U.Today – A well-known figure in the cryptocurrency industry, Justin Sun, founder of TRON (TRX) and senior advisor to Huobi, opened up in an unusual post on social media. In particular, he responded to rumors about his investments.
Sun expressed confidence in the future of Bitcoin but clarified that he did not take a long position at the $69,000 price level.
This clarification came in response to a claim by CryptoQuant CEO Ki Young Ju, who alleged that Sun had opened a substantial long position in Bitcoin using stUSDT as collateral.
HTX Whale Saga
Ju claimed that Sun is a mysterious HTX whale, who opened a long position on Bitcoin at $67,000 with at least $420 million in positions.
He noted that the USDT reserve was around $24 million and questioned the source of the collateral, claiming that Sun used $460 million in stUSDT, a high APY stablecoin project with 89% of the supply in HTX.
Interestingly, Ju later deleted his post, explaining that he intended to clear things up with the exchange's team. He stressed that he was not receiving compensation for this action and that he did not want to harm their business before they had a chance to comment.
While Sun denied purchasing BTC at the $69,000 level, he did not address the allegations regarding his purchases. Recently, Spot On Chain reported that since Feb. 8, Sun may have purchased 362,751 ETH, worth approximately $1.11 billion, across three wallets.
This article was originally published on U.Today
