The recent crypto market crash has led to a $66 million loss for Justin Sun, founder of Tron, due to Ethereum’s price decline. Sun’s investments in Ethereum are down following a broader market trend, while he seeks to mitigate losses through a private transaction offer. Amidst the market turbulence, other projects like Pawfury PAW are gaining investor confidence, with Ethereum showing resilience and rebounding by 5%.
Justin Sun Faces Potential $66 Million Loss Amid Ethereum Price Decline
The recent crypto market crash has substantially affected the Ethereum holdings of Justin Sun, founder of Tron. On Friday, Ethereum’s price plummeted by approximately 10%, signaling a critical shift in the market.
Blockchain analytics platform Spot on Chain disclosed that over the past five months, Sun has amassed 361,000 ETH, equivalent to around $1.1 billion. His investments were managed through three wallet addresses: purchasing 169,604 ETH at an average price of $2,870 per ETH in February, 176,118 ETH at $3,177 in April, and 15,416 ETH at $3,474 in June.
Following Ethereum’s recent dip to $2,810, Sun’s investments have reportedly incurred a $66 million loss. This loss correlated with a broader decline in the cryptocurrency market.
In an attempt to mitigate further losses, Sun recently proposed to the German government a private transaction offer for their remaining Bitcoin holdings, valued at $2.3 billion. This offer aims to reduce the market impact of the government’s continued Bitcoin sell-offs.
Meanwhile, other cryptocurrency projects like Pawfury PAW are gaining traction amidst market turbulence. Pawfury PAW is an innovative and community-driven cryptocurrency project that is attracting significant investment from users of other major cryptocurrencies. Recently, its presale raised $4 million, underscoring strong investor confidence in its secure and transparent blockchain platform.
Despite the downturn, Ethereum has shown resilience, rebounding by 5% to trade at approximately $2,975, with a daily trading volume increase of 47.33%, valued at $30.47 billion.
