Altcoins
Justin Sun withdraws $60 million worth of Altcoins in one month
Last Updated: January 22, 2024 8:12 AM EST | 1 minute reading
Justin Sun, founder of Tron and advisor to HTX, reportedly withdrew $60 million in altcoins from Binance exchange within a month.
According to Lookonchain data, Sun withdrew the maximum assets in Ethereum (ETH) worth $43 million, followed by $6.7 million from Aave (AAVE), $6.3 million from Shiba Inu (SHIB), and other assets including Chainlink ( LINK) and Decentraland (MANA).
“Since December 18, 2023, Justin Sun has withdrawn $60 million in assets from Binance,” wrote Lookonchain, an on-chain intelligence provider.
Since December 18, 2023, #JustinSun withdrew $60 million in assets #Binance.
Including:
17,433 $ETH($43 million)
68,999 $AAVE($6.7 million)
656.4B $SHIB($6.3 million)
61,249 $LINK($957,000)
27.16B $FLOKI($885,000)
1.7M $MANA($826,000)
100 100 $BAND($168,000)https://t.co/326JCfZU6Ihttps://t.co/oB1SN9Qtbq pic.twitter.com/kxLQlKGhLU– Lookonchain (@lookonchain) January 21, 2024
Additionally, given Lookonchain’s claims, analytics firm Arkham Intelligence provided in-depth insight into Justin Sun’s portfolio activities. Arkham noted that a wallet address linked to Sun had withdrawn more than $235 million over the past 218 days.
On December 18, the wallet linked to the crypto billionaire showed withdrawals of 500 billion SHIB (worth $5.1 million). On the consecutive day, the portfolio made another withdrawal of 70 billion SHIB (approximately $900,000).
The report comes days after the HTX exchange and HTX DAO were hit by a distributed denial-of-service attack on Friday. Sun posted on his X account (Twitter) on Friday that the HTX is back to normal following a 15 minute outage.
The crypto community reacts
The crypto mogul’s significant asset withdrawal has sparked speculation within the crypto community about Sun’s motivations and the potential ramifications involved in the pricing of these assets.
Additionally, the large volume of withdrawals comes at a time when Ethereum is down 3.53% over the past 24 hours. The crypto is trading at $2,368 at press time.
However, the crypto has seen a significant increase over the past 30 days. ETH trading volume increased by over 14.89% in the last 24 hours, reaching a total of $9,184,315,852.
Interestingly, the crypto community interprets the constant outflows of ETH and other tokens from Binance as a bullish sign. This suggests that the crypto whale began accumulating a significant amount of cryptocurrency in a short period of time.