Is Justin Sun the Enigmatic Buyer of $160M Worth of Ethereum?

Owen Patter

Is Justin Sun the Enigmatic Buyer of $160M Worth of Ethereum?

Feb 20, 2024 9:10 AM

Binance, Bitcoin, Crypto, Crypto Market, Crypto Technology, Ethereum, Wallet

Justin Sun Possibly Behind $160.7 Million ETH Acquisition

Recent activities suggest that Justin Sun, the founder of Tron, may be responsible for acquiring $160.7 million worth of Ethereum (ETH).

Crypto Transactions Linked to Sun’s Wallets

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A Lookonchain post reveals that the acquisition was made through Binance and several decentralized exchanges (DEXs).

1/ In the past 32 hours, someone bought a total of 54,721 $ETH ($154.4M) from #Binance and #DEX.

Who is this guy? Could be #JustinSun?

Let’s dig deeper.transactions from the wallet tagged “TWGHNc” and another wallet, “0x7a95,” has drawn attention due to their synchronized activities, suggesting a possible connection between them.

The pattern of deposits and withdrawals, such as the $5.4 million deposit to HTX by TWGHNc on February 7 and the closely timed withdrawal of a similar value in ETH by 0x7a95 from HTX, alongside the large USDT deposit to Binance followed by a substantial ETH withdrawal, adds to the speculation about these wallets’ ownership or control.

Moreover, another deposit of 50 million USDT to Binance by TWGHNc on February 1 was followed by a withdrawal of 9,959 ETH from the exchange by 0x7a95 on February 12. These transactions, particularly the large movements from HTX, hint at the possibility that the wallet could be associated with Sun.

Ethereum Price Surge

Ethereum’s price has been rising significantly, indicating a bullish trend in the market. The asset has surpassed the $2,900 mark and shows strong momentum towards surpassing its annual peak price of $3,600.

The surge in Ethereum’s price is not only due to whale activities but also because major institutions are showing interest in spot Ethereum ETFs. Institutions such as Fidelity, Ark 21Shares, Grayscale, VanEck, Invesco, Galaxy, and Hashdex are looking to enter the Ethereum market after the success of similar products for Bitcoin.

Owen Patter
Author – Contributor at Lolacoin.org | Website
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.