2024-08-06
Justin Sun, the founder of the Tron
blockchain, experienced a significant loss due to the recent downturn in the
cryptocurrency market on August 5, 2024.
According to reports, his portfolio
suffered around $280 million in losses following a 24.5% decline in Ethereum’s 7 days price.
Justin Sun acquired 377,590 ETH for
about $1.15 billion via three wallets over the last seven months. Per the data,
his average purchase cost was $3,051, while ETH’s current price is $2,505.
Despite these losses, Justin Sun has
refused rumors of liquidation and emphasized that his team does not engage in
leveraged trading strategies. He has also announced plans to set up a $1
billion fund to combat FUD (fear, uncertainty, and doubt) and support the
crypto industry.
