TRON Founder Justin Sun Buys Millions of Ethereum Amid Market Plunge

Blockchain-tracking service Lookonchain reports that Tron (TRX) founder Justin Sun has amassed $559.7 million in Ethereum (ETH) since April 8th. Sun's wallet has accumulated 176,117 ETH, demonstrating significant accumulation amidst the current market correction. The surveillance platform speculates that Sun may have recently shifted wallets, noting large withdrawals of ETH and Tether (USDT) from Binance. With ETH currently trading at $3,204, Sun's holdings represent a strategic acquisition during a volatile market period.

TRON Founder Justin Sun Accumulates Substantial Ethereum Holdings Amidst Market Correction

In a recent revelation, data from blockchain-tracking service Lookonchain indicates that Justin Sun, the founder of TRON (TRX), has been acquiring significant amounts of Ethereum (ETH) during the ongoing crypto market correction.

According to the report, Sun has amassed a total of 176,117 ETH, worth approximately $559.7 million, since April 8th. This accumulation was made at an average price of around $3,170 per token.

Last week, Lookonchain identified a wallet address potentially linked to Sun, which withdrew a substantial amount of ETH from the cryptocurrency exchange Binance.

"0x4359 (possibly Justin Sun) withdrew 7,128 ETH ($22.34 million) from Binance again... and he had bought 154,570 ETH ($492.23 million) at $3,177 since Apr 8th," Lookonchain stated on the social media platform X.

Furthermore, Lookonchain previously observed another address associated with Sun withdrawing approximately $96 million in the stablecoin Tether (USDT) and $23.3 million in Ethereum from Binance on April 27th.

"Did Justin Sun change [to] a new wallet? A fresh wallet withdrew 95.67 million USDT and 7,402 ETH ($23.3 million) from Binance... This is similar to the previous transaction behavior of two wallets that withdrew large amounts of ETH and stablecoins from Binance," Lookonchain reported.

At the time of writing, Ethereum is trading at $3,204, representing a 3.4% decline over the past 24 hours.

Sun's substantial Ethereum purchases follow his previous revelation in February that he holds 28,613 Bitcoin (BTC), worth over $1.622 billion at the time, on the crypto exchange HTX (formerly known as Huobi). This disclosure came in response to criticism that he was not actively using the platform he helped rebrand.

As the crypto market undergoes a period of turbulence, it remains unclear whether Sun's Ethereum accumulation is part of a broader investment strategy or a hedge against potential volatility. However, his substantial purchases and the associated speculation highlight the ongoing interest in digital assets even during market downturns.