Justin Sun Takes $280M Hit as Ethereum Drops 20%

Justin Sun, a prominent figure in the cryptocurrency world, experienced a substantial loss as Ethereum nosedived by 20%. Reports indicate that Sun took a hit of approximately $280 million due to the market downturn.

How much did your portfolio drop today?

Justin Sun took a hit of ~$280M as #Ethereum nosedived by 20%!

Since Feb 8, 2024, he reportedly accumulated 377,590 $ETH (est. cost: $1.15B) via 3 wallets. But now $ETH is trading well below his average buying price of $3,051!

Still,… https://t.co/B7GAzQEiyM pic.twitter.com/6vAzRGR85N

— Spot On Chain (@spotonchain) August 5, 2024

Since February 8, 2024, Justin Sun has reportedly accumulated 377,590 ETH through three different wallets, with an estimated total cost of $1.15 billion. However, with Ethereum now trading well below his average buying price of $3,051, his portfolio has taken a significant blow.

No Liquidation Despite Market Decline

Despite the sharp decline in Ethereum’s value, Justin Sun has not been liquidated. Addressing the rumors, Sun clarified, “The rumors about our positions being liquidated are false. We rarely engage in leveraged trading strategies because we believe such trades do not significantly benefit the industry.”

The rumors about our positions being liquidated are false. We rarely engage in leveraged trading strategies because we believe such trades do not significantly benefit the industry. Instead, we prefer to engage in activities that provide greater support to the industry and…

— H.E. Justin Sun 孙宇晨 (@justinsuntron) August 5, 2024

Justin Sun emphasized his commitment to supporting the cryptocurrency industry and entrepreneurs. “We prefer to engage in activities that provide greater support to the industry and entrepreneurs, such as staking, running nodes, working on projects, and helping project teams provide liquidity,” Sun stated, highlighting his strategic approach to cryptocurrency investments.

As the cryptocurrency market continues to be volatile, prominent figures like Justin Sun remain focused on long-term industry support and development, despite facing substantial short-term losses.