Entertainment Mogul David Geffen Countersues Justin Sun Over Disputed Multimillion-Dollar Sculpture

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.

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