Justin Sun Suffers $280 Million in Unrealized ETH Losses Amidst Market Crash
CryptoNewsTerminal Staff05 Aug, 2024
Justin Sun Suffers $280 Million in Unrealized ETH Losses Amidst Market Crash
Justin Sun, the founder of the Tron (TRX) blockchain, is estimated to have incurred unrealized losses of $280 million as the price of Ethereum (ETH) plummeted by about 20% today. According to on-chain data analysis platform Spot On Chain, Sun purchased a total of 377,000 ETH (worth around $1.15 billion) through three addresses since February. The average purchase price is estimated to be $3,051. Although ETH is currently trading significantly below Sun's average entry price, his positions have not been liquidated yet. At the time of writing, ETH is trading at $2,322.76, down 20.10% in the last 24 hours. The broader cryptocurrency market has also experienced a significant sell-off, with Bitcoin (BTC) falling below $30,000. Sun's unrealized losses are a reminder of the volatility of the cryptocurrency market. Even experienced investors can suffer significant losses when the market turns against them. It is important to invest only what you can afford to lose and to have a sound investment strategy in place.
