Tron founder Justin Sun has recently made substantial withdrawals of various crypto from the Binance exchange, raising eyebrows within the crypto community. According to a report by Lookonchain, Sun has moved approximately $60 million worth of digital assets in the past month.
Tron founder’s notable crypto withdrawals
Justin Sun, the well-known founder of the Tron (TRX) blockchain, has come under scrutiny as Lookonchain, an on-chain resource, has revealed significant withdrawals from the Binance exchange. Over the last 30 days, Sun has withdrawn an estimated $60 million in multiple cryptocurrencies, with several notable tokens in the mix.
One of the most prominent withdrawals made by Sun includes Shiba Inu tokens (SHIB). In three separate transactions, he moved a staggering 656.4 billion SHIB tokens from Binance, now valued at approximately $6.3 million based on market prices.
In addition to his SHIB holdings, Justin Sun has withdrawn a substantial amount of Ethereum (ETH). Lookonchain disclosed that Sun moved 17,433 ETH, worth $43 million, from Binance within the same observation period. Furthermore, he transferred 68,999 AAVE tokens, valued at $6.7 million, to his private wallet.
Chainlink and other tokens
Among the various crypto assets Sun withdrew from Binance, 61,249 units of Chainlink (LINK) tokens stand out, amounting to approximately $1 million. Additionally, Sun moved meme tokens like Floki ($885,000), Decentraland (MANA, $826,000), and BAND ($168,000) out of the exchange.
Complementing Lookonchain’s findings, Arkham Intelligence, a prominent analytics firm, has provided further insights into Justin Sun’s crypto activities. Arkham’s data reveals that a crypto wallet associated with Sun, identified as “0x9FC…c19Fe,” has withdrawn a substantial $237.02 million over the past 218 days.
Furthermore, Arkham’s statistics indicate that the wallet’s withdrawal trend peaked in October 2023, coinciding with a significant price surge in the crypto market. Notably, 88% of the funds withdrawn were sourced from Binance, indicating Sun’s preference for this exchange.
Whale moves and market sentiment
It is important to note that influential crypto investors, often called “whales,” frequently transfer tokens from exchanges to private wallets. This move is commonly associated with a long-term investment strategy and is traditionally seen as a bullish signal. Whales typically send tokens to exchanges during bearish market conditions for potential sell-offs.
