Justin Sun has maintained a reputation as one of the biggest whales in the broader Bitcoin (BTC) and altcoin world. While his strides remain documented, a series of fresh trades uncovered by CryptoQuant Founder Ki Young Ju might dent his reputation.<\/p>\n
The Justin Sun Bitcoin Long Trades<\/strong><\/h2>\nEarlier media reports have it that HTX reserve displayed some suspicious trends. Following this revelation, Ki Young Ju made a move to dig into what is ongoing.<\/p>\n
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Coming back with his report on X, he alleges that the previously referenced whale linked to the HTX reserve is Justin Sun. He went further to state that Sun placed a long trade on Bitcoin when the price was $67,000. From his investigation, he projected that Sun\u2019s total position comes in at $420 million.<\/p>\n
\nThis HTX whale was Justin Sun.<\/p>\n
He opened a long #Bitcoin<\/a> at $67K with at least $420M in positions. Their $USDT<\/a> reserve is around $24M. Where did all the collateral come from?<\/p>\n<\/p>\n
He used $460M worth of $stUSDT<\/a>. It\u2019s his stablecoin project with 46% APY. 89% of the supply is in HTX. https:\/\/t.co\/oSqGQbLw1q<\/a> pic.twitter.com\/icqaMsLHU1<\/a><\/p>\n\u2014 Ki Young Ju (@ki_young_ju) July 11, 2024<\/a><\/p>\n<\/blockquote>\nWhile similar trades linked to Sun are not uncommon, the challenge is that the HTX liquidity comes in at only $24 million. This suspicious trend does not end there, Sun allegedly propped the Bitcoin trade with $460 million worth of stUSDT.<\/p>\n
Related risky bets based on borrowed collateral have posed questionable trends in the crypto ecosystem before now. Recall that Curve Finance co-founder Michael Egorov suffered sever CRV liquidations<\/a> few weeks back. With the price of Bitcoin maintaining $57,864, the risk of unannounced liquidation is high.<\/p>\n<\/p>\n
However, the stUSDT is confirmed to be a stablecoin linked to Justin Sun. While Young Ju did not directly allege market manipulation practices, he did ask where the collateral backed the Bitcoin bets came from. This, he showcased might be hard to detect. This is because 89% of the stUSDT supply is locked on HTX.<\/p>\n
Another FUD or Legit Concern?<\/strong><\/h2>\nRisky bets are not uncommon in the industry or with Justin Sun. As reported earlier, the Tron Founder recently bought $5 million worth of Ethereum<\/a> ahead of ETF approvals.<\/p>\nAs a prominent figure in the industry, his trades are often under heavy scrutiny. While Ki Young Ju has tagged on-chain Sleuth ZachXBT to join the investigation, Justin Sun has chosen to keep mute on the Bitcoin trades for now.<\/p>\n
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Until any damning claims are presented, what many remember might be the push to launch a gas-free stablecoin solution<\/a> he announced barely a week ago.<\/p>\nRead More: Elon Musk Threatens Lawsuit On Masterminds of X Ad Boycott<\/a>\u00a0<\/strong><\/p>\n<\/p>\n
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\nBenjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n\n ![\"\"](\"image\/svg+xml,%3Csvg%20xmlns=\")
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<\/div>\n<\/p><\/div>\n<\/p><\/div>\n\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n
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This HTX whale was Justin Sun.<\/p>\n
He opened a long #Bitcoin<\/a> at $67K with at least $420M in positions. Their $USDT<\/a> reserve is around $24M. Where did all the collateral come from?<\/p>\n <\/p>\n He used $460M worth of $stUSDT<\/a>. It\u2019s his stablecoin project with 46% APY. 89% of the supply is in HTX. https:\/\/t.co\/oSqGQbLw1q<\/a> pic.twitter.com\/icqaMsLHU1<\/a><\/p>\n \u2014 Ki Young Ju (@ki_young_ju) July 11, 2024<\/a><\/p>\n<\/blockquote>\n While similar trades linked to Sun are not uncommon, the challenge is that the HTX liquidity comes in at only $24 million. This suspicious trend does not end there, Sun allegedly propped the Bitcoin trade with $460 million worth of stUSDT.<\/p>\n Related risky bets based on borrowed collateral have posed questionable trends in the crypto ecosystem before now. Recall that Curve Finance co-founder Michael Egorov suffered sever CRV liquidations<\/a> few weeks back. With the price of Bitcoin maintaining $57,864, the risk of unannounced liquidation is high.<\/p>\n <\/p>\n However, the stUSDT is confirmed to be a stablecoin linked to Justin Sun. While Young Ju did not directly allege market manipulation practices, he did ask where the collateral backed the Bitcoin bets came from. This, he showcased might be hard to detect. This is because 89% of the stUSDT supply is locked on HTX.<\/p>\n Risky bets are not uncommon in the industry or with Justin Sun. As reported earlier, the Tron Founder recently bought $5 million worth of Ethereum<\/a> ahead of ETF approvals.<\/p>\n As a prominent figure in the industry, his trades are often under heavy scrutiny. While Ki Young Ju has tagged on-chain Sleuth ZachXBT to join the investigation, Justin Sun has chosen to keep mute on the Bitcoin trades for now.<\/p>\n <\/p>\n Until any damning claims are presented, what many remember might be the push to launch a gas-free stablecoin solution<\/a> he announced barely a week ago.<\/p>\n Read More: Elon Musk Threatens Lawsuit On Masterminds of X Ad Boycott<\/a>\u00a0<\/strong><\/p>\n <\/p>\n <!– <\/p>\n –><\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n –><\/p>\n –><\/p>\n Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n <!– <\/p>\nAnother FUD or Legit Concern?<\/strong><\/h2>\n
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