Justin Sun has claimed that his $78.4 million collection was stolen and sold, and has filed a lawsuit against collector David Geffen to return the collection.

BlockBeats News, February 7th, according to The New York Times, Justin Sun won the Jacometti sculpture "Nose" at the 2021 Sotheby's New York Autumn Auction for a price of $78.4 million and later donated it to his blockchain foundation ApeNFT. Justin Sun had intended to sell this artwork but did not ultimately authorize Xiong Zihan to facilitate the transaction on his behalf.

Justin Sun accuses his art advisor Xiong Zihan of forging his signature, falsely claiming ownership of "Nose," and illegally selling it to others. It is alleged that between January and March 2024, Xiong Zihan, through art dealers David and Cole Tunkl, brokered a deal with a representative of David Geffen. This deal exchanged the sculpture for two paintings totaling $55 million and $10.5 million in cryptocurrency, below Justin Sun's target price, and reportedly without his approval.

Justin Sun's lawyer, in an interview with Artnews, stated that Xiong Zihan admitted to the theft, repeatedly forged Justin Sun's signature, and even impersonated a lawyer via email during the transaction. Justin Sun is suing collector David Geffen to reclaim the artwork. Currently, David Geffen holds the artwork and refuses to return the sculpture, criticizing Justin Sun's lawsuit as "absurd and baseless," implying that Justin Sun simply regrets the transaction.

Justin Sun responded to this incident on social media, stating: "Indeed, it was stolen and reported to the police. The individuals involved have been apprehended by the authorities, and a lawsuit has been filed in the United States. Transfers have also been restricted and frozen. Artworks are not as easily stolen as in blockchain and should be recoverable."