Amid the global market downtrend, the founder of Tron, Justin Sun, allegedly shifted a staggering $110 million in USDT to the HTX exchange. This comes against the backdrop of rumors circulating in the crypto community of his significant liquidation of over $152 million of leveraged positions.
The crypto market exhibited notable volatile movements at the beginning of the week, with the total market value plummeting by 12.98% to $1.86 trillion at press time. In particular, Bitcoin has crashed over 13%, changing hands at $52k. Simultaneously, Ethereum has dropped way below the $3,000 mark, now trading at $2,300 leading to over $1 billion in total market liquidations.
Sun Shifts Millions to HTX, Potentially Buying ETH Dip
According to the report, the Chinese-born Grenadian crypto entrepreneur sent $110 million USDT to the Seychelles-based HTX exchange, suggesting that he is considering accumulating ETH as the price continues to nosedive.
Sun first withdrew $61 million USDT from TRON’s decentralized financial platform, JustLend using an address labeled as ‘TT2T…kU9N” and transferred $70 million USDT to the HTX exchange. Shortly after, Sun removed $40.24 million USDT from the open-source liquidity protocol platform Aave and sent it to the HTX platform making a total of $110.24 million. The alleged withdrawal and transfer coincide with the market crash, raising serious speculations by observers on crypto X (formerly Twitter).
Justin Sun Clears Liquidation Rumors
Meanwhile, as the rumor of Sun getting liquidated gains traction, he has taken time to dispel the conjectures in a recent X post. According to his post, the rumors are “false.” Sun pointed out that he and his team rarely take part in any leveraged trading strategy.
Justin Sun finally got liquidated pic.twitter.com/HC3BQDONvp
— Honeybadger (@HoneybadgerC) August 5, 2024
He described leveraged trading as an activity that does not give any significant benefit to the crypto industry. “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,” he said.
Furthermore, Sun stressed that he prefers to engage in activities that proffer greater support to both the industry and entrepreneurs. Some of these activities include staking, running nodes, working on projects, and helping project teams provide liquidity.
Community Reactions
After Sun supposedly cleared the air, the crypto stormed his post, expressing mixed reactions. While some took him for his words, others showed doubt, calling it a “bluff.” Notably, one user “Stock Networks” stressed that “a poker player never shows his hands” meaning that Sun would not reveal that he engages in leveraged trading even if he does.
Several users pointed out the word “rarely” used by Sun in his dismissal. One user, KryptoKami, said “We are worried about the ‘rarely’ part,” which opines that Sun might mean that he and his team sometimes engage in leveraged trading even if not all the time.
Another user showed a lack of trust in Sun’s words, saying “We have seen this kind of speech before, hope is not what I’m thinking.” Moreover, others thanked him for clearing the FUD while. The mixed reaction exhibited by the crypto community toward the rumor rebuttal underscores the level of mistrust in top crypto figures in the crypto space.
Meanwhile, Tron’s native token TRX joined in the global market downtrend, plummeting by 5.82% to trade at $0.1204 at the time of writing.
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