Justin Sun, the crypto whale and founder of the TRON (TRX) blockchain, moves money between his wallets. According to on-chain data, Sun has moved $166 million worth of stablecoins from exchanges to wallet addresses in the past two days. Details cryptocoin.com‘in.
Mobility in the wallets of the TRON founder
Is Justin Sun draining Ether? Chinese journalist Colin Wu noted today that in the past two days, Justin Sun has moved 95 million USDT from Binance and another 10 million USDC and 1 million USDT from Huobi. While Justin Sun did not comment on the reason for the withdrawal, Colin Wu speculates that it came from two sources. The first could be the proceeds from the Ether sale he deposited on Binance last week. Wu noted that Sun had invested 166,000 Ether in Binance at the time, worth approximately $592 million. The second source Wu cites is the liquidity pool of Ellipsis (EPS), a BSC exchange liquidity pool. Also, some funds seem to have found their way to the TRON blockchain. On the same day that Wu registered his Ethereum deposit on Binance, Sun announced that he would transfer 50-100 million USDC from Ethereum to TRON. Sun said:
To be transparent to our community, we will be exchanging 50-100 million USDC from Ethereum to the TRON blockchain in a few days. You can see USDC burned on Ethereum, which means the same amount posted on the TRON blockchain.
Could Sun be expecting a long bear market? While Sun has previously started to maintain the bullish trend for the future of crypto, market speculations have surfaced that Sun’s move could be driven by anticipation of an impending bear market. The price of both Ether and TRX has been trading downwards recently. Recall that Sun made a massive investment of $600 million worth of Ether into the Binance network, which later turned out to be for the internal distribution of wallets.
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