Justin Sun Potential $66 Million Loss Revealed As Ethereum Price Declines
July 06 2024 - 5:30AM
NEWSBTC
Following a widespread crypto market crash on Friday, the price of
Ethereum took a severe price hit falling by about 10%. While the
prominent altcoin has made a minor recovery since then, its price
slip has revealed some vital information on the holdings of Tron
founder and key crypto figure Justin Sun. Related Reading: Doomsday
for Ethereum? ‘A Crash Down To $1,500 Is Coming,’ Says Skeptic,
Here’s Why Justin Sun $66 Million Loss, Motive For Massive Bitcoin
Buy Offer? Amidst the market mayhem on Friday, blockchain analytics
platform Spot on Chain shared an intriguing report on Justin Sun’s
investments in Ethereum. In an X post, Spot on Chain stated that
Sun has allegedly acquired 361,000 ETH (worth $1.1 billion) over
the last five months. The Tron founder reportedly made this
investment using three different wallet addresses purchasing
169,604 ETH with “0x7a9” in February at an average price of $2,870,
176,118 ETH with “0x435” in April at $3,177, and 15,416 ETH
with “0xdbf” in June at $3,474. Spot on Chain noted that the
aforementioned addresses always received ETH deposits from Binance
following Sun’s stablecoin deposits on the exchange thus leading to
suspicions that the Tron founder served as owner of these wallets.
Following the repayment of creditors by defunct exchange Mt. Gox,
coupled with a consistent massive Bitcoin sell-off by the US and
German governments, the price of Bitcoin has plummeted by 10% over
the last two days falling as low as $53,717. Unsurprisingly, this
decline soon extended across the crypto market, with Ethereum
crashing by a similar percentage to trade at $2810, marking its
lowest price in the last five months. At that point, Justin Sun’s
alleged ETH investments reached a $66 million loss.
Interestingly, the Tron founder had reached out to the German
government on Thursday to negotiate the sale of their remaining BTC
holdings valued at $2.3 billion in a private transaction order.
However, it remains unknown if the German government will take up
this offer as Sun attempts to reduce the impact of their constant
BTC sell-offs on his personal investments and the general crypto
market. At the time of writing, Ethereum has shown resilience since
its earlier slump rising by about 5% to currently trade at $2,975.
In tandem, the token’s daily trading volume is up by 47.33%
and valued at $30.47 billion. Related Reading: Analyst Predicts
Ethereum Nosedive, Cautions Investors To Prepare For $2,700 Target
Solana, Others Record Market Gains Amidst Market Crash While the
general cryptocurrency remains in a downtrend, with the total
market cap down by 1.02%, several assets have managed to stay
afloat providing investors with some form of relief. According to
data from CoinMarketCap, Solana is one of these assets, with a
4.99% daily gain alongside other prominent tokens such as Avalanche
(AVAX) and Shiba Inu with respective gains of 3.99% and 3.70%
respectively. Notably, prominent meme coin dogwifhat leads the
resistance with the highest daily gain of 12.28%. Featured image
from Bloomberg, chart from Tradingview
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