Justin Sun Bags over $405 Million in Ethereum (ETH) in Days

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According to the findings of data analytics platforms and tracking site Lookonchain, Tron founder Justin Sun has been actively purchasing large amounts of Ethereum. From April 8 up to the present, Sun has bought a grand total of 127,388 ETH, which is equivalent to around $405.19 million in value.

Justin Sun’s connected wallets have a history of both purchasing Ethereum and selling it. Starting from March 31, one of these wallets is said to have transferred 787 million USDT to Binance on the Tron network, making its trading behavior even more intriguing.

A wallet connected to Justin Sun, which holds approximately $405.19 million in Ethereum, was created just over three weeks ago. Previous records indicate that other wallets linked to Justin Sun have accumulated comparable amounts of Ethereum over time.

Previous findings indicate that a wallet associated with Sun obtained a total of 168,369 ETH, equivalent to around $487 million at a price of $2,894 between February 12th and 24th. These transactions were completed on both Binance and decentralized exchanges (DEX). Although the actions of these two wallets are consistent with each other, they are presently considered potentially connected to Justin Sun.

Did #JustinSun buy 127,388 $ETH($405.19M) since Apr 8?The wallet suspected of being #JustinSun has deposited 787M $USDT to #Binance on #Tron since Mar 31.Also on Mar 31, a mysterious wallet was created on #Ethereum and withdrew $96.8M stablecoins from #Binance.Is this a… — Lookonchain (@lookonchain) April 22, 2024

Why is Justin Sun buying Ethereum?

Having a combined value of 295,757 Ethereum, equal to approximately $891 million at an average price of $3,014 each, these two wallets suggest that their owner may possess valuable information.

Justin Sun justifies large transactions connected to him as means to distribute liquidity among his diverse business undertakings. Notably, there are related deals involving Shiba Inu (SHIB), given Sun’s position as one of the largest SHIB holders.

In simpler terms, although Ethereum is currently the leader in smart contracts and has a strong Decentralized Finance (DeFi) community, the high trading volume around Justin Sun’s transactions serve as evidence of the significant amount of liquidity flowing into the Ethereum ecosystem.

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2024-04-22 12:14