The team at Coindesk claim that Tron’s Justin Sun, at one point, was the single largest client of crypto asset Valkyrie based in the United States.
Justin Sun’s Assets Accounted for 90% of Valkyrie’s Assets Under Management
The Coindesk team added that Justin Sun, one of the wealthiest individuals in the crypto industry, had more than $580 million Bitcoin stored with the crypto asset manager at one point in August of this year. The amount constituted 90% of the funds held at Valkyrie’s largest division, Valkyrie Digital Assets LLC.
Coindesk said:
Sun’s relationship with Valkyrie popped up in ways that benefited his empire. For example, Valkyrie built investment products for “Justin tokens” such as Tron’s TRX and BitTorrent BTT that other crypto asset managers say they avoid.
It promoted Tron using the blockchain network’s developers’ own marketing materials. It even let Tron share its spotlight on Wall Street – literally – with someone wearing a T-shirt bearing the Tron logo joining Valkyrie’s bell-ringing at Nasdaq in September.
Justin Sun Had Publicly Stated He Was an Investor in Valkyrie
However, the crypto Twitter community has been quick to note that the report by Coindesk might have gone a bit too far by referring to Justin Sun as the ‘altcoin kingpin’ and ‘a controversial Chinese Crypto Billionaire.’
Crypto Twitter community member @CryptoWinds1 pointed out that Justin Sun had last year, already disclosed that he was an investor in Valkyrie, as seen in the tweet below.
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.(2/8) They further go on to talk about how @justinsuntron himself has said he was one of the largest investors in @ValkyrieFunds.
They failed to mention above that he publicly stated this in a live stream about 1 year ago. …. Still a secret? pic.twitter.com/j00zFF4HHs
— CryptoWinds (@CryptoWinds1) December 23, 2022