Justin Sun, the founder of the Tron network, withdrew $29.7 million worth of Ethereum (ETH) from Lido Finance's liquid staking platform.
Sun's Digital Asset Holdings in Labeled Crypto Wallets Were Worth a Total of $1.2 billion
Justin Sun, the founder of the Tron network, withdrew $29.7 million worth of Ethereum (ETH) from Lido Finance's liquid staking platform and sent the tokens to the Sun-backed crypto exchange, Huobi.
Data from Arkham Intelligence shows that Sun's wallet received 15,805 ETH from Lido's withdrawal address on Thursday after requesting to unstake the tokens the day before. A few minutes later, the wallet deposited 15,815 ETH to Huobi, which frequently indicates a sale intention.
Sun also deposited 1,000 BTC to Huobi early last Wednesday when the token was trading near $29,000. Sun's digital asset holdings in labeled crypto wallets were worth a total of $1.2 billion. After the transaction last Friday, the wallets still held 287,855 of Lido’s stETH tokens.
The transactions occurred as ETH gained almost 10% over the past seven days, rallying past $1,900, while BTC's price broke the $31,000 level and reached a high this year.
