Market Downturn Costs Justin Sun $66 Million
Reports suggest that Justin Sun, Tron founder and Huobi Global advisor, lost $66 million on Friday as Ethereum’s price dipped to levels last seen in February. The ongoing crypto market sell-off continues to overshadow optimism for a potential launch of spot ETH ETFs.
Multiple indicators suggest that despite the 10% crash on Friday, Ethereum’s price may not decline much further, even as fear levels remain elevated.
Ethereum Price Crash Wipes Out Sun’s Profits
Spot On Chain reported that the $58 million profit Sun accrued over the last five months was erased as Ethereum’s price fell to $2,810. The report detailed that Sun acquired 361,000 ETH tokens between February and June, worth approximately $1.1 billion. Most transactions occurred on Binance, where he recently transferred several DeFi tokens.
Transaction Breakdown :
– February: Bought 169,604 ETH at an average price of $2,870 via wallet “0x7a9.”
– April: Bought 176,117 ETH at an average price of $3,177 via wallet “0x435.”
– June: Bought 15,416 ETH at an average price of $3,474 via wallet “0xdbf.”
The three wallets often received ETH from Binance shortly after stablecoin deposits.
Speculation Around Sun’s Proposal to Germany
This report emerged hours after Sun proposed to assist the German government in managing its Bitcoin sell-off to minimize market impact. While the offer was well-intended, it stirred mixed reactions, with some speculating about potential market manipulation.
