- Justin Sun, founder of the Tron network, withdrew $29.7 million worth of Ether (ETH) from Lido Finance, transferring the tokens to Huobi, a cryptocurrency exchange.
- Despite the major withdrawal, Sun’s crypto wallets still hold approximately $543 million in Lido’s staked Ether tokens.
In a significant move, Justin Sun, a crypto billionaire and the founder of the Tron network, withdrew Ether worth nearly $30 million from Lido Finance, a liquid staking platform. Blockchain data confirms this substantial transfer of tokens to Huobi, a popular crypto exchange platform.
On Thursday, Sun’s crypto wallet reported a receipt of 15,805 ETH from Lido’s withdrawal address. The unstaking request had been placed a day before, as indicated by the blockchain monitoring platform, Arkham Intelligence. Shortly after the receipt, the same wallet registered a deposit of 15,815 ETH to Huobi through a bridging address. Typically, the move to transfer tokens to an exchange suggests a potential sale.
The transaction sequence occurred during a period of considerable growth for ETH, the second-largest cryptocurrency by market capitalization. Over the course of the week, ETH gained nearly 16%, escalating from $1,630 to surpass $1,900, as per CoinDesk data.
This positive trend in the crypto market was led by Bitcoin (BTC), which itself experienced a 19.5% increase over the week, breaking the $30,000 level for the first time since April. A factor contributing to this bullish market could be the active participation of traditional financial institutions in the digital asset space. BlackRock, the world’s largest asset manager, registered for a BTC exchange-traded fund (ETF), Deutsche Bank applied for a crypto custody license in Germany, and EDX Markets (backed by Fidelity Digital Assets, Charles Schwab, and Citadel Securities) initiated its trading platform.
The blockchain data further indicates that Sun also deposited 1,000 BTC to Huobi earlier on Wednesday, when the token was valued near $29,000. Despite Sun’s massive ETH withdrawal, his labeled crypto wallets still hold a considerable sum. According to Arkham, these wallets possess 287,855 of Lido’s staked Ether (stETH) tokens, amounting to approximately $543 million. In total, Sun’s digital asset holdings in labeled crypto wallets are estimated to be worth $1.2 billion.
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