Tron's Sun Apologises for ‘Over-Marketing’ Buffett Lunch
By Mark Lemon – Cryptocurrency Dealer
Tron CEO and founder, Justin Sun, issued a public apology through his social media channel for hyping up the crypto industry event.
In a letter published on Weibo on Thursday, Sun said that he “sincerely apologizes to the public, media, officials and regulatory authorities” for over-marketing the highly-anticipated charity lunch with billionaire investor Warren Buffett, but this has since been taken down.
“My intention of having the lunch with Buffett was because of my admiration for him and my enthusiasm for charity. It was simple, but also with self-interest to promote the blockchain industry and my project.” By promoting his blockchain, Sun could hope more buy Tron to use within the Dapps ecosystem.
Sun went on to explain that the PR stunt became out-of-control due to his immature and impulsive conduct which resulted in a failed over-marketing hype leading to a significant series of unexpected consequences. Many looked to sell Tron after the event was cancelled and the crypto saw a significant short-term fall in price.
He also added:
“I went from being excited, to worried, agonised and then terrified and regretful. … It led to a negative influence on the public and also drew concerns from regulators.”
The negative impact on the public could have caused many to sell crypto they held on the Tron network and Sun elaborated that the event drew concerns over regulators as well.
Although he didn't specify which regulators he was referring to, Sun did mention the term 'regulator' about 13 times in his letter. The letter of apology had only been published in Chinese and came days after Sun had postponed the charity lunch with Warren Buffett due to dealing with kidney stones. After the postponement, various media outlets in China reported that Sun was on China's border control list but later in the day, Sun livestreamed himself showing that he was in San Francisco.