Justin Sun, a well-known cryptocurrency entrepreneur, may have lost $66 million after the price of Ethereum (ETH) fell by 10% today, according to Spot On Chain. Currently, it is trading above $2,850.
Sun Buys 361,137 ETH Across Three Wallets, Spending $1 Billion
According to the affidavit, from February till June, Sun used three separate wallets to purchase 361,137 ETH at a total cost of approximately $1 billion. In February, with wallet “0x7a9” he bought 169604 Eth with an average price of $2,870 for 1 Eth. In April, 176,117 ETHs were bought by him through the wallet “0x435” with the average price per ETH at $3,177. Lastly, in June, he purchases 15,416 ETH using “0xdbf” wallet at the average value of $3,474 per ETH.
These wallets typically obtained ETH from Binance instantly after Sun bought a batch of stablecoins. Cryptocurrencies also remain very volatile and investing into them is always a risky move as Sun has discovered recently.
ETH Price Drop Turns Justin Sun’s $58M Profit into $66M Loss
Just one day ago, it was reported that Sun had total a profit of $58 million in his Ethereum holdings. However, the drastic reduction of the price means the errant trader has lost $66 million, which was previously his gain.
This case shows that digital currencies are highly volatile, and large value operations can lead to serious adverse consequences for investors.
