Ethereum
Tron Founder Justin Sun Hoards Over $559,000,000 in Ethereum (ETH) Amid Crypto Correction: Lookonchain
New data from blockchain tracking service Lookonchain reveals that Tron founder (TRX) gobbles up hundreds of millions of dollars worth of Ethereum (ETH) as the crypto market undergoes a correction.
In a new thread on social media platform X, Lookonchain said that Justin Sun, who founded Tron in 2017, has accumulated a total of 176,117 ETH worth $559.7 million since April 8, at an average price of around $3,170 per token.
Last week, Lookonchain spotted a wallet address possibly associated with Sun’s withdrawal of thousands of ETH from crypto exchange Binance.
“0x4359 (possibly Justin Sun) withdrew 7,128 ETH ($22.34 million) from Binance again… and he had purchased 154,570 ETH ($492.23 million) at $3,177 since April 8 .”
Source: Lookonchain/X
The on-chain monitoring platform also previously note that another address possibly associated with Sun withdrew approximately $96 million from Tether stablecoin (USDT) and $23.3 million worth of Ethereum from Binance on April 27.
“Has Justin Sun changed [to] a new wallet? A new wallet withdrew 95.67 million USDT and 7,402 ETH ($23.3 million) from Binance… This is similar to the previous transaction behavior of two wallets that withdrew large amounts of ETH and stablecoins from Binance.
Source: Lookonchain/X
Ethereum is trading at $3,204 at the time of writing, down 3.4% in the last 24 hours.
In February, Sunday revealed that he is sitting on 28,613 Bitcoin (BTC) worth more than $1.622 billion at the time on crypto exchange HTX, formerly known as Huobi, in response to critics claiming he was not an active user of the platform, which he helped to rename.
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