrepreneur Gökhan Erdem, venture capitalist James Russell, Puerto Rican meteorologist and journalist Deborah Martorell, and Lionel Pitchford, founder of a non-profit organization and orphanage in Nepal.
Contextual Background
Sun is a provocative figure in the cryptocurrency world, known for his attention-grabbing antics. He established a significant crypto enterprise, primarily centered around the Tron blockchain, which he launched in 2017. His portfolio also includes the acquisition of the crypto exchange Poloniex and the peer-to-peer file-sharing service BitTorrent, as well as associations with the crypto exchange HTX. In March 2023, he faced fraud charges for allegedly manipulating the market for Tron’s TRX token through a practice known as wash trading, which involves buying and selling the same tokens to artificially inflate trading activity. Additionally, he was accused of offering and selling TRX and BitTorrent (BTT) tokens without proper registration and of paying celebrities to promote these tokens on social media without revealing the financial arrangements. The United Nations Office on Drugs and Crime labeled Tron as a “preferred choice for crypto money launderers” in Asia, and it has reportedly been part of schemes in China. In 2020, former employees filed lawsuits against Sun citing labor violations and harassment, which were later sent to arbitration.
Connections to Trump
Sun’s relationship with Trump has strengthened since he financed $30 million to launch the Trump family’s crypto initiative, World Liberty Financial, shortly after Trump’s re-election, which sparked a surge in buying activity. He subsequently invested an additional $45 million, with 75% reportedly benefiting Trump directly, according to disclosed information. Sun also invested in the president’s meme coin, $TRUMP, generating an estimated $400 million for the Trump family while gaining little for himself. Shortly after, the Trump administration suspended the SEC’s investigation into Sun. In April, Trump introduced a stablecoin named USD1, indexed to the U.S. dollar, and in June, Sun announced that Tron had begun minting USD1, which would provide financial advantages to World Liberty Financial based on the interest accumulated from the stablecoin’s reserves. In July, Sun mentioned plans to acquire another $100 million in $TRUMP tokens. He has previously stated that he has admired Trump since middle school and learned English watching “The Apprentice.”
Interesting Tidbit
Sun gained notoriety for purchasing a modern art piece that features a banana duct-taped to a wall for $6.2 million. Created by Italian artist Maurizio Cattelan, the conceptual artwork was sold to Sun at a Sotheby’s auction in New York in November, and he later humorously consumed the banana.
Forbes Valuation
As of Tuesday, Sun’s net worth is estimated at $8.5 billion, placing him as the 383rd richest individual globally.
