A widely known determine within the crypto business, Justin Sun, founding father of TRON (TRX) and chief adviser to Huobi, opened up in an uncommon submit on social networks. Specifically, he responded to rumors relating to his Bitcoin investments.
Sun expressed confidence in Bitcoin’s future however clarified that he didn’t take a protracted place on the $69,000 worth stage.
This clarification got here in response to a declare by Ki Younger Ju, CEO of CryptoQuant, who alleged that Sun had opened a considerable Bitcoin lengthy place utilizing stUSDT as collateral.
HTX whale saga
Ju claimed that Sun is a mysterious HTX whale, who opened a protracted Bitcoin place at $67,000 with at the least $420 million in positions.
He identified that the USDT reserve was round $24 million and questioned the supply of the collateral, stating that Sun used $460 million value of stUSDT, a stablecoin challenge with a excessive annual proportion yield, with 89% of the availability in HTX.
Apparently, Ju later deleted his submit, explaining that he supposed to make clear issues with the trade group. He emphasised that he was not being compensated for this motion and didn’t wish to hurt their enterprise earlier than they’d an opportunity to remark.
Whereas Sun denied buying BTC on the $69,000 stage, he didn’t tackle allegations relating to his Ethereum acquisitions. Lately, Spot On Chain reported that since Feb. 8, Sun could have purchased 362,751 ETH, value roughly $1.11 billion, by way of three wallets.