TRON founder and chief adviser to Huobi, Justin Sun, has revealed the truth about his alleged $69,000 Bitcoin long position. Sun, a well-known figure in the crypto industry, addressed the rumors in an unusual post on social networks.
In his post, Sun responded to the speculations regarding his Bitcoin investments, aiming to clarify the situation and provide transparency to the crypto community.
Justin Sun Clarifies Bitcoin Investment Rumors
Justin Sun expressed confidence in Bitcoin’s future but clarified that he did not take a long position at the $69,000 price level.
Justin Sun’s clarification. Source: X
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.
Justin Sun Denies $69,000 Bitcoin Long Position Amidst Allegations
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.
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.
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.
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.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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