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A year ago, Protos reported on several shell companies that Tron founder Justin Sun was using to maintain distance during his purchase of the cryptocurrency exchange Huobi, now known as HTX.
The names of these shells included ‘Objectivists Limited’ and ‘Only Fountainhead Limited’ in obvious nods to works by American author and philosopher Ayn Rand. However, Sun kept the Rand naming convention even after he stopped incorporating in Hong Kong, taking the shell game abroad.
The TRON network isn’t as it seems
According to documents out of the British Virgin Islands seen by Protos, TRON Network Limited was originally incorporated as ‘Black Atlas Limited,’ another Rand reference, in August of 2019. The timeline seems to coincide with a concept that TRON labeled ‘Project Atlas‘ that was supposed to decentralize the internet.
Read more: Justin Sun restarts TRON Foundation ahead of SEC trial
Since incorporation, the name has been changed to The TRON Network Limited, and the director of all of Sun’s other shell companies and stablecoins, Yiying Jiang, has been listed as a director.
Black Atlas Limited was also incorporated in the UK simultaneously. It was dissolved last year.
Pharo Management enters the chat
While it’s unclear if Sun is still working with Pharo Management, Leila Sandell, the head of marketing and investor relations for the company, was the one doing the incorporating for Sun at the time. Pharo Management has had a tumultuous few years, seeing its assets under management shrink from $11 billion to $6 billion.
Protos reached out to Pharo Management for comment. They haven’t returned our messages.
The TRON Network Limited in BVI is one of several TRON Networks that Sun has incorporated, including the Singaporean entity that was dissolved but then reincorporated after Sun was sued by the SEC.
Meanwhile, late last year Sun incorporated a new English entity called ‘DL Stream LTD.’ He again made Yiying Jiang the director of the new company, which claims to make ‘ready-made interactive leisure and entertainment software’ and work on ‘web portals.’