Justin Sun Sees $66 Million in Losses as Ethereum (ETH) Price Drops

IconCryptoNewsTerminal Staff05 Jul, 2024

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Justin Sun Sees $66 Million in Losses as Ethereum (ETH) Price Drops

Ethereum Price Drop Causes Justin Sun $66 Million Loss Justin Sun, the founder of Tron, has reportedly incurred $66 million in unrealized losses due to the recent drop in the price of Ethereum (ETH). According to data from Spot On Chain, Sun had purchased 361,000 ETH (worth around $11 billion) across three addresses from February to June. At the time of writing, ETH is trading at $2,884.77, down 5.74% in the last 24 hours. This price drop has resulted in Sun's unrealized profits of $58 million turning into a loss of $66 million. The cryptocurrency market has been experiencing a downturn in recent weeks, with the total market capitalization falling below $1 trillion. ETH, the second-largest cryptocurrency by market cap, has been particularly hard hit, falling over 70% from its all-time high of $4,891.70 in November 2021. It's worth noting that unrealized losses only become real when the assets are sold, so Sun could still recover his losses if the price of ETH rebounds. However, the recent market volatility highlights the risks associated with investing in cryptocurrencies.

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