Reportedly, Justin Sun, the founder of Tron and an advisor for HTX, has recently withdrawn approximately $60 million worth of various altcoins from the Binance exchange within a one-month timeframe.
According to data obtained from Lookonchain, the largest portion of these withdrawals consisted of Ethereum (ETH) valued at $43 million. Additionally, Sun withdrew approximately $6.7 million in Aave (AAVE), $6.3 million in Shiba Inu (SHIB), as well as other assets like Chainlink (LINK) and Decentraland (MANA).
Lookonchain, an on-chain intelligence provider, documented these withdrawals, stating, “Since December 18, 2023, Justin Sun has withdrawn $60 million in assets from Binance.”
Expanding on Lookonchain’s findings, analytics firm Arkham Intelligence conducted a comprehensive analysis of Justin Sun’s wallet activities. They noted that a wallet address connected to Sun had withdrawn over $235 million over the past 218 days.
On December 18, this wallet associated with the cryptocurrency billionaire revealed withdrawals of 500 billion SHIB, equivalent to approximately $5.1 million. Subsequently, on the following day, the same wallet executed another withdrawal of 70 billion SHIB, amounting to approximately $900,000.
This report surfaces shortly after the HTX exchange and HTX DAO experienced a distributed denial-of-service attack on Friday. Justin Sun reassured the community via his Twitter account that HTX had returned to normal operations after a 15-minute outage.
Crypto Community Reacts
The substantial volume of asset withdrawals by the crypto mogul has sparked speculation within the cryptocurrency community regarding Justin Sun’s intentions and the potential consequences for the prices of these assets.
This influx of withdrawals coincides with Ethereum experiencing a 3.53% decrease in value over the past 24 hours, with the cryptocurrency currently trading at $2,368 at the time of writing.
Nevertheless, Ethereum has displayed significant growth in the past 30 days, with its trading volume surging by more than 14.89% over the last 24 hours, totaling an impressive $9,184,315,852.
Interestingly, some members of the crypto community view the consistent outflow of Ethereum and other tokens from Binance as a bullish indicator. This suggests that the crypto whale may be in the process of accumulating a substantial amount of cryptocurrency within a relatively short timeframe.
