Justin Sun, a prominent figure in the world of cryptocurrencies, is said to have suffered a substantial loss of $66 million as a result of a 10% drop in the price of Ethereum (ETH) today, as reported by Spot On Chain. Despite this setback, ETH is currently trading above $2,850.
Between February and June, Sun reportedly made significant investments in ETH, acquiring a total of 361,137 coins across three different wallets at an estimated cost of $1 billion. In February, he purchased 169,604 ETH through the wallet “0x7a9” at an average price of $2,870 per ETH. In April, he acquired 176,117 ETH via the wallet “0x435” at an average price of $3,177 per ETH. Lastly, in June, he bought 15,416 ETH using the wallet “0xdbf” at an average price of $3,474 per ETH.
These transactions were facilitated by the immediate exchange of stablecoins from Binance into ETH in Sun’s wallets. However, the volatile nature of cryptocurrencies has proven to be a risky investment, as Sun’s recent loss demonstrates.
A mere day ago, Sun was reported to have made a profit of $58 million from his Ethereum holdings. But with the sudden drop in ETH prices, his gains were wiped out, turning into a $66 million loss instead.
This serves as a stark reminder of the high volatility of digital currencies and the potential risks involved in large-scale investments in the crypto market.
