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In a recent development that has sent shockwaves through the cryptocurrency community, Justin Sun, the founder of Tron, has raised eyebrows with a significant withdrawal of $13.8 million worth of Ethereum (ETH) from Binance. The transaction was highlighted by PeckShieldAlert, a prominent blockchain security company, in a tweet that raised suspicions surrounding the withdrawal.
The tweet mentioned that the address 0x9FCc...19Fe had initiated a withdrawal of 6,166 ETH (equivalent to approximately $13.8 million) from Binance. The mention of "Suspicious Justin Sun related" has triggered concerns and speculation within the crypto space, leading many to question the motives behind such a substantial withdrawal.
As of the latest data, the current price of Ethereum stands at $2,239, reflecting a 1.55% decrease in the last 24 hours. However, the cryptocurrency has witnessed a more significant surge of 7.22% over the past 30 days. Interestingly, despite recent market fluctuations, Ethereum's trading volume has surged by over 14.89% in the last 24 hours, reaching a total of $9,184,315,852.
Justin Sun's cryptic moves
This development comes on the heels of Justin Sun's earlier notable withdrawals, where he pulled out massive amounts of Shiba Inu (SHIB) tokens from Binance. The first withdrawal involved a staggering 500 billion SHIB tokens, followed by another withdrawal of approximately 77 billion SHIB tokens. These transactions had already raised eyebrows within the crypto community, prompting discussions about Sun's strategic moves on the market.
Adding to the intrigue, on May 11, Justin Sun announced his decision to actively engage in trading meme coins and promising projects through his public address. The declaration indicated a shift in Sun's investment strategy, opting for more speculative and meme-driven digital assets.
The latest Ethereum withdrawal only adds to the growing concerns and speculations surrounding Justin Sun's cryptocurrency activities. The crypto community is now closely monitoring further statements or actions from Sun that may shed light on his motives and intentions behind these significant transactions.
Alex Dovbnya
Gamza Khanzadaev
Dan Burgin
U.Today Editorial Team
Vladislav Sopov