Crypto markets experienced a severe downturn this past weekend, with Bitcoin plummeting below $50,000 for the first time in six months. As the crypto community scrambled to understand the cause of this dramatic crash, speculation ran rampant.
One of the names frequently mentioned was Justin Sun, founder of Tron and advisor to HTX. Rumors circulated that Sun and his team had suffered significant liquidations, exacerbating the market’s decline. However, Sun swiftly refuted these claims, stating that his team rarely engages in leveraged positions. Instead, he emphasized their focus on supporting the industry through staking, node operation, project development, and liquidity provision.
The broader crypto market saw over $1 billion in liquidations within 24 hours, with Bitcoin and Ethereum accounting for the majority of losses. As the investigation continues into what triggered this market meltdown, the impact on investors and the overall crypto ecosystem remains a major concern.