Crypto tycoon accumulates Ethereum, withdraws $45M from exchange 
Cryptocurrency Jul 14, 2024 Share
Addresses potentially linked to crypto tycoon Justin Sun, creator of Tron (TRX) and former executive 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 Binance, worth $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) to the exchange three days before the withdrawal.
At that time, ETH was priced at $3,117 per token, and Sun could have purchased the token since then. By the withdrawal time, Ether was trading at $3,152, signaling a multi-millionaire position built with a 1.1% spread.
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According to SpotOnChain, other addresses potentially owned by the crypto tycoon 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. Thus, so far, holding $50 million in unrealized profit, which is a 4.4% gain over the initial investment.
PnL overview of entity ‘Justin Sun’. Source: SpotOnChain
Crypto tycoon Justin Sun
Justin Sun is a prominent figure in the cryptocurrency world and rose to fame as the founder of the Tron blockchain. He has been a controversial figure known for his aggressive marketing tactics and bold claims.
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 Ethereum’s ecosystem, particularly in decentralized finance (DeFi).
The executive’s accomplishments include acquiring BitTorrent (BTT) and becoming Grenada’s ambassador to the World Trade Organization. Sun has faced criticism for alleged market manipulation and plagiarism in Tron’s whitepaper.
Moreover, the crypto tycoon 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 large Ethereum purchases, have sparked speculation about his intentions in the crypto market. The investor’s ability to generate buzz and his substantial wealth has made him a closely watched figure in the industry.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
