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Justin Sun Potential $66 Million Loss Revealed As Ethereum Price Declines
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Justin Sun Potential $66 Million Loss Revealed As Ethereum Price Declines

Semilore Faleti
Semilore Faleti
11 months ago
3 mins read
Justin Sun

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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.

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11 months ago

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.

Justin Sun may have lost $66M after the #Ethereum price plummeted 10% today!

From Feb to Jun, he allegedly bought 361K $ETH (est. cost: $1.1B) via 3 wallets, including:
– 169,604 $ETH via “0x7a9” in Feb at $2,870 avg
– 176,117 $ETH via “0x435” in Apr at $3,177 avg
– 15,416 $ETH… pic.twitter.com/bwIezvMRtj

— Spot On Chain (@spotonchain) July 5, 2024

 

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.

Justice Sun
ETH trading at $2,974.45 on the daily chart | Source: ETHUSDT chart on Tradingview.com

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11 months ago

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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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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