Billionaire media mogul David Geffen has filed a countersuit against crypto entrepreneur Justin Sun, escalating a legal battle over the ownership of a multimillion-dollar sculpture by Alberto Giacometti.
The dispute centers on “Le Nez,” a sculpture Geffen acquired in a 2022 deal valued at approximately $65 million in artwork and cash.
Sun, the founder of the Tron blockchain, originally purchased the piece at a Sotheby’s auction in 2021 for $78 million, with the help of his then-art adviser, Xiong Zihan Sydney.
Justin Sun Alleges Trusted Adviser Stole Sculpture Sold to David Geffen
Sun’s February lawsuit alleges that Xiong stole the sculpture and sold it to Geffen without his authorization.
But in a 100-page filing on April 16, Geffen fired back, calling the suit a “sham” and accusing Sun of fabricating the claim after being unable to resell the two artworks he received in exchange for the sculpture.
Geffen also claims he paid Sun an additional $10.5 million in cash as part of the deal.
“Sun’s claims are utterly without merit and represent a bad-faith attempt to interfere with Geffen’s lawful ownership of the sculpture,” the countersuit states.
Geffen suggests that Sun, under financial strain following a series of crypto market crashes and multimillion-dollar hacks targeting his exchanges Poloniex and HTX, attempted to reclaim the artwork as part of a broader effort to recover losses.
The case raises several key disputes, including whether Xiong admitted to theft, inconsistencies in the amount allegedly stolen, and whether Sun is still in possession of the exchanged paintings and funds, which Geffen asserts are being held by dealers.
5/
Sun’s Empire = Cracking
– Tron is ultra-centralized, mostly Sun-controlled
– Poloniex hasn’t paid users back
– HTX volume down 60% since 2023
This isn’t FUD — the cracks are already showing. pic.twitter.com/PA92uqlv3B— BTC_Chopsticks (@BTC_Chopsticks) April 18, 2025
Geffen’s filing further alleges a pattern of misconduct by Sun, referencing lawsuits filed by former employees who claimed they were punished for refusing to engage in unethical or illegal business practices.
The countersuit paints Sun as someone with a track record of deception and legal manipulation.
In response, Sun’s legal counsel, William Charron, strongly rejected Geffen’s narrative.
“Ms. Xiong confessed to the theft, was arrested in China, and is currently in detention,” Charron told ArtNet.
He dismissed Geffen’s version as “extremely misguided” and maintained that Xiong acted independently of Sun.
Justin Sun Once Ate a $6.2M Banana
The dispute follows Sun’s previous art-world headline in November 2023, when he famously ate Maurizio Cattelan’s “Comedian”—a banana duct-taped to a wall—after purchasing it for $6.2 million at Sotheby’s.
In another development, Sun has also claimed that First Digital Trust, the entity overseeing FDUSD, was involved in the misappropriation of nearly $500 million.
He alleged that First Digital, in partnership with entities such as Dubai-based Aria DMCC, misled FDUSD’s issuer into wiring funds to an unrelated third party.
However, earlier this week, First Digital Labs published a new attestation report confirming that its FDUSD stablecoin remains fully backed by reserves, even as it faces fraud accusations from Tron founder Justin Sun.
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