Justin Sun, Tron Founder, Swiftly Transfers $132 Million in Ethereum (ETH): Destination Revealed

Recent On-Chain Data Reveals Sudden Transfer of Ethereum (ETH) Valued at Hundreds of Millions by Tron (TRX) Founder, Justin Sun

Crypto Tracker Lookonchain First to Notice Justin Sun's $132 Million ETH Transactions

Lookonchain, a cryptocurrency tracking platform, was the first to detect a series of Ethereum (ETH) transactions amounting to $132 million by Justin Sun.

The transactions involve the withdrawal of a substantial Ethereum sum, specifically 80,251 ETH, from the liquid staking service provider Lido (LDO).

As of now, Sun has successfully withdrawn 43,000 ETH, valued at $70 million, and deposited it into Binance.

Source: Lookonchain/X

As Justin Sun has transferred his ETH holdings to a cryptocurrency exchange, there is a possibility that these assets may be made available for sale on the open market.

Additionally, Lookonchain is closely monitoring the activity of a cryptocurrency address associated with Ethereum co-founder Vitalik Buterin. According to the on-chain data tracker, this address appears to be depositing 1,000 ETH valued at $1.64 million into the crypto exchange Bitstamp.

Over the past two months, this address has deposited a total of 4,400 ETH, equivalent to $7.23 million, into Bitstamp. It had previously received 70,000 ETH, valued at $115 million, from Vb3 and is believed to be connected to vitalik.eth, possibly representing the address of Vitalik Buterin.

Source: Lookonchain/X

At the time of writing, Ethereum is being traded at $1,628.83, reflecting a minor decline of less than 1% over the past 24 hours. The second-largest cryptocurrency continues to stand at 66.51% below its all-time high of $4,878, reached in November 2021.

Oct 09, 2023

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