Justin Sun Potential $66 Million Loss Revealed As Ethereum Price Declines

Name	Symbol	Market	Market Cap ($)	Algorithm
Avalanche	AVAXUSD	Crypto	11,733,217,755	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Avalanche

AVAXUSD

Crypto

11,733,217,755

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	2.12	7.28%	31.23	31.24	31.25

Price Change

Price Change %

Current Price

Bid Price

Offer

2.12

7.28%

31.23

31.24

31.25

High Price	Low Price	Open Price	Prev. Close	52 Week Range
31.63	28.54	29.08	29.11	8.62 - 65.38

High Price

Low Price

Open Price

Prev. Close

52 Week Range

31.63

28.54

29.08

29.11

8.62 - 65.38

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	20:23:42	6.15	31.23	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

20:23:42

6.15

31.23

USD

Price x Volume	Volume	Base Symbol	Related Pairs
26,966,543.35	888,214.30	AVAX	AVAXEUR	AVAXGBP	AVAXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

26,966,543.35

888,214.30

Justin Sun Potential $66 Million Loss Revealed As Ethereum Price Declines

06/07/2024 10:30am

NEWSBTC

Following a widespread crypto market crash on Friday, the price of Ethereum took a severe price hit falling by about 10%. While the prominent altcoin has made a minor recovery since then, its price slip has revealed some vital information on the holdings of Tron founder and key crypto figure Justin Sun. Related Reading: Doomsday for Ethereum? ‘A Crash Down To $1,500 Is Coming,’ Says Skeptic, Here’s Why Justin Sun $66 Million Loss, Motive For Massive Bitcoin Buy Offer? Amidst the market mayhem on Friday, blockchain analytics platform Spot on Chain shared an intriguing report on Justin Sun’s investments in Ethereum. In an X post, Spot on Chain stated that Sun has allegedly acquired 361,000 ETH (worth $1.1 billion) over the last five months. The Tron founder reportedly made this investment using three different wallet addresses purchasing 169,604 ETH with “0x7a9” in February at an average price of $2,870, 176,118 ETH with “0x435” in April at $3,177, and 15,416 ETH with “0xdbf” in June at $3,474. Spot on Chain noted that the aforementioned addresses always received ETH deposits from Binance following Sun’s stablecoin deposits on the exchange thus leading to suspicions that the Tron founder served as owner of these wallets. Following the repayment of creditors by defunct exchange Mt. Gox, coupled with a consistent massive Bitcoin sell-off by the US and German governments, the price of Bitcoin has plummeted by 10% over the last two days falling as low as $53,717. Unsurprisingly, this decline soon extended across the crypto market, with Ethereum crashing by a similar percentage to trade at $2810, marking its lowest price in the last five months. At that point, Justin Sun’s alleged ETH investments reached a $66 million loss. Interestingly, the Tron founder had reached out to the German government on Thursday to negotiate the sale of their remaining BTC holdings valued at $2.3 billion in a private transaction order. However, it remains unknown if the German government will take up this offer as Sun attempts to reduce the impact of their constant BTC sell-offs on his personal investments and the general crypto market. At the time of writing, Ethereum has shown resilience since its earlier slump rising by about 5% to currently trade at $2,975. In tandem, the token’s daily trading volume is up by 47.33% and valued at $30.47 billion. Related Reading: Analyst Predicts Ethereum Nosedive, Cautions Investors To Prepare For $2,700 Target Solana, Others Record Market Gains Amidst Market Crash While the general cryptocurrency remains in a downtrend, with the total market cap down by 1.02%, several assets have managed to stay afloat providing investors with some form of relief. According to data from CoinMarketCap, Solana is one of these assets, with a 4.99% daily gain alongside other prominent tokens such as Avalanche (AVAX) and Shiba Inu with respective gains of 3.99% and 3.70% respectively. Notably, prominent meme coin dogwifhat leads the resistance with the highest daily gain of 12.28%. Featured image from Bloomberg, chart from Tradingview

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AVAXUSD Avalanche