New data from blockchain tracking service Lookonchain shows the founder of Tron (TRX) gobbling up hundreds of millions of dollars worth of Ethereum (ETH) as the crypto market goes through a correction.
In a new thread on the social media platform X, Lookonchain say that Justin Sun, who founded Tron in 2017, has collected a total of 176,117 ETH worth $559.7 million since April 8, at an average price of about $3,170 per token.
Last week, Lookonchain spotted a wallet address that may be related to Sun raising thousands of ETH from the crypto exchange Binance.
“0x4359 (possibly Justin Sun) withdrew 7,128 ETH ($22.34 million) from Binance… and he had purchased 154,570 ETH ($492.23 million) for $3,177 since April 8.”
The on-chain surveillance platform also earlier noted that another address possibly related to Sun withdrew approximately $96 million worth of stablecoin Tether (USDT) and $23.3 million worth of Ethereum from Binance on April 27.
‘Has Justin Sun changed? [to] a 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 transaction behavior of two wallets that withdrew large amounts of ETH and stablecoins from Binance.”
Ethereum is trading at $3,204 at the time of writing, down 3.4% over the past 24 hours.
In February, Sun revealed that he is holding 28,613 Bitcoin (BTC) worth more than $1.622 billion currently on the crypto exchange HTX, formerly known as Huobi, in response to critics who said he is not an active user of the platform , which he helped rebrand.
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