- Forbes magazine published an article on Justin Sun that incorrectly stated Liberland is located in Croatia, prompting a correction from the self-proclaimed micronation.
- Despite losing his Grenadian ambassadorship in 2022, Sun reportedly still uses the title “His Excellency” according to the Forbes profile.
- Forbes estimates Sun’s net worth at $8.5 billion after applying “sizable discounts” to his claimed assets, calling him a “pure opportunist” who “loves a publicity stunt.”
Forbes magazine sparked controversy with its recent profile of crypto entrepreneur Justin Sun, incorrectly placing the blockchain-friendly micronation Liberland within Croatian territory. The article, which assessed Sun’s wealth at $8.5 billion, drew criticism for geographical inaccuracies and what some viewed as an unflattering portrayal of the Tron founder who serves as Liberland’s prime minister.
Liberland officials quickly issued a correction through their official X account, describing it as a “small error” while clarifying that “The territory of Liberland is not located in or claimed by Croatia.” The disputed 7km² strip of land sits between Serbia and Croatia and remains unrecognized by any established nation.
The Forbes profile also noted that Sun continues to use the title “His Excellency,” which he acquired during his tenure as a Grenadian ambassador. However, this role ended in 2022, making his continued use of the diplomatic title questionable.
Croatia has historically maintained that the territory claimed by Liberland is not “terra nullius” (nobody’s land) as Liberland supporters assert, but rather land still under negotiation between Croatia and Serbia. Croatian authorities continue to actively prevent settlement in the area, despite Liberland electing Sun as prime minister in 2022.
## Forbes Portrays Sun as “Pure Opportunist”
The biographical piece in Forbes characterized Sun in notably critical terms, describing him as a “pure opportunist,” a “copycat,” and someone with an affinity for “publicity stunts.” The article covered Sun’s rise in the cryptocurrency space, his business ventures, and his interactions with the Trump administration.
Changpeng Zhao, former CEO of Binance, commented on the article’s tone, asking: “Is it just me, or does it come across like a hit piece? 😂”
Forbes also questioned the verifiability of Sun’s claimed assets, stating that significant discounts had to be applied when calculating his net worth. “As with Trump, it’s hard to take anything Sun tells you at face value, at least when it comes to his holdings,” the publication remarked. After their analysis, Forbes concluded Sun’s wealth totals at least $8.5 billion.
The article noted that Sun declined to comment on allegations by the Securities and Exchange Commission regarding wash trading or on Coinbase’s decision to delist wrapped Bitcoin reportedly controlled by him.
Industry observers have pointed to what’s become known as the “Forbes cover curse” – a phenomenon where individuals featured prominently in the magazine later face legal troubles. Notable examples include Sam Bankman-Fried of FTX, Changpeng Zhao himself, and healthcare entrepreneur Elizabeth Holmes, all of whom appeared on Forbes covers and subsequently served prison sentences.
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