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‼️Justin Sun's $420 Million Bitcoin Trade Faces Scrutiny‼️
🕵🏼♂️Suspicious Trade Details:
Ki Young Ju, the founder of CryptoQuant, has raised alarms over a massive Bitcoin trade linked to Tron founder Justin Sun. According to Ju, Sun took a significant long position on Bitcoin worth $420 million when the cryptocurrency was priced at $67,000. The size of this trade, coupled with the timing, has drawn considerable attention.
💰Liquidity and Collateral Concerns:
The trade's legitimacy is questioned due to HTX Exchange's limited liquidity, which stands at only $24 million. This raises concerns about how such a large position could be supported. Sun's trade involved $460 million worth of stUSDT, a stablecoin associated with Sun's own project, adding another layer of complexity.
🏦stUSDT Supply Issue:
A critical issue is that 89% of the stUSDT supply is reportedly locked on HTX. This high concentration of collateral on a single exchange raises questions about the true source and stability of the funds used for the trade.
⚖️Current Status and Implications:
Although no direct accusations of market manipulation have been made, the unusual nature of the trade and the heavy use of stUSDT for collateral have led to ongoing scrutiny. The situation is being investigated further to determine whether any regulatory or market integrity issues are at play.
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