The Ultraman of Crypto vs. Financial Godzilla: Justin Sun, the Watchman of Web3

Justin Sun once again set the crypto world abuzz. As reported by CoinDesk, Sun stepped in with a critical injection of liquidity to support TrueUSD (TUSD) amid a staggering $456 million reserve gap—averting a potential depegging crisis that could have rocked the stablecoin ecosystem.

“Godzilla was destroying the city. I’m Ultraman—I came in and punched Godzilla to save everyone,” Sun told Hong Kong media outlet Sing Tao Daily, in his trademark flair.

But behind the theatrics lies a much graver mission. Sun is taking on the alleged fraud by First Digital Trust (FDT) and its affiliated partners, urging Hong Kong regulators & and law enforcement agencies to take decisive measures to address these loopholes.  “These assets are essentially public users’ money,” he said. “To protect users and uphold Hong Kong’s credibility as a global financial hub, I had to step in. The scale of the fraud shocked me. All fraudsters must be held accountable.”

To accelerate the investigation and bring resolution to the incident, Sun also announced a $50 million bounty program for anyone who can provide crucial leads. “This isn’t just about money,” he added. “It’s about justice for the Web3 industry.”

(1/3)5000万美元悬赏计划 – First Digital Trust诈骗案本人正式宣布：将设立5000万美元悬赏计划（约相当于本人提供的流动性支持或被盗TUSD储备金的10%），用于追回被First Digital Trust（FDT）等不法分子非法挪用的TUSD储备金。

— H.E. Justin Sun (@justinsuntron) April 4, 2025

A Relentless Defender of Crypto

Crypto has always been a volatile adventure. Bull runs feel like reaching for the stars, while crashes leave only wreckage. But in these uncertain times, Justin Sun has made it his role to keep the lights on. He’s not just a survivor—he’s a watchman. Someone who shows up when others hesitate.

The Ethereum Showdown: Twice Tested, Never Broken

Sun’s relationship with Ethereum has been nothing short of a saga.

During the infamous May 19, 2021 crash, ETH dipped below $2,000 and Sun was inches away from liquidation. He repaid $300 million just in time to protect his 606,000 ETH position and threw in another $280 million to buy more ETH and BTC at fire-sale prices.

“My assets were safe, but it felt like a bullet grazed my scalp. The wick was brutal,” he wrote on Weibo. It wasn’t just a trade. It was a battle of conviction. He shielded his own position while keeping the crypto dream alive.

In 2024, ETH lagged in performance and Sun faced fresh rumors of massive losses and sell-offs. Instead of retreating, he proposed bold plans: Halt ETH Sales, heavily tax Layer 2 solutions, streamline foundation & optimize revenue. 

Wild? Maybe. But Sun has always married ambition with execution.

Reviving HTX: From Burnout to Breakout

Critics once joked that Sun “got burned” buying into HTX (formerly Huobi). When he stepped in as Global Advisor in October 2022, the market was reeling from FTX’s collapse, and centralized exchanges were under siege. HTX had lost ground—and users.

Today, HTX is thriving. Trading volume and user activity are up, euro-stablecoin trading is on top three globally, and its CIS market share is dominant. It even made Forbes’ list of “Top 25 Most Trustworthy Crypto Exchanges of 2025.”

The same exchange that once looked like a liability? Now a pillar of Sun’s empire.

FTX Fallout: Standing in the Storm

When FTX collapsed in November 2022, chaos swept the markets. Sun publicly pledged to support TRON-related tokens and HT assets with 1:1 redemption. He even told Bloomberg he was prepared to inject “billions” to help FTX, subject to due diligence.

FTX ultimately folded, but Sun’s swift move bought time for users and preserved value within the TRON and HTX ecosystems.

The Curve Crisis: DeFi Gets a Lifeline

DeFi’s fragility was exposed again in 2023 when Curve Finance was hacked. Founder Michael Egorov faced possible liquidation on $100M in loans. As CRV tanked, Sun and allies stepped in, purchasing 72 million CRV for $28.8 million to shore up the protocol.

He didn’t stop there—Sun launched a stUSDT pool on TRON, giving the ecosystem a boost. Some say it was strategic self-interest. But in a storm, does it matter who holds the umbrella, as long as someone does?

Controversial but Unshaken

Sun’s name always invites debate. Opportunist or idealist? Visionary or self-promoter? The truth probably lies somewhere in between. Yes, he’s bold. Yes, he’s ambitious. But when others flee, he steps forward.

From converting $HT to $HTX, to partnering with WLFI on reserve-backed assets, Sun continues to bet on crypto’s long-term future. “I’m not here to make a quick buck,” he once said. “I want to build something that lasts.”

Love him or not, in the darkest hours of Web3, Justin Sun has made a habit of showing up with a flashlight.