A well-known figure in the crypto industry, Justin Sun, founder of TRON (TRX) and chief adviser to Huobi, opened up in an unusual post on social networks. In particular, he responded to rumors regarding his Bitcoin investments.
Sun expressed confidence in Bitcoin's future but clarified that he did not take a long position at the $69,000 price level.
I am very optimistic about the development of Bitcoin and have great confidence in its future. However, I would like to clarify that I did not go long on Bitcoin at the $69,000 price level.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 12, 2024
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This clarification came in response to a claim by Ki Young Ju, CEO of CryptoQuant, who alleged that Sun had opened a substantial Bitcoin long position using stUSDT as collateral.
HTX whale saga
Ju claimed that Sun is a mysterious HTX whale, who opened a long Bitcoin position at $67,000 with at least $420 million in positions.
I deleted the tweet to clarify things with the HTX team. I'll share their insights on PoR after our discussion.
— Ki Young Ju (@ki_young_ju) July 11, 2024
He pointed out that the USDT reserve was around $24 million and questioned the source of the collateral, stating that Sun used $460 million worth of stUSDT, a stablecoin project with a high annual percentage yield, with 89% of the supply in HTX.
BTC to USD by CoinMarketCap
Interestingly, Ju later deleted his post, explaining that he intended to clarify matters with the exchange team. He emphasized that he was not being compensated for this action and did not want to harm their business before they had a chance to comment.
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While Sun denied purchasing BTC at the $69,000 level, he did not address allegations regarding his Ethereum acquisitions. Recently, Spot On Chain reported that since Feb. 8, Sun may have bought 362,751 ETH, worth approximately $1.11 billion, via three wallets.
