There are endless stories in the cryptocurrency world. Today we are going to talk about Sun Yuchen, the "chosen one" in the cryptocurrency world. Nicknamed Sun Wukong.
Sun Wukong is a post-90s in the cryptocurrency circle. He was listed on Forbes in half a year. He is a disciple of Jack Ma and the founder of TRX. He kicked Wang Xiaochuan of Sogou and punched Wang Sicong of Wanda. Jia Yueting of the cryptocurrency circle is the president of Greater China of Ripple XRP.
He is called "the Chosen One" by many cryptocurrency nerds.
Justin Sun is a controversial figure in the cryptocurrency circle. He has many titles, such as Peking University top student, Jia Yueting in the cryptocurrency circle, 90s entrepreneurial leader, and Jack Ma's disciple. In his eyes, the world is either success or failure, with no middle ground. He is a paranoid person born in the 90s who once boasted, "My standard for measuring a person is how much money you make."
During his studies, he challenged the exam-oriented education through practical actions. He only wrote essays in the Chinese language exam, answered questions in Chinese in the English exam, and filled in the names of his class teacher for villains and his own names for heroes in the history exam. After entering high school, he especially liked reading novels. Throughout his high school career, he skipped all the classes he could. Then he went to the library to read novels, so his grades were not good, and he should have been ranked at the bottom of the class. In the autumn of 2007, in order to escape from his hometown of Huizhou, which is located at the junction of rural and urban areas, Sun Yuchen, a young boy from a small city, made the leap from a third-tier university to Peking University with the 20 points bonus from the first prize of the New Concept Composition, as well as the crazy cramming in the third year of high school, and was admitted to the Chinese Department of Peking University.
At the end of 2010, Sun Yuchen applied to graduate from Peking University one year early, and enrolled in the East Asian Studies major at the University of Pennsylvania in 2011. After arriving in the United States, he claimed that he read the works of female writer Ayn Rand in the United States and was baptized by values. He believed that entrepreneurs are the driving force of society. In order to enter the business world, Sun Yuchen began to take courses at the Walton School of Business and joined the Investment Association of the University of Pennsylvania.
On April 11, 2013, Justin Sun first learned about Bitcoin from an article in the New York Times. At that time, Bitcoin experienced a round of growth, which was insignificant compared to now, but it still attracted the attention of many people. Except for some geeks in the Bitcoin community who were discussing academic issues about Bitcoin, most people still believed that it was a thing dedicated to making money, like a Ponzi scheme or the tulip bubble. So although Justin Sun participated in the American Bitcoin community, he was still doing something very dirty and unreliable in the eyes of people around him. Because at that time, if you told others that you were engaged in Bitcoin, you would have a feeling of "Have you heard of Amway, sir?" At that time, he faced two choices.
1. Bet on Bitcoin. Do something related to Bitcoin.
2. Continued his studies at his alma mater, Pennsylvania Axelrod.
Justin Sun was very conflicted about these two choices. It was not a good experience to be regarded as an "Amway salesman". But he still chose Bitcoin. When Justin Sun first came into contact with Bitcoin, the price was about 50-60 US dollars, and the overall market value of Bitcoin was between 500 million and 1 billion US dollars. At that time, he simply calculated that the annual valuation of the dark Internet in the world was about 2 trillion US dollars. The anonymity of Bitcoin solved the financial settlement problem for them very well. The market value of Bitcoin increased by 100 times. So he used all the money for college to buy Bitcoin, and then Bitcoin grew wildly, which he did not expect. Bitcoin made him have his first 10 million yuan.
In 2013, Justin Sun joined Ripple, a Silicon Valley Internet finance company. He repeatedly described to the media that Ripple was more magical than Bitcoin in his eyes. It was a decentralized payment system supported by a value network. It allowed different currencies to be freely exchanged with zero delay. A month later, Justin Sun returned to China as the chief representative of Ripple in Greater China and received a tens of millions of investment from IDG, one of Ripple's shareholders.
