Justin Sun intends to create a $1 billion fund to fight FUD
The Tron creator denied rumors of a liquidation clash and spoke about supporting the market
05.08.2024 - 11:20
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What’s new? On Monday morning, there were posts on platform X (formerly Twitter) that Justin Sun, founder of the cryptocurrency project Tron and advisor to the HTX exchange, was facing a major liquidation amid a staggering cryptocurrency market downturn. He denied the rumors and noted that the Tron team prefers “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.”
What did Sun report? The Tron founder also asked traders not to worry about the market situation. He noted that he plans to create a fund to support the crypto market:
“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 previously created similar support funds. In March 2023, he announced the launch of a $100 million fund to bolster the liquidity of the Huobi token (HT) after a sharp 93% drop.
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