{"id":628174,"date":"2024-07-06T09:30:21","date_gmt":"2024-07-06T09:30:21","guid":{"rendered":"https:\/\/uniquehot.com\/?p=628174"},"modified":"2024-07-06T07:37:55","modified_gmt":"2024-07-06T07:37:55","slug":"justin-sun-potential-66-million-loss-revealed-as-ethereum-price-declines","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/justin-sun-potential-66-million-loss-revealed-as-ethereum-price-declines\/","title":{"rendered":"Justin Sun Potential $66 Million Loss Revealed As Ethereum Price Declines"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Following a widespread crypto market crash on Friday, the price of Ethereum took a severe price hit falling by about 10%. While the prominent altcoin has made a minor recovery since then, its price slip has revealed some vital information on the holdings of Tron founder and key crypto figure Justin Sun.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/doomsday-for-ethereum-a-crash-down-to-1500-is-coming\/\" target=\"_blank\" rel=\"noopener \">Doomsday for Ethereum? \u2018A Crash Down To $1,500 Is Coming,\u2019 Says Skeptic, Here\u2019s Why<\/a><\/div>\n<h2><strong>Justin Sun $66 Million Loss, Motive For Massive Bitcoin Buy Offer?<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Amidst the market mayhem on Friday, blockchain analytics platform Spot on Chain shared an intriguing report on Justin Sun\u2019s investments in Ethereum. In an <a href=\"https:\/\/x.com\/spotonchain\/status\/61292918\" target=\"_blank\" rel=\"noopener nofollow\">X post<\/a>, Spot on Chain stated that Sun has allegedly acquired 361,000 ETH (worth $1.1 billion) over the last five months.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The Tron founder reportedly made this investment using three different wallet addresses purchasing 169,604 ETH with \u201c0x7a9\u201d in February at an average price of $2,870, 176,118 ETH with \u201c0x435\u201d in April at\u00a0 $3,177, and 15,416 ETH with \u201c0xdbf\u201d in June at $3,474.<br \/>\n<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Justin Sun may have lost $66M after the <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Ethereum<\/a> price plummeted 10% today!<\/p>\n<p>From Feb to Jun, he allegedly bought 361K <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETH<\/a> (est. cost: $1.1B) via 3 wallets, including:<br \/>&#8211; 169,604 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETH<\/a> via \u201c0x7a9\u201d in Feb at $2,870 avg<br \/>&#8211; 176,117 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETH<\/a> via \u201c0x435\u201d in Apr at $3,177 avg<br \/>&#8211; 15,416 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETH<\/a>\u2026 <a href=\"https:\/\/t.co\/bwIezvMRtj\" rel=\"nofollow\">pic.twitter.com\/bwIezvMRtj<\/a><\/p>\n<p>&mdash; Spot On Chain (@spotonchain) <a href=\"https:\/\/twitter.com\/spotonchain\/status\/61292918?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 5, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Spot on Chain noted that the aforementioned addresses always received ETH deposits from Binance following Sun\u2019s stablecoin deposits on the exchange thus leading to suspicions that the Tron founder served as owner of these wallets.<br \/>\n<\/span><\/p>\n<p><span style=\"font-weight: 400\">Following the repayment of creditors by <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/massive-sell-off-mt-gox-bitcoin-payout-fears-wipes-out-170-billion-from-crypto-market\/\" target=\"_blank\" rel=\"noopener \">defunct exchange Mt. Gox<\/a>, coupled with a consistent massive Bitcoin sell-off by the US and German governments, the price of Bitcoin has<a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/\" target=\"_blank\" rel=\"noopener \"> plummeted<\/a> by 10% over the last two days falling as low as $53,717.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Unsurprisingly, this decline soon extended across the crypto market, with Ethereum crashing by a similar percentage to trade at $2810, marking its lowest price in the last five months. At that point, Justin Sun\u2019s alleged ETH investments reached a $66 million loss.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Interestingly, the Tron founder had<a href=\"https:\/\/x.com\/justinsuntron\/status\/01072092\" target=\"_blank\" rel=\"noopener nofollow\"> reached out<\/a> to the German government on Thursday to negotiate the sale of their remaining BTC holdings valued at $2.3 billion in a private transaction order. <\/span><span style=\"font-weight: 400\">However, it remains unknown if the German government will take up this offer as Sun attempts to reduce the impact of their constant BTC sell-offs on his personal investments and the general crypto market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Ethereum has shown resilience since its earlier slump <a href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\" target=\"_blank\" rel=\"noopener nofollow\">rising<\/a> by about 5% to currently trade at $2,975. In tandem, the token\u2019s daily trading volume is up by\u00a0 47.33% and valued at $30.47 billion.