👉👉👉 Suspicious Justin Sun Bitcoin ($BTC ) Bet Flagged By #CryptoQuant Founder
Justin Sun's Bitcoin Trades Under Scrutiny Amid New Allegations
Justin Sun, renowned as one of the major players in the Bitcoin (BTC) and altcoin market, is facing fresh scrutiny over recent trades. CryptoQuant Founder Ki Young Ju has uncovered a series of transactions that could impact Sun's reputation.
The Justin Sun Bitcoin Long Trades:
Recent reports highlighted suspicious trends in #HTX reserves. Ki Young Ju's investigation revealed that Justin Sun is allegedly the whale linked to these reserves. Sun reportedly placed a long trade on Bitcoin when the price was $67,000, amounting to a $420 million position.
The controversy arises from the fact that HTX's liquidity stands at only $24 million. Sun allegedly supported this trade with $460 million worth of stUSDT, a stablecoin linked to him. Such risky bets, based on borrowed collateral, have previously raised concerns in the crypto world. For instance, Curve Finance co-founder Michael Egorov faced significant CRV liquidations recently.
With Bitcoin's price at $57,864, the risk of unannounced liquidation looms large. Ki Young Ju questioned the origin of the collateral backing these Bitcoin trades, noting that 89% of the stUSDT supply is locked on HTX, making it difficult to trace.
Another FUD or Legit Concern?
Risky trades are not new to the industry or to Justin Sun. Recently, the Tron Founder purchased $5 million worth of Ethereum ahead of ETF approvals. As a prominent figure, Sun's trades are frequently scrutinized.
While Ki Young Ju has enlisted on-chain sleuth #zachxbt to further investigate, Justin Sun has remained silent on these Bitcoin trades. Until concrete evidence is presented, the focus remains on Sun's recent initiative to launch a gas-free #stablecoin solution announced last week.
Source - coingape.com
