Justin Sun lost $280M as Ethereum dropped 20%, but he hasn’t been liquidated, focusing on long-term industry support.
Spot On Chain revealed Sun’s 377,590 ETH purchase since Feb 8, 2024, now below his $3,051 average buying price.
Sun refutes liquidation rumors, emphasizing non-leveraged trading and activities like staking and liquidity support.
Tron founder Justin Sun suffered a significant financial setback as Ethereum plummeted by 20%. Renowned analytical platform Spot On Chain revealed in a recent X post that the sudden drop in ETH’s value resulted in an estimated loss of $280 million for Sun.
How much did your portfolio drop today?
Justin Sun took a hit of ~$280M as #Ethereum nosedived by 20%!
Since Feb 8, 2024, he reportedly accumulated 377,590 $ETH (est. cost: $1.15B) via 3 wallets. But now $ETH is trading well below his average buying price of $3,051!
Still,… https://t.co/B7GAzQEiyM pic.twitter.com/6vAzRGR85N
— Spot On Chain (@spotonchain) August 5, 2024
Since February 8, 2024, Justin Sun has been steadily accumulating Ethereum. The platform findings indicate that he acquired 377,590 ETH through three separate wallets at an estimated cost of $1.15 billion. At the time of these purchases, the average buying price for Ethereum was around $3,051. However, the current trading price of Ethereum is now significantly below this average, reflecting the volatile nature of the cryptocurrency market.
Despite the considerable loss, Justin Sun has not been liquidated. Addressing the rumors circulating in the market, Sun confirmed in an X post that the rumors about his positions being liquidated were false. Sun highlighted that he and his team rarely engage in leveraged trading strategies, as they believe such trades do not significantly benefit the industry.
Sun emphasized that its primary focus remains on activities that provide greater support to the cryptocurrency industry and its entrepreneurs. These activities include staking, running nodes, working on innovative projects, and assisting project teams in providing liquidity. By engaging in these supportive roles, Sun aims to contribute to the overall health and growth of the cryptocurrency ecosystem.
Justin Sun’s Bold Ethereum Moves: A Strategic $1.11 Billion Investment
The recent market downturn and associated rumors highlight Justin Sun’s commitment to the industry’s development. Rather than being influenced by market volatility, he focuses on foundational activities that support and sustain the broader cryptocurrency community. This approach underscores a dedication to the long-term success of the industry, even in the face of significant financial setbacks.
The situation surrounding Justin Sun and his Ethereum investments reminds the community of the inherent risks and volatility in the cryptocurrency market. However, it also showcases the importance of strategic planning and a focus on broader industry support. Sun’s steadfastness in the face of market challenges offers a valuable perspective for other investors and participants in the cryptocurrency space.
The post Justin Sun Faces $280M Loss as Ethereum Drops 20%: Report appeared first on CryptoTale.
