Justin Sun Addresses Liquidation Rumors and Announces $1 Billion Fund
Recently, the cryptocurrency market experienced a significant retrace, causing market capitalization to dip below $2 trillion. This downturn led to over $1 billion in liquidated positions, sparking rumors within the community.
- Rumors Surface: Speculation arose about the entities involved in the $372 million Ethereum liquidations, with claims that Tron founder Justin Sun was among those affected.
- Hayes’ Comments: BitMEX co-founder Arthur Hayes added fuel to the fire by hinting that a big player in the industry had been liquidated, without disclosing any names.
- Justin Sun’s Response: Sun refuted the rumors and criticized leverage trading while emphasizing his focus on activities that benefit the industry.
Justin Sun Denies Liquidation Rumors
As reports circulated about the liquidation of major positions in the crypto market, speculations grew about Justin Sun’s involvement in the sell-off. However, Sun clarified that these rumors were unfounded and highlighted his commitment to supporting the industry through various means.
- Sun’s Stance: Sun emphasized his preference for activities like staking, running nodes, and working on projects over engaging in leverage trading strategies.
- Portfolio Impact: Analysis from Spot on Chain revealed that Sun’s ETH holdings suffered a significant drop following the market downturn, causing a substantial loss in portfolio value.
$1 Billion Crypto Fund To “Combat FUD”
In response to the market turmoil and rumors surrounding his liquidation, Justin Sun announced the creation of a $1 billion fund aimed at addressing FUD (fear, uncertainty, and doubt) in the crypto industry.
- Sun’s Assurance: Sun reassured investors about the industry’s growth and encouraged them to stay focused on building despite market fluctuations.
- Community Reaction: While some criticized Sun’s fund announcement, others praised his efforts to stabilize the market sentiment and provide liquidity.
Hot Take: Sun’s Commitment to Industry Support
Amid the crypto market slump, rumors emerged that Tron founder Justin Sun’s positions had been liquidated. Sun denied the rumors and criticized the community’s FUD (fear, uncertainty, and doubt), pledging to create a fund to help the industry.
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