Mon, August 05, 2024 at 12:40

• 

  Joy

  • Hey Annie!

  • Did you hear about the latest drama in the crypto world?

  • It's about TRON's co-founder, Justin Sun.😲

  • 
• Annie

  • Oh, really?

  • What happened?😮

  
• 

  Joy

  • So, there were rumors flying around that Justin Sun's position got liquidated during the recent crypto market crash.

  • But Sun has strongly denied these rumors.

  • He called them 'false' and said that TRON rarely uses leveraged trading strategies.

• Annie

  • Wow, that's intense.

  • Where did these rumors come from?🤔

  
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• 

  Joy

  • Apparently, it all started when an X account posted information about TRON's liquidation.

  • The tweet even had a screenshot showing Sun's crypto holdings, but it turns out the image was originally from Parsec, a decentralized analytics platform that's not connected to Sun at all.

• Annie

  • That's crazy!

  • So, it was all just a misunderstanding?😵

  
• 

  Joy

  • Yeah, pretty much!

  • Sun even went on to announce plans to create a $1 billion fund to help overcome uncertainty and FUD (Fear, Uncertainty, and Doubt) in the cryptocurrency market.

  • He didn't give specific details about the fund, but he emphasized the industry's growth over the past year.

• Annie

  • A $1 billion fund?

  • That's a huge commitment!😲

  
• 

  Joy

  • Totally!

  • But the rumors didn't stop there.

  • Arthur Hayes, the former CEO and co-founder of BitMEX, also posted on X that he had heard from a financial source that a major figure in the industry had suffered major losses.

  • He wasn't sure if it was true, but he asked others to pass along the info if they heard the same thing.

• Annie

  • Wow, that must have fueled the fire even more.

  • How did the market react to all this?📉

  
• 

  Joy

  • Oh, it was a rollercoaster!

  • Bitcoin plunged, dropping to $50,000.

  • On CoinMarketCap, Bitcoin was down 17.57% from 24 hours ago to $51,159, and Ethereum was down 23.44% to $2,232.

  • It was the lowest Bitcoin had been since February, and some analysts even predicted it could fall to $40,000.

• Annie

  • That's a massive drop!

  • Do you think this news is bad for the market overall?😟

  
• 

  Joy

  • Honestly, yeah.

  • This kind of rumor and panic can really shake investor confidence.

  • 

  • Even though Sun denied the rumors and is trying to create a fund to stabilize things, the immediate impact is pretty negative.

  • It shows how fragile the market can be when misinformation spreads.

• Annie

  • I see.

  • Thanks for breaking it down, Joy.

  • I'll definitely keep an eye on how this develops.👀

  
• 

  Joy

  • No problem, Annie!

  • Always here to help you navigate the wild world of crypto.

  • Stay tuned for more updates!🚀

  • To sum up, this article is considered a 😱Bearish for investors!!