New data from blockchain tracking service Lookonchain reveals that the founder of Tron (TRX) is gobbling up hundreds of millions of dollars worth of Ethereum (ETH) as the cryptocurrency market undergoes a correction.
In a new thread on social media platform X, Lookonchain To tell Justin Sun, who founded Tron in 2017, said he has accumulated a total of 176,117 ETH since April 8, worth a total of $559.7 million, at an average price of about $3,170 per token.
Last week, Look'n Chain spotted A wallet address that may be associated with Sun withdrawing thousands of ETH from the cryptocurrency exchange Binance.
“0x4359 (probably Justin Sun) withdrew 7,128 ETH ($22.34 million) from Binance again… and he had bought 154,570 ETH ($492.23 million) since April 8th for $3,177 .”
On-chain monitoring platforms were also previously I got it. Another address potentially associated with Sun revealed that it withdrew approximately $96 million worth of stablecoin Tether (USDT) and $23.3 million worth of Ethereum from Binance on April 27th. did.
“Has Justin Sun changed?” [to] 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 trading behavior of two wallets that withdrew large amounts of ETH and stablecoins from Binance. Masu. ”
At the time of writing, Ethereum was trading at $3,204, down 3.4% in the past 24 hours.
In February, Sun revealed that he held 28,613 Bitcoins (BTC), worth $1.622 billion at the time, on the cryptocurrency exchange HTX (formerly known as Huobi). This contributed to its rebranding in response to criticism that it was not an active user of the platform.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me XFacebook and Telegram
Surf the Daily Hoddle Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: DALLE3
