Tron's Justin Sun Denies Provoking Ethereum Crash, Here's Proof
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Justin Sun, the founder of the Tron blockchain, owner of the Poloniex and Huobi crypto exchanges, has taken to his X account (formerly known as Twitter) to address the rumors about his liquidations allegedly provoking the ETH price plunge. On-chain data confirms his statement, showing he has not sold the big Ethereum bag accumulated this year since February. The price of the second largest cryptocurrency by market capitalization value has demonstrated a tremendous collapse, going below the $2,300 level. Sun says he didn't sell ETH bag, Here's proof Crypto billionaire Justin Sun responded to the rumors about his Ethereum positions being liquidated, refuting them. Sun stated that he and his team rarely take to leveraged trading strategies since they are certain that “such trades do not significantly benefit the industry.”
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Rather than doing that, Sun prefers to “support to the industry and entrepreneurs”; here Sun named such activities as cryptocurrency staking, running nodes, as well as “working on projects, and helping project teams provide liquidity.”
The rumors about our positions being liquidated are false. We rarely engage in leveraged trading strategies because we believe such trades do not significantly benefit the industry. Instead, we prefer to engage in activities that provide greater support to the industry and…— H.E. Justin Sun 孙宇晨 (@justinsuntron) August 5, 2024 Analytics account on X @spontonchain cited that tweet by Sun, confirming that the Tron blockchain founder has not sold any of the 377,590 ETH he has bought since the start of February. Before Ethereum collapsed, his ETH fortune was evaluated at a whopping $1.15 billion. After Ethereum took a big hit of 20%, Sun’s Ethereum bag has sold more than a quarter of a million U.S. dollars in value, according to data published by @spotonchain.
How much did your portfolio drop today?Justin Sun took a hit of ~$280M as #Ethereum nosedived by 20%!Since Feb 8, 2024, he reportedly accumulated 377,590 $ETH (est. cost: $1.15B) via 3 wallets. But now $ETH is trading well below his average buying price of $3,051!Still,… https://t.co/B7GAzQEiyM pic.twitter.com/6vAzRGR85N— Spot On Chain (@spotonchain) August 5, 2024 Following the plunge of the largest cryptocurrency, Bitcoin, Ethereum nosedived by more than 22% over the past 24 hours, falling from the $2,920 area to the $2,270 zone. At the time of writing, ETH is changing hands at $2,282 per coin as the bloodbath continues.
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Mon, 08/05/2024 - 10:04
Ethereum sees massive withdrawals and liquidations Data shared by the @lookonchain analytics account on X shows that whales have been making astonishing liquidations, selling their ETH holdings. In particular, the tweet mentions that 25 addresses have sold 63,732 ETH worth $150 million. Among them was one particular whale that was liquidated for 9,834 ETH. That is the equivalent of $23.16 million. According to the CoinShares report, last week, both Bitcoin and Ethereum saw enormous amounts of withdrawals. Institutional investors cumulatively moved $400 million from Bitcoin and $146.3 million from Ethereum.