Justin Sun’s Bitcoin Holdings and Ethereum Purchases Exposed, Raising Concerns

Justin Sun, the founder of TRON, has revealed that he holds a staggering $1.6 billion worth of Bitcoin on the HTX cryptocurrency exchange, where he also serves as an advisor. This disclosure comes at a time when Sun is facing increased scrutiny from the US Securities and Exchange Commission (SEC) for possible fraudulent activities. However, Sun has refuted claims of infrequent HTX use by sharing his account balance and a screenshot of his HTX wallet, which shows that he is a “heavy user” with around 28,614 Bitcoins.

In addition to his Bitcoin holdings, there has been speculation in the crypto community about Sun’s involvement in Ethereum whale activities. An analytics firm called Lookonchain has revealed that a wallet linked to Sun has acquired 13,780 ETH, worth $41.24 million, in just two weeks. This adds to a total of 168,369 ETH, approximately $487 million, held by Sun. Analysts see these purchases as bullish for Ethereum and a sign of confidence in its long-term potential. Some believe that Sun’s actions may be part of a broader strategy, possibly related to discussions about an Ethereum exchange-traded fund (ETF).

Despite these bullish signals, Sun’s association with HTX and his crypto activities raise questions about his intentions and potential legal troubles. The SEC has been investigating Sun for alleged fraudulent activities, including manipulating trading volumes and selling unregistered securities. However, Sun’s substantial Bitcoin holdings and Ethereum buying spree add complexity to the situation. It remains to be seen whether Sun is accumulating wealth, speculating on ETH ETFs, or if the SEC’s allegations have merit.

Coinpedia will continue to provide updates on this story.