Probe of Sun puts cryptocurrencies in spotlight again

Editor's note: Sun Yuchen, a 29-year-old cryptocurrency entrepreneur, won the bidding for this year's charity lunch with Warren Buffett, chairman of Berkshire Hathaway Inc, last month. He was willing to pay about $4.57 million for the lunch on July 25. Yet Sun canceled the lunch due to health problems caused by a kidney stone, although he said he will still donate that money to the Glide Foundation, the receiver of the charity lunch donation. China Daily writer Li Yang comments:

After Sun canceled the charity lunch with Buffet, Caixin magazine reported that it was not for health reasons, but because Sun is being investigated by the public security department on suspicion of being involved in illegal fund-raising, money laundering, and other illegal activities. 21st Century Business Herald also published similar reports. On his social media account, Sun has denied the accusations.

Sun has been a controversial figure who has always presented himself as a self-made young entrepreneur. But he may have more critics than fans. His critics say he is only a speculator good at exploiting loopholes in laws and rules, and they predicted that it will only be a matter of time for the ugly side of Sun to be exposed.