Sun Yuchen: The Guardian in the Cryptocurrency Storm

On April 2, 2025, Sun Yuchen once again topped the cryptocurrency hot search.

According to CoinDesk, Sun Yuchen provided crucial financial support when the stablecoin TrueUSD (TUSD) faced a nearly $456 million reserve gap, avoiding the potential "collapse" (the risk of the stablecoin losing its 1:1 peg to the US dollar).

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The founder of TRON described to Hong Kong media outlet Sing Tao Daily in his usual high-profile and dramatic style: "Godzilla destroyed the city, I am Ultraman, I drove Godzilla away with one slap, so I am here to save everyone."

In this turmoil, Sun Yuchen not only confronted the FDT financial fraud scandal head-on but also pointed out regulatory loopholes, calling for Hong Kong's financial regulators and law enforcement agencies to intervene and reconstruct the trust system and the supervision of licensed companies. His persistence was not only a fight for himself but also a voice for the future of the entire cryptocurrency community, stating, "These assets are public funds. To protect the public interest and maintain Hong Kong's reputation as an international financial center, I decided to provide liquidity support. I am shocked by the scale of this fraud, and I feel a great responsibility. Fraudsters must be severely punished by law."

The world of cryptocurrency resembles an endless adventure. When prices soar, it feels like the stars and the sea; when they plummet, it’s a scene of devastation. But there are always those who light a candle in the chaos, and Sun Yuchen is one of those "watchmen"—intertwining ideals and reality, demonstrating through action that in chaotic times, there is both passion and ambition.

The Battle for Ethereum's Faith: Two Defenses

Sun Yuchen's entanglement with Ethereum resembles a tug-of-war of faith.

On May 19, 2021, the cryptocurrency market was in despair, with Bitcoin falling below $31,000 and Ethereum dipping below $2,000. Sun Yuchen's 606,000 ETH was on the brink of liquidation on the Liquity Protocol, just 2 minutes away from being cleared. He poured in $300 million to repay debts, blocking the liquidation scythe at the door, and then spent another $280 million to buy the dip, acquiring 54,000 ETH and 4,145 BTC.

He wrote on Weibo: "The funds are safe, but there was indeed a moment when a bullet grazed my scalp, making me break out in a cold sweat. I didn't expect the needle to come so fiercely."

At that moment, he claimed to have "successfully saved the cryptocurrency community," with a tone that revealed both shock and a sense of survival. This was not just a simple transaction, but a person's steadfastness to faith—protecting his own position while keeping a flicker of hope alive for the cryptocurrency community.

In the new market cycle of 2024, Ethereum's performance was weak, and Sun Yuchen found himself once again at the center of controversy due to his massive ETH holdings. Rumors circulated in the community: losses, short selling, liquidation… Yet he transformed into an ecological builder, proposing a bold idea: if he were to lead the Ethereum Foundation, he could drive price growth.

His "market rescue" plan included halting ETH sales, optimizing Layer 2 taxes for buybacks and burns, streamlining foundation operations, adjusting node rewards to strengthen the deflationary mechanism, and increasing investment in Layer 1 development… This was not mere bravado, but another refinement of his faith.

Taking Over Huobi: From "Hot Potato" to "Golden Opportunity"

Even after two years, some still joke, "Brother Sun took over Huobi and got burned badly."

In October 2022, Sun Yuchen became the global advisor for Huobi HTX. At that time, FTX had collapsed, and centralized exchanges were on edge. Once a benchmark in the industry, Huobi was gradually losing its luster due to regulatory pressure and market changes—morale was low, users were leaving, and funds were flowing out.

The cryptocurrency community was filled with pessimism, with some stating that Sun Yuchen had taken on a hot potato. Fortunately, the once hot potato turned into a golden opportunity. Today, Huobi's trading volume and user activity have steadily rebounded, regaining its former glory; its competitiveness in the international market has continuously strengthened, with euro stablecoin trading volume ranking among the top three globally, and its market share in the CIS region firmly in third place; it was also selected as one of the "++25 Most Trustworthy Cryptocurrency Exchanges in the World by Forbes 2025++," earning recognition and respect in the industry.

Sun Yuchen not only helped Huobi survive but also transformed it into a new entity. This ambition and execution are not something everyone possesses.

The FTX Storm: A Glimmer of Light in the Dark

The collapse of FTX was another litmus test for Sun Yuchen as he watched over the cryptocurrency community.

In early November 2022, the collapse of FTX shook the cryptocurrency world. Coindesk exposed financial troubles at its affiliated company Alameda Research, and FTX was suspected of misappropriating customer funds. Once the news broke, FTX faced about $6 billion in withdrawal demands within just 72 hours. Users rushed to withdraw, and the market crashed, with Bitcoin falling below $16,000.

Sun Yuchen stepped up. On November 10, he publicly stated that he would work with FTX to find a solution and promised to provide 1:1 rigid redemption support for TRON-based tokens (TRX, BTT, JST, SUN) and Huobi platform tokens. The next day, FTX resumed trading and withdrawal functions for these tokens.

In an interview with Bloomberg, Sun Yuchen further revealed that he was prepared to provide "billions of dollars" in aid to FTX, but only after a thorough due diligence process.

Ultimately, due to its own insurmountable issues, FTX decided to file for bankruptcy. However, Sun Yuchen's efforts bought time for TRON and Huobi users.

The Curve Crisis: $28.8 Million to Stabilize the DeFi Landscape

Sun Yuchen did not stop at rescuing the cryptocurrency world; he turned his attention to the DeFi landscape, with the Curve crisis being another testament to his intervention.

In 2023, Curve Finance was hacked, causing CRV to plummet, and founder Michael Egorov's $100 million loan was in jeopardy. The shadow of liquidation loomed over DeFi, and the market sensed blood in the water. At a critical moment, Sun Yuchen teamed up with Du Jun, DCFGod, and Andrew Kang to acquire 72 million CRV at $0.4, throwing in $28.8 million to help Egorov stabilize his position. Even JPMorgan praised, "This collaboration prevented the crisis from spreading."

Even more brilliantly, he also launched a stUSDT pool on TRON, not only saving Curve but also boosting his own position, causing TRON's TVL to rise against the trend.

Some questioned his motives, but the fact that he stood up at this time was a testament to his passion. It’s worth noting that the cryptocurrency world is never short of smart people, but it lacks the courage to bet on the industry.

The "Lone Heroism" of the Watchman: Hard-Core Beliefs Amid Controversy

Sun Yuchen's story has never been black and white. He is not without controversy; some say he is high-profile and profit-driven, while others claim he is overly ambitious, with every rescue carrying the shadow of his own business. But flipping through these chapters, you will see the figure of a watchman—choosing to light a candle in the coldest moments of the industry.

After Huobi changed hands and he became a global advisor, he faced the pressures of hacker attacks and capital outflows but managed to hold on, even promoting the HT-HTX token conversion to activate the ecosystem. Despite floating losses on his ETH holdings, he did not cut losses but continued to invest, collaborating with the Trump family's World Liberty Financial (WLFI) to include TRX in reserve assets. This resilience made the market believe—he can always find his place in chaos.

He once said, "I am not here to make quick money; I want to build something for the future." This sounds like a youthful dream, filled with a bit of solitary courage and a bit of obsession. But who can deny that in those stormy moments, he left hope for this community through his actions?