Renowned cryptocurrency entrepreneur Justin Sun may have suffered a staggering $66 million loss following a 10% drop in the price of Ethereum (ETH) today, as reported by Spot On Chain. At present, ETH is trading above $2,850.
According to available information, Sun made a series of purchases totaling 361,137 ETH from February to June, spending an estimated $1 billion. In February, he acquired 169,604 ETH through the wallet “0x7a9” at an average price of $2,870 per ETH. In April, he purchased 176,117 ETH via the wallet “0x435” at an average price of $3,177 per ETH. Finally, in June, he obtained 15,416 ETH using the “0xdbf” wallet at an average value of $3,474 per ETH.
These wallets typically received ETH from Binance immediately after Sun bought a batch of stablecoins. However, the highly volatile nature of cryptocurrencies means that investing in them is always a risky proposition, as Sun has recently discovered.
In a dramatic turn of events, Sun’s reported profit of $58 million in his Ethereum holdings just a day ago has now been transformed into a $66 million loss due to the significant drop in ETH’s price.
This case underscores the fact that digital currencies are extremely volatile, and engaging in high-value transactions can have serious adverse consequences for investors.