On-chain data shows that Tron (TRX) founder Justin Sun is suddenly relocating hundreds of millions of dollars worth of Ethereum (ETH).

Crypto tracker Lookonchain initially spotted Sun’s series of ETH transactions to the tune of $132 million.

According to Lookonchain, Sun is withdrawing the massive Ethereum trove to the tune of 80,251 ETH from the liquid staking service provider Lido (LDO).

“So far, he has successfully withdrawn 43,000 ETH ($70 million) and deposited it to Binance.” 

Since Sun sent his ETH stack to a crypto exchange, it could potentially be sold on the open market.

Lookonchain is also watching the movement of a crypto address associated with Ethereum co-creator Vitalik Buterin. The on-chain data tracker says that the address could be depositing 1,000 ETH worth $1.64 million to crypto exchange Bitstamp.

“This address has deposited a total of 4,400 ETH ($7.23 million) to Bitstamp in the past two months.

This address received 70,000 ETH ($115 million) from Vb3 and is believed to be related to vitalik.eth (may be the address of vitalik.eth).“

At time of writing, Ethereum is trading for $1,628.83, down less than 1% in the last 24 hours. The second-largest crypto asset remains 66.51% down from its all-time high of $4,878 which it hit in November 2021.

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Author: Daily Hodl Staff

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