TRON founder Justin Sun denies rumors of platform liquidation.
Sun’s $110 million USDT transfer is likely for buying Ethereum (ETH).
TRON prioritizes staking and liquidity provision over leveraged trading.
Reports spotted Justin Sun moving about 110 million USDT to the cryptocurrency exchange HTX, potentially to purchase Ether (ETH) at its current bearish price. As of press time, ETH was valued at $2,348, marking a decline of around 19% over the last 24 hours.
Founder of the TRON blockchain ecosystem, Justin Sun, also dispelled rumors of the platform’s position liquidation on X (formerly Twitter). In an August 5th post, Sun asserted that TRON rarely engages in leveraged trading strategies.
The rumors about our positions being liquidated are false. We rarely engage in leveraged trading strategies because we believe such trades do not significantly benefit the industry. Instead, we prefer to engage in activities that provide greater support to the industry and…
— H.E. Justin Sun 孙宇晨 (@justinsuntron) August 5, 2024
The TRON founder’s dismissal of the claims aligns with the platform’s trading strategies, which typically shun leveraged trading. TRON believes that such tactics do not have a positive impact on the crypto industry. Offering further insight into TRON’s trading activities, Sun stated:
“We prefer to engage in activities that provide greater support to the industry and entrepreneurs, such as staking, running nodes, working on projects, and helping project teams provide liquidity.”
The report details that Sun withdrew 65.1 million USDT from JustLend, followed by a transfer of 70 million USDT to HTX. Additionally, Sun pulled out 40.24 million USDT from Aave, also moving the entire sum to HTX.
Sun’s alleged USDT transfers coincided with the current crypto market volatility, led by Bitcoin’s massive 13% fall to $53,030. Other top cryptocurrencies, including ETH, Solana (SOL), and XRP, have also experienced similar price drops.
TRON DAO’s native TRON token has also mirrored the market’s negative sentiment. TRON is currently trading at $0.1208, with a notable decline of 4.65% in a day and over 12% in the last seven days. However, the TRON community remains active, with trading volume increasing by 106% to $612.3 million.
The post TRON’s Justin Sun: $110M USDT Move Explained appeared first on Coin Edition.
