Tron’s founder Justin Sun has just moved a bunch of ETH, and the amount is pretty impressive. Check out the latest reports about this below.
Tron founder Justin Sun moves massive amount of money
It has been discovered through on-chain data that Justin Sun, the founder of Tron (TRX), is transferring a significant amount of Ethereum (ETH) worth hundreds of millions of dollars.
This large sum of $132 million was initially noticed by the crypto tracker Lookonchain, which reported on Sun’s series of ETH transactions.
Lookonchain also revealed that Sun is withdrawing 80,251 ETH from Lido (LDO), a liquid staking service provider.
“So far, he has successfully withdrawn 43,000 ETH ($70 million) and deposited it to Binance.”
It’s possible that Sun’s ETH stack, which was sent to a crypto exchange, could be sold on the open market. Lookonchain is monitoring a crypto address associated with Ethereum co-creator Vitalik Buterin.
According to the on-chain data tracker, this address might be depositing 1,000 ETH valued at $1.64 million to Bitstamp, a crypto exchange.
The address has previously deposited a total of 4,400 ETH ($7.23 million) to Bitstamp in the last two months.
Furthermore, this address received 70,000 ETH ($115 million) from Vb3 and is thought to be linked to vitalik.eth (which could be the address of vitalik.eth).
At time of writing, Ethereum is trading for $1,628.83, down less than 1% in the last 24 hours. The online publication the Daily Hodl notes the fact that “the second-largest crypto asset remains 66.51% down from its all-time high of $4,878 which it hit in November 2021.”
In other recent news, according to Arthur Hayes, one of the co-founders of BitMEX, there are two significant factors that will lead to a massive bull market for the digital assets industry.
During an interview with Crypto Banter, Hayes explained that the commercialization of artificial intelligence (AI) and the historical amount of money printing by the Federal Reserve will lead to this outcome.
