New data from blockchain-tracking service Lookonchain reveals that the founder of Tron (TRX) is gobbling up hundreds of millions of dollars worth of Ethereum (ETH) as the crypto market goes through a correction.
In a new thread on the social media platform X, Lookonchain says that Justin Sun, who founded Tron in 2017, has accumulated a total of 176,117 ETH worth $559.7 million since April 8th, at an average price of about $3,170 per token.
[adinserter block="1"]Last week, Lookonchain spotted a wallet address possibly associated with Sun withdrawing thousands of ETH from the crypto exchange Binance.
“0x4359 (possibly Justin Sun) withdrew 7,128 ETH ($22.34 million) from Binance again… and he had bought 154,570 ETH ($492.23 million) at $3,177 since Apr 8th.”
The on-chain surveilling platform also previously noted that another address possibly associated with Sun withdrew about $96 million worth of the stablecoin Tether (USDT) and $23.3 million worth of Ethereum from Binance on April 27th.
“Did Justin Sun change [to] a new wallet? A fresh wallet withdrew 95.67 million USDT and 7,402 ETH ($23.3 million) from Binance… This is similar to the previous transaction behavior of two wallets that withdrew large amounts of ETH and stablecoins from Binance.”
Ethereum is trading for $3,204 at time of writing, a 3.4% decrease during the last 24 hours.
In February, Sun revealed that he’s sitting on 28,613 Bitcoin (BTC) worth over $1.622 billion at the time on the crypto exchange HTX, formerly known as Huobi, in response to critics saying that he is not an active user of the platform, which he helped rebrand.
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