Recently, rumors about Brother Sun have been flying everywhere. Here, I'd like to share my personal experience of being "ripped off" by Brother Sun. At that time, I had two accounts on FTX, a main account and a secondary account. Let me start with my main account. At that time, I had an extremely high level of faith in FTX, so I buy the dips. The official explanation was later that FTT was essentially an equity concept, meaning there would be no compensation. So my main account went to zero. Now let's talk about the trumpet. The smaller account held approximately $2 million. At that time, I believed what Justin Sun said: he was willing to provide a 1:1 guarantee on TRX from FTX. After withdrawals were closed, FTX had become a "Happy Beans" exchange, and many people, because of Sun's statement, went on a buying spree of TRX on FTX. The price of TRX skyrocketed to six times its off-exchange price. I also bought it without really understanding what was going on, and ended up with almost a ton of TRX. Later, when FTX filed for bankruptcy, Sun said: "The promise of guaranteed repayment will never be broken." Then what? And that was it. He never came out to explain again. This resulted in a significant decrease in the book value of the account when I finally sold it. When I sold it, the market price was about 62%, so theoretically I could have sold it for around $1.2 million. However, because I bought TRX at a premium, the bond buyers only accepted the off-exchange TRX price, so in the end I only sold it for around $150,000. 1.2 million turned into 150,000. All thanks to Brother Sun. When people are desperate, they really will do the most extreme things. I should have known that Brother Sun's behavior had always been very shrewd; he would never do anything that would be detrimental to himself. But I did not condemn him because of this. For me, trusting Brother Sun and then getting scammed is my own problem. I won't blame anyone else for my own mistakes. In the crypto, every time you get scammed, it's a lesson. Whether the tuition is expensive or not depends on whether you actually learn something.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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