Tron Founder Justin Sun Withdraws Altcoins Worth $60M in One Month

Sujha Sundararajan
Last updated: | 1 min read
Source: Adobe / prima91

Justin Sun, founder of Tron and HTX advisor, has reportedly withdrawn $60 million worth of altcoins from Binance exchange in a span of one month.

Per data from Lookonchain, Sun withdrew the maximum assets in Ethereum (ETH) worth $43 million, followed by $6.7 million worth of Aave (AAVE), $6.3 million in Shiba Inu (SHIB) and other assets including Chainlink (LINK) and Decentraland (MANA).

“Since Dec 18, 2023, Justin Sun has withdrawn $60M assets from Binance,” Lookonchain, an on-chain intelligence provider, wrote.

Furthermore, contemplating Lookonchain claims, analytics firm Arkham Intelligence, has provided an in-depth insight into Justin Sun’s wallet activities. Arkham noted that a wallet address linked to Sun has withdrawn over $235 million in the past 218 days.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 wallet 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 (Twitter) account on Friday stating that the HTX is back to normal following a 15-minute outage.

Crypto Community Reacts

The crypto mogul’s large volume of assets withdrawal has triggered speculation among the crypto community about Sun’s motives and the potential ramifications involved in the price of these assets.

Also, the large volume of withdrawals come at a time when Ethereum is down 3.53% in the last 24 hours. The crypto is trading $2368 at press time.

However, the crypto has witnessed a significant surge in the past 30 days. ETH trading volume has increased more than 14.89% in the last 24 hours, reaching a total of $9,184,315,852.

Interestingly, the crypto community interprets consistent outflow of ETH and other tokens from Binance as a bullish sign. It suggests that the crypto whale has started to accumulate a significant amount of cryptocurrency in a short time.