Crypto Mogul Who Riled China Before Pushes Envelope Again (1)

Even by the to-the-moon standards of the crypto world, Justin Sun is known for making bold bets.

There’s the 2017 initial coin offering in his native China, completed days before the government banned such deals. The $4.6 million he paid in 2019 for lunch with Warren Buffett, which irked authorities back home. And the stablecoin he launched last year, just as a similar instrument crashed in such spectacular fashion that it took down large swathes of the cryptoasset universe.

Justin Sun

Photographer: Ore Huiying/Bloomberg

So it’s perhaps no surprise that the 32-year-old’s attempt to turn around crypto exchange Huobi Global hinges on ...