Crypto Magnate Justin Sun Sues David Geffen Over Alleged Stolen Sculpture
Crypto magnate Justin Sun, known for his controversial art acquisitions, is making headlines once again. This time, Sun is suing billionaire DreamWorks co-founder and art collector David Geffen for the return of a valuable sculpture that Sun claims was stolen and sold without his permission.
In a lawsuit filed on Tuesday, February 4, in the United States District Court for the Southern District of New York, Sun alleges that an Alberto Giacometti sculpture titled “Le Nez” (1947, cast 1965) was fraudulently sold to Geffen by Sun’s former art advisor, Xiong Zihan Sydney, in January of last year.
Sun’s legal team argues that Xiong orchestrated a scheme to steal the artwork and sell it without Sun’s authorization. The sculpture was reportedly sold to Geffen in exchange for two paintings valued at $55 million and an additional $10.5 million in cash.
The lawsuit claims that Xiong misrepresented herself as a representative of the APENFT Foundation, falsely presenting the foundation as the owner of “Le Nez” during the transaction with Geffen.
Sun asserts his rightful ownership of the sculpture and demands its return from Geffen through replevin, a legal remedy that allows the recovery of wrongfully held property.
Despite Sun’s requests, Geffen has refused to return the artwork following the revelation of the alleged fraudulent sale.
According to Sun, Xiong admitted to selling the sculpture to Geffen without authorization, forging Sun’s signature, and profiting from the transaction. Sun’s legal team argues that Geffen should have been suspicious of the transaction, as it was conducted through a personal Gmail account.
Geffen’s attorney, Tibor Nagy, dismisses Sun’s claims as a desperate attempt to backtrack on a legitimate deal. Nagy asserts that Sun willingly sold the sculpture and now regrets the transaction.
On a separate front, Sun is facing federal charges for alleged securities fraud related to his blockchain Tron’s cryptocurrency. The Securities and Exchange Commission has accused Sun of market manipulation and failing to disclose paid endorsements by celebrities, including Lindsay Lohan.
In addition to his legal troubles, Sun made headlines for his investment in Donald Trump’s DeFi platform and controversies surrounding transactions on his Tron blockchain.
Despite the ongoing legal battles and regulatory scrutiny, Sun remains a prominent figure in the crypto world, with his actions continuing to spark debate and speculation.
