Justin Sun, the prominent figure behind the TRON blockchain, has unveiled his staggering Bitcoin holdings, amounting to $1.6 billion, on the HTX cryptocurrency exchange, where he serves as an advisor.
This revelation comes at a crucial point when Sun speculates on a whale Ethereum buying spree amidst increased scrutiny from the US SEC over alleged fraudulent activities.
Justin Sun’s Bitcoin Revelation
Taking to X, Justin Sun countered claims of his infrequent use of HTX by sharing “My personal HTX account balance (just for those who are saying I’m not using HTX much)” along with a screenshot of his HTX wallet, showcasing approximately 28,614 Bitcoins amounting to 1624085323.24 USD.
Sun’s motive behind this public disclosure is to assert his status as a “heavy user” of the HTX platform and emphasize his active participation in the cryptocurrency exchange ecosystem.
Was Justin Behind the ETH buying spree?
Just a day ago, the cryptocurrency community was buzzing with speculation about massive Ethereum whale activities probably involving Justin Sun.
Lookonchain analytics firm revealed a wallet potentially linked to Sun recently acquired 13,780 ETH, valued at approximately $41.24 million, adding to a total of 168,369 ETH, worth roughly $487 million, accumulated in just two weeks from both centralized exchanges and decentralized exchanges.
Some analysts view these large-scale purchases as a bullish signal for Ethereum, indicating a strong belief in the platform’s long-term potential. Others speculate Sun’s actions might be part of a broader strategy, potentially linked to Ethereum ETF discussions.
Regulatory Challenges Surrounding Sun
Amidst all these mind-boggling revelations, the SEC has been investigating Justin Sun since last year for alleged fraudulent activities and violations related to securities laws, including accusations of manipulating trading volumes and selling unregistered securities.
Sun’s association with HTX, formerly Huobi, reflects efforts to navigate the exchange through regulatory challenges and expand its reach to international markets.
Despite legal controversies surrounding Sun’s advisor role at HTX, his substantial Bitcoin holdings on HTX and alleged Ethereum buying spree add layers of complexity as to what may be his true intentions. Is he just gaining wealth or speculating on ETH ETFs? Or is the SEC true in its allegations?
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