In a recent development, Justin Sun, the founder of the Tron blockchain (TRC) and a prominent Shiba Inu (SHIB) token holder, has reportedly withdrawn a staggering $8.1 million worth of various cryptocurrencies from the world's largest exchange, Binance.
Spot On Chain revealed that Sun's probable wallet executed withdrawals totaling $5.73 million in AAVE and $2.43 million in XVS, adding to the $12.71 million withdrawn in the past three days across seven assets, including AAVE, XVS, LINK, FLOKI, MANA, SHIB and BAND.
The most intriguing aspect is Sun's continued interest in the Shiba Inu token. Back in December 2023, he made headlines by withdrawing 500 billion SHIB, equivalent to $5.22 million. Yesterday, an additional 79.33 billion SHIB tokens, valued at an estimated $789,000, found their way to Sun's probable wallet.
Yuri MolchanLookonchain data reveals that since Dec. 18, 2023, Justin Sun has withdrawn a total of $60 million from Binance. This includes significant amounts of Ethereum (ETH) at $43 million, AAVE at $6.7 million, SHIB at $6.3 million, LINK at $957,000, FLOKI at $885,000, MANA at $826,000 and BAND at $168,000.
The scale and frequency of these withdrawals have captured the attention of the crypto community, prompting speculation about Sun's motives and the potential impact on the market. As the crypto entrepreneur continues to move substantial sums, the industry watches closely for any further developments and the potential ramifications for the involved assets.
Alex Dovbnya
Denys Serhiichuk
U.Today Editorial Team
Vladislav Sopov
Dan Burgin