<br \/>\n<\/span><\/p>\n<figure style=\"width: 1479px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/BQ55spEX\/\" alt=\"Justice Sun\" width=\"1479\" height=\"893\"><figcaption class=\"wp-caption-text\">ETH trading at $2,974.45 on the daily chart | Source: ETHUSDT chart on Tradingview.com<\/figcaption><\/figure>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/analyst-predicts-ethereum-nosedive-cautions-investors-to-prepare-for-2700-target\/\" target=\"_blank\" rel=\"noopener \">Analyst Predicts Ethereum Nosedive, Cautions Investors To Prepare For $2,700 Target<\/a><\/div>\n<h2><strong>Solana, Others Record Market Gains Amidst Market Crash<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">While the general cryptocurrency remains in a downtrend, with the total market cap down by 1.02%, several assets have managed to stay afloat providing investors with some form of relief. <\/span><span style=\"font-weight: 400\">According to data from CoinMarketCap, Solana is one of these assets, with a 4.99% daily gain alongside other prominent tokens such as Avalanche (AVAX) and Shiba Inu with respective gains of 3.99% and 3.70% respectively.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, prominent meme coin dogwifhat leads the resistance with the highest daily gain of 12.28%.<br \/>\n<\/span><\/p>\n<div class=\"disclaimer-shortcode\"><em>Featured image from Bloomberg, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Following a widespread crypto market crash on Friday, the price of Ethereum took a severe price hit falling by about 10%. While the prominent altcoin has made a minor recovery since then, its price slip has revealed some vital information on the holdings of Tron founder and key crypto figure Justin Sun. Related Reading: Doomsday for Ethereum? \u2018A Crash Down To $1,500 Is Coming,\u2019 Says Skeptic, Here\u2019s Why Justin Sun $66 Million Loss, Motive For Massive Bitcoin Buy Offer? Amidst the market mayhem on Friday, blockchain analytics platform Spot on Chain shared an intriguing report on Justin Sun\u2019s investments in Ethereum. In an X post, Spot on Chain stated that Sun has allegedly acquired 361,000 ETH (worth $1.1 billion) over the last five months.\u00a0 The Tron founder reportedly made this investment using three different wallet addresses purchasing 169,604 ETH with \u201c0x7a9\u201d in February at an average price of $2,870, 176,118 ETH with \u201c0x435\u201d in April at\u00a0 $3,177, and 15,416 ETH with \u201c0xdbf\u201d in June at $3,474. \u00a0 Spot on Chain noted that the aforementioned addresses always received ETH deposits from Binance following Sun\u2019s stablecoin deposits on the exchange thus leading to suspicions that the Tron founder served as owner of these wallets. Following the repayment of creditors by defunct exchange Mt. Gox, coupled with a consistent massive Bitcoin sell-off by the US and German governments, the price of Bitcoin has plummeted by 10% over the last two days falling as low as $53,717. Unsurprisingly, this decline soon extended across the crypto market, with Ethereum crashing by a similar percentage to trade at $2810, marking its lowest price in the last five months. At that point, Justin Sun\u2019s alleged ETH investments reached a $66 million loss.\u00a0 Interestingly, the Tron founder had reached out to the German government on Thursday to negotiate the sale of their remaining BTC holdings valued at $2.3 billion in a private transaction order. However, it remains unknown if the German government will take up this offer as Sun attempts to reduce the impact of their constant BTC sell-offs on his personal investments and the general crypto market. At the time of writing, Ethereum has shown resilience since its earlier slump rising by about 5% to currently trade at $2,975. In tandem, the token\u2019s daily trading volume is up by\u00a0 47.33% and valued at $30.47 billion. Related Reading: Analyst Predicts Ethereum Nosedive, Cautions Investors To Prepare For $2,700 Target Solana, Others Record Market Gains Amidst Market Crash While the general cryptocurrency remains in a downtrend, with the total market cap down by 1.02%, several assets have managed to stay afloat providing investors with some form of relief. According to data from CoinMarketCap, Solana is one of these assets, with a 4.99% daily gain alongside other prominent tokens such as Avalanche (AVAX) and Shiba Inu with respective gains of 3.99% and 3.70% respectively. Notably, prominent meme coin dogwifhat leads the resistance with the highest daily gain of 12.28%. Featured image from Bloomberg, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":628176,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[91713,1946,78803,12098,83626,89054],"class_list":["post-628174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-dogwifhat","tag-ethereum","tag-ethusdt","tag-justin-sun","tag-solana","tag-tron-founder"],"acf":[],"yoast_head":"\n<title>Justin Sun Potential $66 Million Loss Revealed As Ethereum Price Declines<\/title>\n<meta name=\"description\" content=\"Tron founder Justin Sun faced a $66 Million loss on Friday, as the price of Ethereum hit a five-month bottom.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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