New findings from Lookonchain, a blockchain-tracking service, reveal that Justin Sun, the founder of Tron (TRX), has been acquiring large amounts of Ethereum (ETH) as the cryptocurrency market experiences a correction. Lookonchain reports that since April 8th, Sun has accumulated a total of 176,117 ETH, equivalent to $559.7 million, with an average purchase price of approximately $3,170 per token.
Last week, Lookonchain identified a wallet address that may be associated with Sun, which withdrew thousands of ETH from the cryptocurrency exchange Binance. The platform stated, “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.”
Moreover, Lookonchain previously observed another address potentially linked to Sun, which withdrew around $96 million worth of the stablecoin Tether (USDT) and $23.3 million worth of Ethereum from Binance on April 27th. The platform questioned whether Sun had switched to a new wallet, stating, “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.”
At the time of writing, Ethereum is trading at $3,204, reflecting a 3.4% decline over the past 24 hours.
In February, Sun disclosed that he owns 28,613 Bitcoin (BTC), valued at over $1.622 billion at the time, on the crypto exchange HTX (formerly known as Huobi). He made this statement in response to criticism claiming that he is not an active user of the platform, which he played a role in rebranding.
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