He founded Ruibo Technology and served as its founder and CEO. After being frustrated in seeking investment from a venture capital fund, he quickly found IDG Capital. He said that the reason why he was able to get IDG was that, first, IDG was one of the shareholders of Ruibo Coin. It was natural to invest in him, and second, IDG was the first to promote the concept of post-90s entrepreneurs in the investment circle. After getting the investment, he was pulled into the IDG post-90s entrepreneurs WeChat group. At first, there were only 3 or 4 people, and later there were 30-40 people. This made him realize that the post-90s entrepreneurial boom was about to start. He stood at the forefront of the wave for a year, and hired an executive of a financial media group as the marketing president to take care of public relations for him. He played the card of the post-90s entrepreneurial leader. Visiting major business media and seeking forum speaking opportunities became his top priority.
Soon after, IDG announced the establishment of a post-90s fund with an investment scale of US$100 million, facing the media's doubts that it was just hype. IDG Capital founding partner Xiong Xiaoge said that the era of post-90s entrepreneurs has arrived, and investing and supporting them has become the commanding heights of the industry. With the help of IDG, the concept of post-90s entrepreneurship has quickly conquered major newspapers and magazines. However, Justin Sun is one of the most dazzling stars among them. "He is most proud of being selected to be selected for the entrepreneur training camp "Lakeside University" founded by Jack Ma, and he is the only post-90s among them. As soon as he was selected, "Jack Ma's youngest disciple" appeared in his Baidu Encyclopedia entry. In a video interview, he said that he and Jack Ma "met too late." "When I talked with Jack Ma, I felt that we had a lot of common topics. Oh, we felt very close at once."
In the second half of 2017, Sun Yuchen created his second project, TRON, which claims to use blockchain technology to build a global decentralized free content entertainment system. Its business model is to issue coins, commonly known as XXX. Its market value is 9.5 billion RMB, ranking 13th. Its market value peaked at 90 billion RMB at the beginning of the year. This coin is somewhat similar to the "DHC" that Sun Chenyu invested in WBF Watt Exchange this year. One is based on entertainment, while DHC is based on medical institutions. It happened to be at a time when the global epidemic was spreading, so we have to say that Sun Chenyu's vision is still very unique.
As the chaos of XXX was exposed, the regulatory authorities continued to exert pressure. The XXX of "Tron Coin" originally scheduled for September 9 was urgently announced to be advanced one week to September 2. On September 3, Sun Yuchen announced on his personal Weibo that "Tron Coin" officially completed XXX. Sure enough, on the second day after "Tron Coin" completed XXX, the regulator issued the "Notice on Preventing the Risks of Token Issuance and Financing", stopped all kinds of XXX activities, and demanded the return of coins. At this time, Sun Yuchen had raised about 400 million yuan through XXX. For safety reasons, Sun Yuchen returned all the coins raised by XXX.
As the saying goes, "There are policies above and below." Sun Yuchen, who had just returned the coins in China, rushed to the United States without stopping to continue his promotional activities for TRON in the United States. In October of the same year, TRON landed on overseas exchanges and began to be publicly traded. At the beginning, the market price of a TRON coin was only 1 cent. But from the end of November, as the price of Bitcoin continued to rise, the market began to gradually pick up. By December, the price of TRON was raised to 2 yuan. As TRON continued to rise, relevant people found that at least more than 50% of the "TRON" were stored in the same wallet. The proportion of "retail leeks" circulating in the market is only 9%, and the circulating market value is less than 45 million yuan, which is completely inconsistent with the TRON white paper allocation plan. In other words, "TRON" is highly controlled by one or several dealers. Sun Yuchen's posture of cutting retail investors was set early. In addition, Sun Yuchen's wallet transaction records showed that his wallet sent 200 million Tron coins to Binance and other trading platforms every day in exchange for Ethereum. This behavior lasted for 19 days. In other words, Sun Yuchen exchanged 6 billion Tron coins. According to the currency price at the time, Sun Yuchen cashed out 12 billion yuan.