Justin Sun Denies Rumors of Getting Liquidated With $152 Million in Leveraged Positions

The Tron founder said that he and his team rarely engage in any leverage trading strategies. As per Justin Sun, leverage trades bring no benefit to the crypto market.

The broader crypto market witnessed a significant 18% decline over the past 24 hours, triggering substantial shockwaves and leading to immense liquidations in leveraged positions. As the Ethereum price plummeted by over 20%, several rumors began circulating, suggesting that Tron founder Justin Sun faced liquidations exceeding $152 million in the leveraged positions. However, these rumors were swiftly refuted by the Tron founder himself.

Justin Sun Provides Clarification on Liquidations

The recent sell-off in the crypto market during the Asian trading hours on Monday resulted in a total of over $1 billion in crypto market liquidations. Most traders holding leveraged long positions faced significant losses, with rumors indicating that Justin Sun was among them.

Justin Sun getting liquidated might be the reason for that nasty -20% wick on $ETH.

— Johnny (@CryptoGodJohn) August 5, 2024

The Tron founder quickly addressed these rumors, stating that he and his team rarely engage in any leveraged trading strategies. According to Justin Sun, leveraged trades do not offer any substantial benefits to the crypto market.

Instead, the Tron founder highlighted that he and his team prioritize activities that contribute more to the crypto industry and entrepreneurs. He mentioned that the Tron team focuses on endeavors such as working on blockchain projects, staking, running nodes, or assisting project teams in providing liquidity.

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

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