EP-103 Sun Zeyu’s proxy investment victim: How did a big man in the currency circle become a liar?

Original author：吴说不加密播客

Original source：https://www.youtube.com/embed/dANQYiHhOWk

This interview was recorded in February 2026. It revolves around the financial disputes in the primary market and agency investment model of the encryption industry, and is related to the well-known investor Sun Zeyu. Sun Zeyu is a senior investor in the blockchain field, founder of Genesis Capital, co-founder of Kushen Wallet, and founder of Lancer Group. He has been involved in blockchain since 2013, focusing on early project investment, industry consulting and digital asset management. He has invested in Tron, Avalanche, Manta Network and other projects, and has a high reputation in the industry. The first interviewee, Qingtian William Lu, as an early practitioner in the encryption industry, reviewed his participation in the TIA (Celestia) project through an intermediary in 2022, and disclosed that the investment of approximately US$300,000 did not receive corresponding tokens after the project was issued, and the funder Sun Zeyu lost contact. Another interviewee, Luzi (founder of BitRing and founder of Web3), told an earlier case of a capital dispute. His team transferred approximately US$1.5 million to Sun Zeyu in the name of "financial investment" around 2021. He was subsequently informed that the funds were "liquidated", but no proof of transaction was obtained and no funds were returned. Through the experiences of two interviewees, the interview presents common trust chains and structural risks in the first-level agent investment and fund custody models in the encryption industry, including issues such as project quota resale, personal endorsement, insufficient contract constraints, and difficulties in cross-border rights protection. Respondents stated that the main purpose of the public incident was to expose relevant risks and remind participants in the encryption industry to be more vigilant in primary investment and agency investment cooperation. The speeches made by the guests do not represent Wu Shuo’s views and do not constitute any investment advice. Please strictly abide by local laws and regulations. To join the Wu Shuo Podcast listener group, you can add the assistant WeChat ipo19841984 to follow more Wu Shuo news in-depth and other content channels: https://www.wublock123.com/html/app/ Timeline: Part 1 From acquaintance endorsement to acting on behalf of investors: The beginning and end of the TIA incident 00:00 Opening: Introducing Sun Zeyu’s background and the TIA agency investment dispute 02:15 Qingtian experience: Early practitioner, familiar with first-level agent investment 05:21 Met Sun Zeyu through relationships, recognized his role as an intermediary 07:05 Obtained an agent investment quota through an intermediary, and invested about 300,000 US dollars 08:24 After signing the contract and transferring money, the project gradually lost contact before and after it went online 12:05 No tokens were received after TGE, and the highest book profit of about 30 times was lost 15:36 Agent investment relies on trust, and bear markets are more likely to expose risks 20:49 Number of victims and scale of funds 24:31 Trying to call the police and legal means, cross-border accountability is difficult Part 2 Disputes over Sun Zeyu’s financial management incident: Is the $1.5 million “liquidation” doubtful? 30:06 Luzi tells the case of financial management disputes 31:32 After being escrowd for 1.5 million US dollars, he was told that his position was liquidated 39:11 Disclosure motivation: choose to expose, warn of industry risks #cryptocurrency #blockchain #crypto #bitcoin #web3