Ethereum
Cryptocurrency tycoon hoards Ethereum, withdraws $45 million from exchange
Addresses potentially linked to crypto magnate Justin Suncreator of Tron (TRX) and former leader of Huobi (now HTX), have accumulated billions of dollars worth of Ethereum (ETH) since February. On July 13, one of these addresses withdrew 14,436 ETH from Binanceworth $45.51 million.
SpotOnChain reported this recent activity, linking the Ethereum address ‘0x43594da” to Justin Sun. Previously, the wallet sent $45 million in Tether USD (USDT) At exchange three days before withdrawal.
At that time, the price of ETH was $3,117 per token, and Sun could have purchased the token since then. At the time of the withdrawal, Ether was trading at $3,152, indicating a multi-million dollar position built with a 1.1% spread.
According to SpotOnChain, other addresses potentially owned by the crypto mogul have accumulated 377,188 ETH since February 8. The report calculates a cost of $1.15 billion at an average price of $3,049 per token. So far, he holds $50 million in unrealized profits, which represents a 4.4% gain on the initial investment.
PnL preview of the entity “Justin Sun”. Source: SpotOnChain
Cryptocurrency mogul Justin Sun
Justin Sun is an important figure in the world of cryptocurrencies and rose to fame as the founder of the Tron blockchain. He is a controversial figure known for his aggressive marketing tactics and bold statements.
Overall, Sun’s relationship with Ethereum is complex, as Tron was initially built on Ethereum before launching its own blockchain. Despite this, he has shown interest in the Ethereum ecosystem, particularly in decentralized finance (Challenge).
The executive’s accomplishments include the acquisition of BitTorrent (mountain bike) and became Grenada’s ambassador to the World Trade Organization. Sun has been criticized for allegations of market manipulation and plagiarism in the Tron white paper.
Additionally, the cryptocurrency mogul’s influence extends beyond Tron, as he serves as an advisor to Huobi Global, a major cryptocurrency exchange now renamed HTX.
Justin Sun’s recent actions, including his massive Ethereum purchases, have sparked speculation about his intentions in the cryptocurrency market. The investor’s ability to generate buzz and his considerable wealth have made him a closely watched figure in the industry.
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