In late November, the leading crypto trade publication CoinDesk published a story about the latest antics by one of the industry’s more outlandish figures. The article recounted how blockchain billionaire Justin Sun ate the banana he had purchased for $6.2 million at Sotheby’s from the modern artist Maurizio Cattelan.
The article was titled “I Watched Justin Sun Eat the World's Most Expensive Banana. I Don't Get It.” It provided context about the art world and the banana-eating stunt, as well as background on Sun, including his run-in with the U.S. Securities and Exchange Commission, which has charged him with fraud. Sun and Tron have moved to dismiss the lawsuit. The Coindesk report also noted that Sun’s lawyers have threatened media outlets with legal action for reporting on the use of Tron, the blockchain he founded, for illicit finance.
Soon, CoinDesk faced pressure of its own. After Sun’s team complained about the tone of the piece, CoinDesk’s owners, the crypto exchange Bullish, demanded editorial staff remove it from the publication’s website, according to sources familiar with the matter. Tron is a major sponsor of CoinDesk’s flagship Consensus conference series. (A version of the article still appears online through a syndication agreement with Yahoo News.)
In response, sources close to CoinDesk say the site’s journalists raised concerns over editorial independence, including at a newsroom meeting last week with Bullish CEO Tom Farley and CoinDesk CEO Sara Stratoberdha, and asked for the article to be restored with an editor’s note.
The incident highlights the growing tension between CoinDesk, an award-winning outlet whose reporting is largely credited for exposing the massive fraud at FTX, and its new owner Bullish, which purchased the publication late last year. It also reflects the increasing influence of Sun, who bought $30 million of tokens from President-elect Donald Trump’s World Liberty Financial in November and joined the crypto project as an advisor.
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