Justin Sun Shifts $21M in Assorted Cryptos to Binance

  • Justin Sun has reportedly sent millions in crypto to Binance.
  • The massive deposits included four crypto assets.
  • It remains unknown whether Sun plans to sell the tokens.

Tron Founder Justin Sun has reportedly sent digital assets worth millions to Binance, prompting market participants to speculate a huge sale.

On June 10, on-chain analysis firm Spot On Chain reported that a dormant whale had deposited 3,800 MKR ($9.3M) and 20,000 AAVE ($4.45M) to Binance for profit after a year of holding.

Justin Sun Linked to the Deposits

Moments after the first alert, Spot On Chain shared another post identifying Justin Sun as the whale behind the massive MKR and AAVE deposits on Binance. The firm said Sun had sent another 4,178 COMP ($245K) and 203,623 LQTY ($217K) to Binance.

Cumulatively, Sun sent $21 million in cryptos to the exchange.

While Spot On Chain did not disclose the trading history for COMP and LQTY, the on-chain analysis firm stated that Sun stands to gain massively should the crypto mogul proceed with the sale of MKR and AAVE.

“The profits if selling now would be $6.86M (+281%) for $MKR and $645K (+17%) for $AAVE,” Spot On Chain wrote on X.

The market seemed to have not reacted strongly to the token movements. As of writing, AAVE had lost 2.43% in the last 24 hours to trade at $91.22, while CoinMarketCap data shows that MKR exchanged hands at $2,409 after 1.97% during the same period.

Meanwhile, Sun’s crypto portfolio extends beyond the four tokens he reportedly moved today. The crypto mogul revealed in February that he held 28,613 BTC in his HTX exchange account.

Read about Tron’s Bitcoin Layer 2 solution:
Justin Sun Unpacks TRON’s Bitcoin Layer 2 Solution Plan

Stay updated on Justin Sun’s Ether buying spree:
Justin Sun’s 891M Ethereum Buying Spree: A Sign Of Recovery?

Sourced from dailycoin.com.

Written by on 2024-06-10 13:56:57.

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