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Tron (CRYPTO: TRON) founder Justin Sun on Monday refuted claims that his positions were liquidated following a major drop in cryptocurrency prices.
What Happened: The rumors began circulating on microblogging website X early Monday morning in Asia.
The speculation was triggered by a post from an account with just over 11,000 followers, which claimed, “Justin Sun finally got liquidated.”
The rumors coincided with a significant decline in cryptocurrency prices.
Bitcoin (CRYPTO: BTC) experienced a significant drop in the past 24 hours, trading below $50,000 in the European session before rebounding to $54,000 at the time of writing.
Similarly, Ethereum (CRYPTO: ETH) saw a 15% fall to $2,425, erasing its yearly gains with a 27% weekly decline.
The overall cryptocurrency market value has plummeted nearly 19% in the past day, reaching $1.87 trillion.
This sell-off of riskier assets, including cryptocurrencies, comes amid growing concerns about a potential recession.
Sun addressed these rumors, stating, “The rumours 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 entrepreneurs, such as staking, running nodes, working on projects, and helping project teams provide liquidity,” he added.
Despite Sun’s assurance, some users on X focused on the term “rarely” and sought further explanation from the Tron founder.
However, Sun did not provide any additional details.
Also Read: EXCLUSIVE: Bitcoin Crashes 17%, Ethereum Plummets 23% — Is The Crypto Bear Market Here?
The initial tweet that fueled the speculation featured a screenshot allegedly showing Sun’s crypto holdings, amassing nearly 356,000 impressions. This image, however, was originally posted by the crypto markets company Parsec, which captioned it, “a meaty day for on-chain liquidations,” with no mention of Sun.
As the digital asset landscape continues to evolve, industry leaders like Sun emphasize the importance of sustainable practices over speculative trading.
What’s Next: For those interested in the future of digital assets, Benzinga’s Future of Digital Assets event on Nov. 19 will provide a platform to explore these critical issues and more.
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Image: Shutterstock
