Media mogul hits Justin Sun with countersuit in $78M sculpture dispute

American movie producer, grounds enforcement and creation collector David Geffen has deed backmost astatine crypto entrepreneur Justin Sun successful a countersuit disputing ownership claims implicit a multimillion-dollar sculpture.

The billionaire American media mogul filed a counterclaim against Sun connected April 16, calling the Tron founder’s suit a “sham” and adding claims of “unethical and/or amerciable concern activities.”

Sun sued Geffen successful February, claiming that the statue was stolen from him by a erstwhile worker who past sold the artwork to Geffen successful a woody worthy astir $65 cardinal successful artwork and cash.

Sun purchased the Alberto Giacometti sculpture titled “Le Nez” astatine a Sotheby’s auction successful 2021 for $78 million, moving with the assistance of his erstwhile creation adviser, Xiong Zihan Sydney.

In the 100-page countersuit, Geffen claims that Sun and Xiong “contrived this fraudulent lawsuit” aft they couldn’t profitably merchantability 2 paintings that Geffen had exchanged for the sculpture, on with $10.5 cardinal successful cash.

“Sun’s claims concerning Le Nez, a sculpture by the creator Alberto Giacometti, are utterly without merit and represent a bad-faith, tortious effort to interfere with Geffen’s ownership of Le Nez,” the counterclaim read. 

Geffen besides claims that Sun was anxious to merchantability the sculpture due to the fact that crypto markets were crashing passim 2022 and 2023 and his crypto platforms Poloniex and HTX were repeatedly hacked for hundreds of millions of dollars successful 2023.  

Alberto Giacometti’s Le Nez. Source: Fondation Giacomett

Key disputes see whether Xiong confessed to stealing the sculpture, inconsistencies successful Sun’s claims astir however overmuch wealth Xiong allegedly stole, and Geffen’s assertion that Sun inactive has the wealth and the paintings, which are being held by creation dealers.

Fraudulent behaviour allegations 

Geffen takes things further by alleging Sun has a past of fraudulent behavior, specified arsenic being sued by erstwhile employees for punishing them for refusing to prosecute successful “unethical and/or amerciable concern activities,” and making mendacious statements successful different lawsuits. 

Related: Justin Sun ‘not aware’ of circulating reports astir CZ plea deal

On April 17, Sun’s lawyer, William Charron, refuted indispensable aspects of Geffen’s countersuit, according to ArtNet. 

Ms. Xiong confessed to her theft, was arrested successful China, and is successful detention successful China today, helium said earlier adding: 

“In spite of these facts, Mr. Geffen goes all-in connected the thought that Ms. Xiong was not a thief; that she supposedly spoke for Mr. Sun astatine each times; and that she is walking freely successful China today. Mr. Geffen’s pleading is highly misguided.” “We eagerly look guardant to litigating this lawsuit and to recovering Mr. Sun’s property,” helium said. 

In November, Sun bought Maurizio Cattelan’s Comedian — a banana taped to the partition — astatine Sotheby’s New York for $6.2 million, and past ate the banana astatine a property league successful a publicity stunt. 

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