Tron Founder Justin Sun Moves $132 Million Worth of Ethereum (ETH)
New on-chain data reveals that Justin Sun, the founder of Tron (TRX), is transferring hundreds of millions of dollars worth of Ethereum (ETH). Lookonchain, a crypto tracker, first noticed Sun’s ETH transactions amounting to $132 million. The transactions involve the withdrawal of 80,251 ETH from the liquid staking service provider Lido (LDO).
So far, Sun has successfully withdrawn $70 million worth of ETH and deposited it into Binance. This move suggests that he may potentially sell the Ethereum on the open market since it was sent to a crypto exchange.
Vitalik Buterin’s Crypto Address Depositing ETH on Bitstamp
Lookonchain is also monitoring the movement of a crypto address associated with Vitalik Buterin, co-creator of Ethereum. According to the data tracker, this address may be depositing 1,000 ETH worth $1.64 million to Bitstamp. Over the past two months, this address has deposited a total of $7.23 million worth of ETH to Bitstamp.
The address received 70,000 ETH ($115 million) from Vb3 and is believed to be related to vitalik.eth, possibly being Buterin’s address.
Ethereum’s Current Trading Status
At the time of writing, Ethereum is trading at $1,628.83, experiencing a less than 1% decrease in the last 24 hours. Despite this minor dip, the second-largest cryptocurrency remains significantly down by 66.51% from its all-time high of $4,878 reached in November 2021.
Hot Take: Justin Sun’s Massive Ethereum Transfer Raises Questions
The sudden movement of $132 million worth of Ethereum by Tron founder Justin Sun has raised eyebrows in the crypto community. This significant transfer to a crypto exchange potentially indicates a plan to sell the ETH on the open market. Meanwhile, the monitoring of Vitalik Buterin’s crypto address and its deposits on Bitstamp adds further intrigue to the situation. The crypto world will be closely watching to see what unfolds from these unexpected moves.
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