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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.
We have always been committed to this, but after FTX was taken over by its lawyers, they rejected our proposal to save the users and even seized the funds we intended to use for that purpose, which were then swallowed up by the law firm. We have a clear conscience regarding this matter on behalf of TRX's users.
I was surprised that Brother Sun actually responded personally.
Actually, I posted on X and tagged Brother Sun, and also privately messaged him asking about his X account, but I never received a reply.
There's a LINE group in Taiwan where Brother Sun and Huobi staff said they would continue to follow up on the TRX 1:1 redemption issue, but then there was no further news. Since no one could get any results, everyone assumed it was just abandoned.
Now I know Brother Sun is still following up on this, which is good. I've cut my losses; there's probably not much you can do if I go bankrupt. I hope Brother Sun continues his efforts.
You come to Brother Sun's place to hang out, and Brother Sun is very happy.
But if you want to make money off Brother Sun, then Brother Sun will have to gamble with you 🤣

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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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