Ethereum

2024

Drops

Spot

Billion

<p>Justin Sun, a well-known cryptocurrency entrepreneur, may have lost $66 million after the price of <a href="https://blockchainreporter.net/price-prediction/ethereum-price-prediction/" data-type="post" data-id="66941">Ethereum (ETH) </a>fell by 10% today, according to Spot On Chain. Currently, it is trading above $2,850.</p> 
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   <p lang="en" dir="ltr">Justin Sun may have lost $66M after the <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Ethereum</a> price plummeted 10% today!<br><br>From Feb to Jun, he allegedly bought 361K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> (est. cost: $1.1B) via 3 wallets, including:<br>– 169,604 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> via “0x7a9” in Feb at $2,870 avg<br>– 176,117 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> via “0x435” in Apr at $3,177 avg<br>– 15,416 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a>… <a href="https://t.co/bwIezvMRtj" target="_blank">pic.twitter.com/bwIezvMRtj</a></p>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1809138044861292918?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 5, 2024</a>
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<h2 class="wp-block-heading" id="sun-buys-361-137-eth-across-three-wallets-spending-1-billion">Sun Buys 361,137 ETH Across Three Wallets, Spending $1 Billion</h2> 
<p>According to the affidavit, from February till June, Sun used three separate wallets to purchase 361,137 ETH at a total cost of approximately $1 billion. In February, with wallet “0x7a9” he bought 169604 Eth with an average price of $2,870 for 1 Eth. In April, 176,117 ETHs were bought by him through the wallet “0x435” with the average price per ETH at $3,177. Lastly, in June, he purchases 15,416 ETH using “0xdbf” wallet at the average value of $3,474 per ETH.</p> 
<p>These wallets typically obtained ETH from Binance instantly after Sun bought a batch of stablecoins. Cryptocurrencies also remain very volatile and investing into them is always a risky move as Sun has discovered recently.</p> 
<h2 class="wp-block-heading" id="eth-price-drop-turns-justin-sun-s-58m-profit-into-66m-loss">ETH Price Drop Turns Justin Sun’s $58M Profit into $66M Loss</h2> 
<p>Just one day ago, it was reported that Sun had total a profit of $58 million in his <a href="https://www.ethereum.org/" target="_blank" rel="noopener">Ethereum</a> holdings. However, the drastic reduction of the price means the errant trader has lost $66 million, which was previously his gain.</p> 
<p>This case shows that digital currencies are highly volatile, and large value operations can lead to serious adverse consequences for investors.</p>

Justin Sun Loses $66M as Ethereum Drops 10%

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