Justin Sun apologized: I feel deeply guilty for my excessive marketing and hype

Author | Qin Xiaofeng

Produced by | Odaily Planet Daily

In the early morning of Beijing time, Sun Yuchen, the founder of TRON, issued an apology. In the apology letter, he expressed deep regret for his excessive marketing and enthusiasm for hype.

In June this year, Sun Yuchen took a photo of the Buffett lunch. In his apology letter, Sun Yuchen said that his original intention was good, he wanted to promote the blockchain industry and his own selfishness, and wanted to better fulfill his project responsibilities, but because of his immature words and deeds, youthful vigor, and outspokenness, it gradually evolved into an over-marketing that was out of control, stalled, and failed.

After filming the lunch with Buffett, Sun Yuchen once said in his WeChat Moments that Sogou CEO Wang Xiaochuan called him a liar and said he would definitely fail. "I will never forget the look in his eyes when he looked at me as a liar." "He said it was a shame to record a show with me."

The two of them exchanged verbal attacks. After hearing the news that Justin Sun was under border control, Wang Xiaochuan immediately posted an encyclopedia on "border control".

In the apology letter, Justin Sun also apologized to Wang Xiaochuan, calling him a senior in the field of Internet entrepreneurship and hoping to get his forgiveness.

Regarding the causes and consequences of the Justin Sun incident, it is recommended to read the Odaily Planet Daily article "The Twelve Hours of Justin Sun: From Buffett's Guest of Honor to Border Control Rashomon and Tron's Plunge".

The following is the full text of Sun Yuchen’s apology letter:

Dear Friends,
During this period of time, which was the darkest time of my life due to my illness and hardship, I experienced unprecedented turmoil, doubts and pain in my life. I stayed up all night, and I deeply reflected on my past words and deeds. I felt deeply guilty for my excessive marketing and hype. Once again, I would like to express my most sincere apologies to the public, the media, and the leaders and regulatory agencies who care about me!
The Buffett lunch originated from my admiration for Mr. Buffett and my love for charity. The original intention was good and simple, and it also had some selfish desires to promote the blockchain industry and myself, and to better fulfill the project responsibilities. However, due to my immature words and deeds, youthful vigor, and outspokenness, it gradually evolved into an over-marketing that was out of control, stalled, and failed, resulting in a large number of consequences that I was completely unexpected, ignoring social and public responsibilities, and was far from my original intention. Throughout the process, I went from excitement to anxiety, to fear, regret, and reflection. All of this has had a negative impact on the public and has also caused concern for the regulatory agencies that care about me and love me. For this, I say again: I’m sorry!

Caixin is a prestigious journal that I have subscribed to and studied repeatedly since college. It has made great contributions to the overall reform and opening up as well as economic development. Ms. Hu Shuli is also a senior teacher whom I respect and admire very much. Caixin has always insisted on giving priority to social responsibility and public interests, which has made me see my limitations and insignificance. I feel honored to communicate with Caixin. I am willing to communicate with Caixin transparently and without reservation on our business and industry development, in order to obtain the most authentic and fair guidance from the best media teachers.
Mr. Wang Xiaochuan is also my predecessor in the field of Internet entrepreneurship. I personally admire and respect his achievements and his opinions. Originally, because I like to joke and have a youthful and hot-tempered personality, I wanted to create some hype and marketing gimmicks. In fact, afterwards, I deeply regret these vulgar hype and marketing behaviors. I once again express my most sincere apologies to Mr. Wang Xiaochuan and hope to get his understanding.
To the elders, leaders and regulatory agencies who care about me and love me, I would like to express my sincere apologies for my previous immature marketing and words and deeds! I am deeply terrified of the adverse effects caused! I am young and inexperienced, and blockchain is an emerging industry and is immature. It is the big picture and great warning of the regulatory elders that made me understand the importance of social responsibility and social impact! The healthy development of the industry is inseparable from the care, guidance and supervision of regulators. I will also open my heart and actively introduce our business structure and industry development to the regulatory agencies, actively cooperate with the regulatory agencies' research and guidance on us, do my best to meet the requirements of the regulatory agencies for us, maintain timely response and long-term communication, and always adhere to the overall situation of financial stability and financial security, resolve financial risks, clear the source, and return to the research and development of blockchain technology.
I liked business when I was young, and I started my own business very early. I was very lucky to catch up with the rapid development of socialism with Chinese characteristics in the new era of our country, and the development dividends of the global blockchain industry. In addition, with the support, care and help of many predecessors in the industry, I was very lucky to have made some achievements in the development of the world blockchain industry. As a practitioner active in the front line of the blockchain industry, I am very proud to be able to convey the value of China's blockchain to the world! It can be said that without the care, love and guidance of regulatory agencies, there would be no healthy development of the blockchain industry today.
In the future, due to illness, I will take a break for a while, reduce my Weibo posts, close the door to visitors, and reduce media interviews. I will return to the deep cultivation and research and development of blockchain technology from marketing hype. I will focus on the interests of the country, the industry, and the public. I will abandon my selfishness, actively rectify, operate in accordance with the law, output more positive energy for the development of the blockchain industry, do more in-depth thinking, and set a better social example for contemporary youth!
Finally, I would like to once again sincerely say to the media, elders, leaders, regulatory agencies, and the public who care about me and love me: I’m sorry!
Justin Sun