Justin Sun, the billionaire founder of Tron, has withdrawn $29.7 million worth of ether from Lido Finance, a liquid staking platform. He then sent the tokens to the Huobi crypto exchange, according to the data.
Tron founder sold 15,805 ETH from Lido Finance on Thursday. Data from blockchain monitoring platform Arkham Intelligence shows, Sun had requested to unstake the tokens the day before.
According to Arkham, the wallet sent 15,815 ETH to Huobi via an intermediate address a few minutes later. Sending tokens to exchange mostly indicates a desire to sell.
The wallet that received the ETH from Lido Finance quickly sent 15,815 ETH to Huobi via an intermediate address. This suggests that the wallet is planning to sell ETH on Huobi.
Ethereum is hot right now. The price has increased by 12.7% in the past week. Traditional financial institutions are starting to get involved in crypto, and this is bullish for the entire market. Justin Sun is likely taking advantage of this price increase by unstaking his ETH and selling it.
Justin Sun is making moves. He’s been active in the crypto market lately, and his latest move was to transfer 1,000 BTC to Huobi early Wednesday. The token was trading at $29,000 at the time, so this is a significant transfer.
Sun also still holds 287,855 of Lido’s staked ether tokens, which are valued at around $543 million.