Tron (TRX) founder Justin Sun, who has been accumulating Ethereum (ETH) since February, has been actively involved in the cryptocurrency market.
At this point, CryptoQuant CEO Ki Young Ju announced Justin Sun's $420 million Bitcoin (BTC) position in his last post.
June's “Bitcoin whales on HTX opened long positions at $69K.” Quoting his post, Ki Young Ju claimed that one of these whales was Justin Sun.
He said that CryptoQuant CEO Justin Sun opened a significant long Bitcoin position at $67,000 and that the value of this position was at least $420 million in total.
Questioning the source of this collateral, CryptoQuant CEO Sun used stUSDT, his own stablecoin project that offers 46% APY, to finance this position. He said that Ju Sun pledged $460 million USDT as collateral.
All Data Points to Justin Sun!
While Ki Young Ju also pointed out that 89% of the stUSDT supply is held in HTX, one user asked, “how can you prove that this person is Justin Sun?”
Ju responded to this question by stating that all roads lead to Justin Sun:
“It must be Justin Sun since he holds 96% of the stUSDT supply. If not, then it's client funds. There may be VVIP clients, but I don't think all of those clients who hold 89% of the stablecoin supply agreed to open $420 million long positions in just one week .
It's also possible that Justin Sun actively manages customer deposits to maintain a 46% APY. “In any case, it seems clear that Justin was involved in this decision-making process.”
Some users on X also started speculating that Justin Sun would be the next SBF and HTX would be the next FTX.
It must be Justin Sun, as he holds 96% of the ERC-20 $stUSDT supply. If not, then it's customer funds. They might have VVIP clients, but I don't think all these customers holding 89% of the stablecoin supply agreed to open $420 million of long positions within just a week.
— Ki Young Ju (@ki_young_ju) July 11, 2024
*Not Investment Advice.
