Billionaire Justin Sun Withdraws Millions of Dollars in Crypto from Binance, On-Chain Data Shows
According to on-chain data from blockchain tracking firm Lookonchain, Justin Sun, the billionaire founder of Tron (TRX), has withdrawn tens of millions of dollars worth of digital assets from crypto exchange Binance over the past month. The data reveals that between December 18th and January 21st, Sun withdrew various altcoins, including $43 million worth of Ethereum (ETH), $6.7 million worth of Aave (AAVE), and $6.3 million worth of Shiba Inu (SHIB).
Lookonchain’s data highlights the significant amount of crypto assets that Sun has moved out of Binance:
- 17,433 ETH ($43 million)
- 68,999 AAVE ($6.7 million)
- 656.4 billion SHIB ($6.3 million)
- 61,249 LINK ($957,000)
- 27.16 billion FLOKI ($885,000)
- 1.7 million MANA ($826,000)
- 100,100 BAND ($168,000)
Crypto Whales Accumulate Ethereum as Market Activity Increases
In addition to Sun’s withdrawals, Lookonchain also observed other whales accumulating large amounts of Ethereum from Binance. These whales are likely storing their coins in cold storage for long-term investment purposes.
Furthermore, Lookonchain discovered a trader who deposited over $730,000 worth of UMA (UMA) to Binance after the project’s recent rally. This trader has a highly profitable track record, having made approximately $500,000 in profits from trading UMA since November 2022 with a 100% success rate.
UMA Price Update
At the time of writing, UMA is currently trading at $5.29, experiencing a 5.53% increase in the last 24 hours.
Hot Take: Justin Sun’s Crypto Asset Movements Raise Questions
The withdrawal of tens of millions of dollars worth of crypto assets by Tron founder Justin Sun from Binance within just one month has raised eyebrows in the crypto community. Sun’s movements suggest a potential shift in his investment strategy or a need for liquidity. Additionally, the accumulation of Ethereum by whales and the profitable trading activity surrounding UMA highlight the ongoing market activity and opportunities for profit in the crypto space.
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