Justin Sun, founder of Tron, sold 621,000 XVS (Venus) tokens for approximately $1.95 million, crystallizing a significant loss of roughly $5.63 million or 74% since his January 2024 acquisition. The tokens were originally purchased for $7.58 million, according to on-chain analysis.
The sale marks a notable exit from Sun's position in the Venus protocol, a lending platform on the Binance Smart Chain. The dramatic markdown reflects both broader market volatility in the decentralized finance sector and potential diminished confidence in the project following a previous security incident that impacted the protocol.
The liquidation underscores the capital-intensive nature of crypto venture participation, where major token holders and founders can face substantial paper losses within months despite initial conviction in a project's long-term viability.