Tron’s Justin Sun Withdraws $60M from Binance
Billionaire Justin Sun, the founder of Tron (TRX), has recently moved substantial amounts of digital assets from the crypto exchange Binance, as indicated by on-chain data.
According to information from blockchain tracking firm Lookonchain, between December 18th and January 21st, Sun executed withdrawals of various altcoins, including $43 million in Ethereum (ETH), $6.7 million in Aave (AAVE), and $6.3 million in Shiba Inu (SHIB).
Reportedly, since December 18th, 2023, Justin Sun has withdrawn approximately $60 million in crypto assets from Binance.
The breakdown of these withdrawals includes 17,433 ETH ($43 million), 68,999 AAVE ($6.7 million), and 656.4 billion SHIB ($6.3 million), among others such as 61,249 LINK ($957,000), 27.16 billion FLOKI ($885,000), 1.7 million MANA ($826,000), and 100,100 BAND ($168,000).
Earlier this month, Lookonchain observed Justin Sun, along with other prominent investors, accumulating significant amounts of Ethereum from Binance.
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This move suggests a trend of transferring assets into cold storage. Additionally, the tracking firm noted a trader with a highly profitable track record depositing over $730,000 worth of UMA (UMA) into Binance following the recent surge in the price of the oracle project.
The UMA price surged by 90% on the day in question, prompting the savvy trader to deposit 190,169 UMA ($730,859) into Binance. Notably, this trader has demonstrated a successful trading strategy with UMA, making four trades since November 11th, 2022, consistently buying at low prices and selling at highs. The trader has achieved a profit of approximately $500,000 with an impressive win rate of 100%.
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.
