News
TRON Founder Justin Sun Breaks Silence on $69K Bitcoin Long
Gamza Khanzadaev
TRON Founder Justin Sun Reveals the Truth About His Alleged $69K Bitcoin Long Position
Read U.TODAY on
Google News
A well-known figure in the cryptocurrency industry, Justin Sunfounder of TRON (TRX) and chief advisor to Huobi, opened up in an unusual social media post. In particular, he responded to rumors regarding his investments in Bitcoin.
Sun expressed confidence in the future of Bitcoin, but clarified that he has not taken a long position at the $69,000 price level.
This clarification came in response to a statement by Ki Young Ju, CEO of CryptoQuant, who claimed that Sun had opened a substantial Bitcoin long position using stUSDT as collateral.
HTX Whale Saga
Ju stated that Sun It is a mysterious whale HTX, who opened a long position on Bitcoin at $67,000 with at least $420 million in positions.
He pointed out that the USDT reserve was around $24 million and questioned the source of the collateral, saying that Sun used $460 million worth of stUSDT, a stablecoin project with a high annual return percentage, with 89% of the supply in HTX.
BTC to USD via CoinMarketCap
Interestingly, Ju later deleted his post, explaining that he wanted to clarify the matter with the exchange team. He stressed that he had not been compensated for this action and did not want to harm their business before they had a chance to comment.
While Sun has denied the purchase BTC at the $69,000 level, did not address the charges regarding his Ethereal acquisitions. Spot On Chain recently reported that since February 8, Sun may have purchased 362,751 ETH, worth approximately $1.11 billion, across three wallets.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated with a degree in finance and credit with a focus on securities and financial derivatives. He then completed a master’s degree in banking and asset management.
He wants to contribute to the discussion of economic and fintech topics, as well as inform more people about cryptocurrencies and blockchain.