CryptoQuant Founder, Ki Young Ju Reveals Suspicious Bitcoin Transactions From Justin Sun

JAKARTA - Justin Sun, known as one of the largest 'paus' in the world of Bitcoin (BTC) and altcoins, is currently in the spotlight due to a series of suspicious trades revealed by CryptoQuant founder Ki Young Ju. This transaction by Sun has the potential to damage his reputation which has been widely known.

Previous media reports indicated a suspicious trend in HTX reserves. Following up on this, Ki Young Ju conducted further investigations. In his report on platform X, he alleged that the whale associated with HTX reserves was Justin Sun.

According to Coingape information, Sun is suspected of trading long on Bitcoin when the price reaches US$67,000 (around Rp1 billion), with a total projected position of US$420 million (around Rp6.7 trillion).

Although similar trade related to Sun is nothing foreign, the problem is that HTX liquidity is only 24 million US Dollars (around Rp387 billion). This suspicious trend does not stop there; Sun is also suspected of supporting Bitcoin trading with 460 million US Dollars (around Rp7.4 trillion) in USDT staking.

The risky stakes based on borrowed guarantees have raised questionable trends in the previous crypto ecosystem. For example, Curve Finance founder Michael Egorov experienced severe CRV liquidation a few weeks ago. With the price of Bitcoin holding at 57,864 US Dollars (approximately Rp934 million), the risk of unannounced liquidation is very high.

USDT staking was confirmed as a stablecoin linked to Justin Sun. Although Young Ju did not directly accuse the practice of market manipulation, he questioned the sources of guarantees supporting Bitcoin's bet. This is difficult to detect as 89% of USDT staking supplies are locked on HTX.