In late November, CoinDesk, a prominent crypto publication, published a story focusing on blockchain billionaire Justin Sun and his latest attention-grabbing act.
The article recounted how Sun consumed a $6.2 million banana, originally crafted as the “Comedian” art piece by Maurizio Cattelan and auctioned at Sotheby’s.
Behind the Story: Art Meets Controversy
Titled “I Watched Justin Sun Eat the World’s Most Expensive Banana. I Don’t Get It,” the piece delved into the stunt’s artistic context and provided background on Sun. It also mentioned his legal issues with the U.S. Securities and Exchange Commission (SEC). The SEC has accused Sun of fraud, allegations that both he and his blockchain firm Tron have moved to dismiss.
CoinDesk Faces Pressure After Publication
Shortly after the article was published, CoinDesk reportedly came under significant pressure. Sources cited in a Fortune report claim that Sun’s team complained about the article’s tone. This allegedly prompted Bullish, CoinDesk’s parent company and a crypto exchange, to demand its removal.
The incident has heightened tensions between CoinDesk and Bullish, which acquired the publication last year for $75 million. While Bullish had promised to uphold CoinDesk’s editorial independence, these assurances are now under scrutiny.
Resignations and Growing Unease
Adding to the controversy, Matt Murray, chair of CoinDesk’s editorial committee, resigned on December 16. According to Fortune, this resignation has caused unease among the publication’s staff.
Bullish’s IPO Plans Clash with Editorial Integrity
Led by former NYSE president Tom Farley, Bullish has ambitious goals, including a potential IPO next year. However, the Justin Sun article controversy highlights potential conflicts between CoinDesk’s journalistic principles and Bullish’s business interests.
Sources suggest Sun’s objections extended beyond tone, touching on broader coverage of Tron and its alleged ties to illicit financial activities.
A Strategic Acquisition Faces Challenges
Bullish acquired CoinDesk following financial struggles by its previous owner, Digital Currency Group (DCG). While the $75 million price tag was far below the anticipated $200 million valuation, the purchase was seen as a strategic move to boost Bullish’s media presence.
Despite Bullish’s pledge to maintain editorial independence, incidents like this cast doubt on those commitments.
Justin Sun: A Controversial Figure in Art and Crypto
Sun’s decision to eat the banana, presented as a commentary on the intersection of art and commerce, received mixed reactions. While his PR team labeled it an homage to contemporary art, critics dismissed it as a publicity stunt.
Sun is no stranger to grand gestures, having previously spent $4.57 million on a lunch with Warren Buffett. CoinDesk’s article also highlighted Sun’s ongoing legal battles, particularly the SEC’s fraud allegations.
Although the article was removed from CoinDesk’s website, it remains accessible through Yahoo News under a syndication agreement.
Concerns Over Editorial Independence
The article’s removal has raised questions about how sponsors may influence content. Tron, notably, is a significant sponsor of CoinDesk’s Consensus conference series.
During a newsroom meeting with Bullish CEO Tom Farley and CoinDesk CEO Sara Stratoberdha, journalists reportedly expressed concerns over editorial autonomy. They requested the article be reinstated with an editor’s note and sought assurances about future editorial decisions.
As of now, neither party has commented on the claims made in Fortune’s report.
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