Turning the pages, you will see the figure of a night watchman—at the coldest moments in the industry, he chooses to light the way.
On April 2, 2025, Sun Yuchen once again topped the cryptocurrency hot search.
According to CoinDesk, Sun Yuchen provided crucial funding support when the stablecoin TrueUSD (TUSD) faced a nearly $456 million reserve shortfall, avoiding a potential "collapse" (the risk of the stablecoin losing its 1:1 peg to the US dollar).
The founder of TRON described to Hong Kong's Sing Tao Daily in his usual high-profile and dramatic style: "Godzilla destroyed the city, I am Ultraman, I will drive Godzilla away with one palm, so I am here to save everyone."
In this turmoil, Sun Yuchen not only confronted the dark underbelly of FDT financial fraud 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 is not only a fight for himself but also a voice for the future of the entire cryptocurrency community, "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. While I am shocked by the scale of this fraud, I feel a heavy responsibility. Fraudsters must be severely punished by law."
The world of cryptocurrency resembles an endless adventure. During surges, it is a sea of stars; during crashes, it is a scene of devastation. But there are always those who light the way in chaotic times, and Sun Yuchen is one of those "night watchmen"—intertwining ideals and reality, demonstrating through action: in chaotic times, there is both sentiment and ambition.
The Battle of Faith in Ethereum: 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 dropping below $2,000. Sun Yuchen's 606,000 ETH was hanging by a thread on the Liquity Protocol, just two minutes away from liquidation. 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 pin to come so fiercely."
At that moment, he claimed to have "successfully saved the cryptocurrency community," with a tone that revealed his lingering shock and a sense of survival. This was not a simple transaction but a person's steadfastness to faith—protecting his own position while preserving that faint spark for the cryptocurrency community.
In the new market cycle of 2024, Ethereum's performance was weak, and Sun Yuchen found himself in the spotlight again due to his massive ETH holdings. Rumors circulated in the community: losses, short selling, liquidation… He transformed into an ecological builder, proposing a bold idea: if he were to take charge of the Ethereum Foundation, he could drive price growth.
His "market rescue" plan included suspending 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 that "Brother Sun took over Huobi and got badly burned."
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 gradually lost 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 even stating that Sun Yuchen had taken on a hot potato. Fortunately, the once hot potato was transformed into a golden opportunity. Today, Huobi's trading volume and user activity are steadily rising, regaining its former glory; its competitiveness in the international market is continuously strengthening, 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 in 2025 by Forbes," 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 in the Dark
The collapse of FTX was another litmus test for Sun Yuchen's vigilance 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 FTX's 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 conducting thorough due diligence.
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 Stabilizing the DeFi Landscape
Sun Yuchen did not stop at rescuing the cryptocurrency world; he turned 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 a price of $0.40, 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 launched a stUSDT pool on TRON, not only saving Curve but also giving himself a boost, causing TRON's TVL to rise against the trend.
Some questioned his motives, but the mere act of stepping up at this time is a sentiment in itself. It is important to note that the cryptocurrency community is never short of smart people, but it lacks the courage to bet on the industry.
The Night Watchman's "Lone Heroism": A Hard-Core Belief 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 each rescue carrying the shadow of his own business. But turning the pages, you will see the figure of a night watchman—at the coldest moments in the industry, he chooses to light the way.
After Huobi changed hands, he became a global advisor, enduring the pressure of hacker attacks and capital outflows, and managed to hold on while 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 has 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.
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