The founder of Tron (TRX), Justin Sun, executed substantial financial moves during the past month, withdrawing digital assets totaling $60 million from the cryptocurrency exchange platform, Binance. According to data from the blockchain tracking firm, Lookonchain, these withdrawals span a period from December 18th to January 21st.
Among the cryptocurrencies withdrawn by Sun are Ethereum (ETH), Aave (AAVE), and Shiba Inu (SHIB), with amounts of $43 million, $6.7 million, and $6.3 million, respectively. This flow of massive withdrawals caught the community’s attention, raising suspicions around Justin’s activity.
Since Dec 18, 2023, #JustinSun has withdrawn $60M assets from #Binance.
Including:
17,433 $ETH($43M)
68,999 $AAVE($6.7M)
656.4B $SHIB($6.3M)
61,249 $LINK($957K)
27.16B $FLOKI($885K)
1.7M $MANA($826K)
100,100 $BAND($168K)https://t.co/326JCfZU6Ihttps://t.co/oB1SN9Qtbq pic.twitter.com/kxLQlKGhLU— Lookonchain (@lookonchain) January 21, 2024
Justin Sun Could Place Large Amounts of Ethereum in Cold Storage
Furthermore, Sun not only limited his activity to withdrawals but also accumulated considerable amounts of Ethereum along with other whales.. This behavior suggests the possibility that he may want to move these assets to cold storage, a common practice among cryptocurrency investors seeking greater security for their long-term holdings.
The analysis of transactions on the blockchain also reveals a notable success story in trading the cryptocurrency UMA. A savvy trader deposited over $730,000 in UMA on Binance after experiencing a 90% increase in its price. This investor demonstrated an impressive track record. Trading UMA four times since November 11, 2022. Buying at low prices and selling at peaks each time, generating profits close to $500,000 with a 100% success rate.
The dynamics of the crypto market, with its fast and volatile movements. Enable individuals like Sun and other skilled investors to capitalize on strategic opportunities. The cryptocurrency market remains fertile ground for risky, dynamic, and strategic operations. Sun’s massive transactions and the successful operations of other investors underscore the importance of conducting detailed analysis and gaining a profound understanding of market trends for those seeking to capitalize in this industry full of opportunities. We will be attentive to the next steps of the founder of Tron to see the progress of his investment strategies.
