Justin Sun, the founder of Tron (TRX), has made a significant move in the cryptocurrency market. According to CryptoQuant CEO Ki Young Ju, Sun has a massive Bitcoin (BTC) position worth $420 million.
In a recent post, Ki Young Ju highlighted that one of the “Bitcoin whales” who opened long positions at $69,000 in June was Justin Sun. He revealed that Sun entered a substantial long Bitcoin position at $67,000, with the total value reaching $420 million.
The source of collateral for this position was Sun’s own stablecoin project called stUSDT, which offers a 46% annual percentage yield (APY). Sun used $460 million USDT as collateral for this venture.
Ki Young Ju also pointed out that 89% of the stUSDT supply is held in HTX. When a user questioned how they could prove that the person in question is Justin Sun, Ju responded by stating that all evidence points to Sun. He explained that since Sun holds 96% of the stUSDT supply, it is highly likely that he is the one involved in this transaction.
Speculation has also started among some users, with comparisons being made between Justin Sun and SBF, and HTX and FTX. It remains to be seen what the future holds for Sun and his cryptocurrency ventures.
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