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Key Takeaways:

David Geffen countersues Justin Sun over ownership of Giacometti’s $78M sculpture, calling Sun’s original lawsuit a fraudulent attempt.
Geffen alleges Sun faced financial pressure from crypto downturns and security breaches, motivating his resale efforts.
Dispute centers on claims of theft, art-for-cash exchanges, and broader accusations of unethical conduct tied to Sun’s crypto ventures.

Billionaire media mogul David Geffen has filed a countersuit against crypto entrepreneur Justin Sun over the ownership of Le Nez, a $78 million sculpture by Alberto Giacometti.

The legal battle began when Sun sued Geffen in February, claiming the sculpture was stolen by his former art adviser, Xiong Zihan Sydney, who then sold it to Geffen.

Billionaires David Geffen and Justin Sun are battling over a Giacometti sculpture in two warring lawsuits. The old-guard art world is up against a tech provocateur. https://t.co/ss7ZKn49R3
— New York Magazine (@NYMag) April 16, 2025

Geffen’s countersuit, filed April 16, dismisses Sun’s claims as baseless and accuses him of orchestrating a fraudulent scheme after being unable to resell two paintings and $10.5 million in cash exchanged in the disputed deal.

Geffen alleges Sun’s motivations stem from financial stress caused by the crypto market downturn and major security breaches on his platforms, Poloniex and HTX, which were hacked in 2023.

The lawsuit also questions the alleged theft, citing inconsistencies in the amounts embezzled and claiming Sun still holds both the exchanged artworks and cash.

Geffen further accuses Sun of broader misconduct, referencing lawsuits from former employees and false legal claims.

Sun’s attorney, William Charron, asserts that Xiong admitted to theft, was arrested, and is detained in China.

He labeled Geffen’s suit as misguided and expressed confidence in recovering the sculpture.

The case follows Sun’s controversial art stunt involving the $6.2 million purchase of Maurizio Cattelan’s banana artwork, which he later ate during a press conference.