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Crypto-entrepreneur and founder of Tron Blockchain, Justin Sun, recently caused market unease by transferring a large portion of his Ethereum (ETH) to crypto exchange Poloniex, of which he is alleged to be the owner. The recent transaction caught the attention of on-chain analysis platform LookOnChain, revealing a transfer of approximately 23,000 ETH, valued at around $43 million to the popular crypto exchange Poloniex.
Justin Sun’s ETH Transfer
The transfer of 23,000 ETH, equating to around $43 million, marks the latest of Sun’s notable transactions involving large quantities of Ethereum being moved to Poloniex. Currently, Sun holds 163 ETH in the wallet address 0x3DdfA8eC3052539b6C9549F12cEA2C295cfF5296.
Sun is known for his significant Ethereum transfers to Poloniex, with a notable transaction in December 2021, transferring 6,500 ETH. Coincidentally, following this transfer, Ethereum’s price dropped from around $1,350 to roughly $1,151 in the days that followed. It’s worth noting that Sun made seven separate transactions last year, sending a total of 67,500 ETH, valued at $126 million.
Another noteworthy ETH transaction by Sun was the transfer of 10,000 ETH to Poloniex on January 25.
Could the Transfer Affect the ETH Price?
Sun’s ETH transfers could potentially be part of a risk mitigation strategy as a long-term asset holder. Such strategies may involve diversifying assets or reducing exposure to a particular asset. There’s also the possibility that Sun’s transfer to Poloniex serves another purpose, potentially supporting the exchange’s operations during periods of reduced liquidity in crypto exchanges.
The transfer followed Sun’s withdrawal of ETH worth $29.7 million from liquid staking platform Lido Finance (LDO) last month. Following the withdrawal, Sun sent his ETH to another crypto exchange, Huobi, that he is allegedly the owner of.
In addition to his relationship with Ethereum, Sun recently made headlines announcing Tron’s entry into the Ethereum blockchain through the innovative BitTorrent bridge.
