Justin Sun, a renowned figure in the world of cryptocurrency, may have suffered a loss of $66 million as a result of a 10% drop in the price of Ethereum (ETH) today, as reported by Spot On Chain. Currently, the price of ETH is hovering above $2,850.
It is believed that Justin Sun acquired a total of 361,137 ETH across three different wallets between February and June, spending an estimated $1 billion in the process. 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 using the wallet “0x435” at an average price of $3,177 per ETH. Lastly, in June, he bought 15,416 ETH through the “0xdbf” wallet at an average price of $3,474 per ETH.
These transactions were usually followed by the immediate acquisition of ETH from Binance after Sun exchanged a batch of stablecoins. The volatile nature of cryptocurrencies poses significant risks for investors, as Sun has recently experienced.
The sudden drop in the price of ETH has turned Justin Sun’s reported profit of $58 million into a loss of $66 million. This serves as a stark reminder of the unpredictability of digital currencies and the potential consequences of high-value investments in the crypto market.