A crypto whale has been spotted rapidly accumulating nine figures worth of Ethereum (ETH) in less than a day and a half.
First reported by blockchain tracker Lookonchain, an unknown entity withdrew 54,721 ETH worth $154.4 million from crypto exchange Binance and decentralized exchanges (DEXes).
[adinserter block="1"]Based on the history of the address in question, Lookonchain says it may be a wallet belonging to Justin Sun, Tron founder and advisor to crypto exchange HTX.
Lookonchain notes that the address made a massive withdrawal from HTX yesterday, and that Sun may be one of the only people capable of doing such a transaction.
“30 minutes ago, a wallet ‘TWGHNc’ suspected to be JustinSun deposited 50M USDT into Binance.
This wallet also withdrew 500M USDT from HTX yesterday.
Maybe no one except JustinSun can withdraw so much USDT from HTX.”
The firm reports a series of transactions showing funds flowing in and out of both HTX and Binance from the same wallet, which Lookonchain says is “too much of a coincidence.”
“TWGHNc deposited 200M USDT into Binance on Feb 18.
On the same day, 0x7a95 withdrew 29,875 ETH ($84.3M) and 100M USDT from Binance.
This seems too much of a coincidence.”
However, Lookonchain says that the possibility of the address belonging to Sun is merely a guess based on on-chain data.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
