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Tron Founder Justin Sun Sends $55 Million to Binance: Details

Thu, 03/03/2022 - 10:52
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Vladislav Sopov
Justin Sun, founder of Tron (TRX) and CEO of BitTorrent, sends massive ETH transaction to Binance exchange
Tron Founder Justin Sun Sends $55 Million to Binance: Details
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Renowned crypto entrepreneur Justin Sun made headlines with a massive transaction that was authorized by his account. Is Tron's founder ready to sell?

Justin Sun deposits $55 million to Binance

Blockchain journalist and insider Colin Wu shared the details of a massive Ethereum (ETH) transaction that took place on crypto exchange Binance (BNB).

The transaction was registered on March 2, 2022, at 9:00 p.m. (UTC+8). A total of 19,000 Ethers (ETH) with a total value over $55,000,000 were moved to Binance by Justin Sun, Tron's founder.

As covered by U.Today previously, Mr. Sun's account was very active in December 2021. In less than one month, he deposited more than $600 million worth of Ethereum (ETH) to Binance (BNB).

Justin Sun Deposited Almost $600 Million Worth of Ethereum on Binance Since December

However, it appeared that Mr. Sun moved coins between internal wallets of his ecosystem with no intention to sell.

Is this a bearish sign?

Nevertheless, some Crypto Twitter speakers are certain that this is an alarming signal for Ethereum (ETH) bulls. It was mentioned that the activity of Three Arrow Capital's Su Zhu should also be monitored closely.

@zhusu @justinsuntron Beware guys , these 2 are always talking bullish on Twitter while unloading coins in the background.

As we already reported, the activity of known large whales is often interpreted as a major signal for retail crypto holders. For instance, on Nov. 11 at 2:56 p.m. (UTC), the Ethereum Foundation sold $90 million right on the top of its price upsurge.

Ethereum Foundation Cashed Out at Top Again: Analyst

Analyst Edward Morra stressed that this is not the first time that EF cashed out its bags at the top.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)