Tron (TRX) founder Justin Sun, one of the notable names in the cryptocurrency industry with his investments and statements, came to the fore again with the Ethereum move.
At this point, Justin Sun is alleged to have purchased a significant amount of Ethereum (ETH).
According to a post by on-chain data provider Lookonchain, a wallet thought to belong to Justin Sun has allegedly purchased 127,388 ETH worth $405.19 million since April 8.
While it is noteworthy that this wallet has deposited a significant amount of 787 million USDT from the Tron network to Binance as of March 31, Lookonchain also pointed out that a mysterious wallet was created in the Ethereum network on March 31.
This mysterious wallet withdrew $96.8 million worth of stablecoins from Binance and then began purchasing ETH from Binance and DEX. This wallet purchased a total of 127,388 ETH ($405.19 million) at $3,172.
As a result, Lookonchain pointed out that the transactions of this mysterious wallet could not be a coincidence and guessed that this wallet also belonged to Justin Sun.
“Has Justin Sun purchased 127,388 ETH ($405.19 million worth) since April 8?
The wallet suspected to be JustinSun deposited 787M USDT from Tron to Binance since March 31.
Additionally, on March 31, a mysterious wallet was created in Ethereum and attracted $96.8 million worth of stablecoins from Binance.
Is this a coincidence?
This mysterious wallet then started buying ETH from Binance and DEX, purchasing a total of 127,388 ETH ($405.19 million) at $3,172.
According to our previous tweet, a mysterious wallet thought to belong to JustinSun purchased 168,369 ETH ($487 million) from Binance and DEX at $2,894 between February 12 and February 24.
The transaction behavior of these two wallets is quite similar and they probably both belong to Justin Sun.
So, Justin Sun has purchased a total of 295,757 ETH ($891 million worth) from Binance and DEX since February 12 at an average price of $3,014.”
Ethereum continues to trade at $3,201 at the time of writing.
*This is not investment advice.