Justin Sun has deposited 165,000 Ether, worth $620 million at press time to Binance throughout December.
While the deposits have raised suspicions that he wants to dump, the TRON founder has cleared the air and dismissed the suspicions.
His Excellency Justin Sun (the title is from his appointment in Grenada, but more on that later) always finds a way to grab headlines. This time it’s for depositing an eye-catching amount of Ether on the world’s largest cryptocurrency exchange, Binance. He deposited over $600 million worth of ETH over December and while this raised eyebrows, he has dismissed them and explained what the funds have been for.
Wu Blockchain, a Chinese cryptocurrency journalist recently revealed the deposits. According to on-chain data, Sun has deposited 165,989 ETH. With Ether trading at $3,740 at press time, this equates to over $620 million.
Data on the chain shows that Justin Sun, the founder of TRON, has frequently deposited ETH into Binance since December, with a total deposit of approximately 165,989 ETH (592 million U.S. dollars). pic.twitter.com/8xKyf8Q72b
— Wu Blockchain (@WuBlockchain) December 29, 2021
Rumors started flying quickly that the TRON founder was looking to dump his stash on the market. And while this wouldn’t break the Ether market (after all, the overall volume in the past day alone was $16 billion), it would still have made a mark. In addition, the market might be even more spooked to see one of the more respected voices in the sector getting cold feet.
Sun explains the $600M deposit
Sun explained the deposit and quelled the rumors on his Chinese-language Twitter account.
— 孙宇晨 (@sunyuchentron) December 29, 2021
In his statement, he explained:
Recently, the internal deployment of wallets has attracted market attention. We continue to be optimistic about the market outlook, and there is no situation that everyone has guessed. Regardless of Ethereum, TRON, and the entire blockchain industry, we are highly optimistic and will continue to build, and everyone will receive more heavy news next!
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