Justin Sun Allegedly Acquires Hundreds of Millions of Dollars Worth of Ethereum
Justin Sun, a well-known figure in the cryptocurrency space, is rumored to have made a significant acquisition of Ethereum (ETH), sparking questions about the potential impact on ETH's price, potentially driving it to $3,500 or higher.
The data provider Lookonchain has identified intriguing activity in whale wallets suspected to be linked to Sun. Since April 8, a wallet believed to be Sun’s has allegedly acquired 127,388 ETH, totaling $405.19 million.
Notably, this wallet deposited a substantial sum of 787 million USDT to Binance on the Tron network starting March 31. Additionally, on the same date, a mysterious wallet emerged on the Ethereum blockchain, withdrawing $96.8 million in stablecoins from Binance.
Curiously, this wallet began purchasing ETH from both Binance and decentralized exchanges, accumulating a total of 127,388 ETH valued at $405.19 million, with an average price of $3,172.
These actions resemble those observed in a wallet previously linked to Sun, which acquired 168,369 ETH valued at $487 million between February 12 and February 24.
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If these wallets indeed belong to Sun, his ETH holdings would amount to a substantial 295,757 ETH, valued at $891 million, acquired at an average price of $3,014 from Binance and decentralized exchanges since February 12.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
