The post Justin Sun pledges to create $1b fund to ‘combat FUD’ after facing $280m in losses appeared on BitcoinEthereumNews.com.

TRON’s founder Justin Sun appears unfazed by his nearly $300 million losses, having pledged $1 billion to combat FUD. Justin Sun, founder of the TRON ecosystem, has announced the creation of a $1 billion fund in an effort to “combat FUD” after experiencing significant losses due to the recent market turbulence. In an X post on Aug. 5, Sun reassured his followers, saying that the industry has “grown significantly over the past year, and this market fluctuation isn’t due to negative news.” “We should reject FUD and keep building. That’s why we’re creating a $1 billion fund to combat FUD, invest more, and provide liquidity.” Justin Sun The pledge follows a report by X account Spot on Chain, which revealed that Sun incurred a loss of approximately $280 million due to Ethereum’s recent 20% price plunge. Since February, Sun reportedly accumulated over 377,500 (ETH) at an estimated cost of $1.15 billion through three wallets. With Ethereum’s price currently trading well below his average purchase price of $3,051, Sun’s holdings have significantly devalued, the account noted. “We rarely engage in leveraged trading” Amid the market’s plunge, reports emerged saying that Sun had been liquidated. The TRON founder refuted the rumors, adding that his affiliates “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.” Justin Sun This is not the first instance of Sun making headline-grabbing announcements. In early July, as the German government began liquidating thousands of confiscated Bitcoin (BTC), Sun publicly declared his “willingness” to negotiate a direct purchase to mitigate market impact. Despite his pledge, Bitcoin’s price fell below $55,000, and…

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Filed under: News - @ August 5, 2024 9:14 pm