Photo credit: Token2049/Wachsman

Amidst the sudden crypto-selloffs, Tron’s founder Justin Sun responded to a circulating rumor accusing his positions are being liquidated. On X, Sun emphasizes that these allegations are “false.” 

A few users on X claimed that Sun finally got liquidated, sharing an image showing almost $152 million of Ether (ETH) was liquidated, as well as wstETH, wBTC, and several other crypto assets. 

Sun clarified that Tron “rarely” engages in leveraged trading strategies, believing such trades do not “significantly benefit the industry.” 

He further stated:

“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.”

Despite these clarifications, X users have flooded his comment box, sharing memes, and mocking his usage of the word “rarely.” 

The Tron founder’s statements come at a time when the crypto market is facing heavy losses. Many altcoins, including Tron (TRX), have dropped down to the negative zone after recording a drop over the 24 period. Currently, TRX is priced at $0.1192, after witnessing a 6.93% fall over the 24 period, according to CoinMarketCap. 

As several investors and traders have faced a loss during the sudden bearish market, Spot On Chain reported that Sun faced a loss of $280 million after Ethereum dropped by 20%.TRON’s founder has accumulated 377,590 ETH since Feb 8, 2024. Ethereum, currently priced at $2,243, is well below Justin Sun’s average buying price of $3,051, negatively affecting his investment portfolio’s performance. 

Sun, responding to the bearish market sentiment, assured that the market fluctuations are not caused by the “negative news.” He further reminded the crypto community to reject the fear, uncertainty, and doubt (FUD) revolving in the market. Tron’s founder has also assured to allocate a $1 billion fund to “combat FUD, invest more, and provide liquidity.”

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