Justin Sun, the prominent figure behind the TRON blockchain, has unveiled his staggering Bitcoin holdings, amounting to $1.6 billion, on the HTX cryptocurrency exchange, where he serves as an advisor.
This disclosure coincides with speculation of an Ethereum buying spree by Sun, attracting attention amidst increased scrutiny from the US SEC regarding alleged fraudulent activities.
Sun refutes claims of infrequent HTX use by sharing his account balance and a screenshot of his HTX wallet. The image reveals around 28,614 Bitcoins worth $1,624,085,323.24 USD, asserting Sun’s status as a “heavy user.”
Was Sun the Ethereum Whale?
The crypto community buzzes with speculation about Ethereum whale activities involving Sun. Lookonchain analytics firm reveals a wallet linked to Sun acquiring 13,780 ETH worth $41.24 million, adding to a total of 168,369 ETH, approximately $487 million, in just two weeks.
Read More: Mysterious $160 Million Ethereum Buy Sparks Speculation: Is Justin Sun Behind It?
Analysts see these purchases as bullish for Ethereum, signaling confidence in its long-term potential. Some speculate Sun’s actions may be part of a broader strategy, possibly linked to Ethereum ETF discussions.
SEC Continues with the Scrutiny
The SEC has been investigating Sun since last year for alleged fraudulent activities, including manipulating trading volumes and selling unregistered securities.
Sun’s association with HTX, formerly Huobi, showcases efforts to navigate regulatory challenges and expand internationally.
Read More: HTX Withdraws Hong Kong Crypto License Application: What’s Wrong?
Despite legal controversies, Sun’s substantial Bitcoin holdings on HTX and the Ethereum buying spree add complexity. Is Sun accumulating wealth, speculating on ETH ETFs, or is the SEC justified in its allegations?
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