Key Points:
- Justin Sun has denied rumors of liquidation and highlighted his minimal use of leveraged trading.
- Despite circulating rumors, Sun's losses were attributed to the drop in Ether's price rather than liquidation. He revealed plans for a $1 billion fund to combat Fear, Uncertainty, and Doubt (FUD).
Justin Sun's Clarification on Liquidation Rumors
Justin Sun refuted recent claims surrounding the liquidation of his assets, asserting that such allegations are unfounded.
Addressing the Liquidation Speculations
As the TRON founder and member of Huobi HTX Global Advisory Committee, Sun clarified his infrequent involvement in leveraged trading practices, which he views as minimally beneficial to the industry.
'Instead of partaking in activities that significantly contribute to the sector and support entrepreneurs, we focus on staking, node operations, project development, and facilitating liquidity for project teams,' stated Sun.
According to data shared by Spot On Chain, Sun faced losses amounting to approximately $280 million following a 20% plunge in Ether's price, contrary to the alleged liquidation reports. Recent records reveal Sun's accumulation of 377,590 ETH across three wallets since February 8, 2024, at an average cost of $1.15 billion, surpassing the existing market value of ETH, which stands below his purchase price of $3,051.
Initiatives in the Crypto Industry
In a recent statement, Justin Sun reflected on the crypto market's fluctuations over the past year, attributing them not to adverse news but to market dynamics.
Encouraging the community to steer away from Fear, Uncertainty, and Doubt, Sun announced the earmarking of a $1 billion fund dedicated to enhancing investments and ensuring liquidity amidst prevailing FUD sentiments.
Impact of Ether's Price Decline
Moreover, as reported by Lookonchain, 25 addresses experienced liquidation during the ETH market downturn, resulting in the liquidation of 63,732 ETH valued at approximately $150 million. Notably, address 0x99e8...ddc3 encountered a liquidation of 9,834 ETH, worth $23.16 million.
Disclaimer: The information provided herein is intended as general market commentary and does not constitute financial advice. It is recommended to conduct independent research before making investment decisions.
