Justin Sun, the founder of Tron (TRX), has recently made a significant Bitcoin (BTC) transaction worth $420 million. This revelation was made by CryptoQuant CEO Ki Young Ju. Ju stated that one of the Bitcoin whales who opened long positions at $69,000 in June was none other than Justin Sun. According to Ju, Sun opened a substantial long position on Bitcoin at $67,000, totaling at least $420 million.
The source of collateral for this transaction was questioned, to which Sun revealed that he used his own stablecoin project called stUSDT. This project offers a 46% annual percentage yield (APY), and Sun pledged $460 million USDT as collateral. Ju also highlighted that 89% of the stUSDT supply is held in HTX.
When asked how it can be proven that Justin Sun is the one behind this transaction, Ju replied that all signs point to him. He explained that since Sun holds 96% of the stUSDT supply, it is highly likely that he is involved. If not, then it would be client funds. Ju also mentioned the possibility that Sun actively manages customer deposits to maintain the 46% APY.
Speculations have also begun to arise, with some users suggesting that Justin Sun could be the next SBF and HTX could be the next FTX. However, this remains to be seen.
It is important to note that this article is not investment advice. If you are interested in investing in cryptocurrencies, you can register with Binance exchange with a 20% commission discount.
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