Justin Sun (Photo/VCG)

July 25 (NBD) – Controversial Chinese crypto entrepreneur Justin Sun, who paid record-breaking 4,567,888 U.S. dollars to dine with Warren Buffett, posted an apology letter Thursday on Weibo for his conduct of overmarketing.

In the letter, Sun wrote that his bid for the Buffett lunch originated from his admiration of Buffett, love of charity, and desire to promote the blockchain industry but his own selfishness and immature words and deeds detracted from the effort and he felt guilty of his intemperate marketing.

Two days ago, Sun, citing ill health, postponed his charity lunch with Warren Buffett, and this immediately threw him into the swirl of public discussions. 

On the day, reports emerged disclosing Sun is on China's border control list. But the blockchain entrepreneur later denied the allegation by streaming on Twitter in San Francisco. One day later, reports updated saying that Sun has been banned from leaving China since last June but went abroad last November in an unknown way. 

Meanwhile, Guangzhou Peiwo Information Technology, a company owned by Sun, has made a resolution to dismiss, according to the National Enterprise Credit Information Publicity System.

In a field visit to the registration address of Guangzhou Peiwo on Wednesday, National Business Daily (NBD) found the office, with its doors firmly shut, covers only about 10 square meters and is filled with sundries. A person from the property management division confirmed to NBD that the office was rented to Guangzhou Peiwo and the firm had surrendered the tenancy. "But no one had been seen working here before," said the person.

Photo/Wang Fan (NBD)

"In late May or early June, local authorities came but failed to locate the company," an employee nearby disclosed.

Last June, live streamers on Peiwo, an app run by Guangzhou Peiwo and its parent company, were alleged to induce viewers to pay for pornographic audio services. In as short as several minutes, a live broadcaster could reap over 1,000 yuan (145.5 U.S. dollars) in rewards and attracted over 3,400 online audiences.

With regard to whether the dissolution of Guangzhou Peiwo was resulted from its involvement in offering unhealthy contents, Sun replied on Weibo Wednesday, "We have many firms, and either establishing a new company or dismissing the old one is a normal operation on the business level."

The app Peiwo also announced that the disbandment of Guangzhou Peiwo is part of the planned asset restructuring and the firm's assets will be incorporated into the parent company. It is worth noting that the app had been removed from app stores and its official website is now inaccessible.

Email: lansuying@nbd.com.cn