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TRON’s Justin Sun deposits $620M worth of Ethereum into Binance – here’s why

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Dec

Image courtesy of Justin Sun’s Twitter.

  • 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.

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.

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!

At press time, Ethereum is trading at $3.740, dropping a mere 1.32 percent in the past day. It still ranks as the biggest altcoin, a position it’s unlikely to lose, seeing that its closest rival Binance Coin is five times smaller. However, since hitting its all-time high last month at $4,860, it has dropped 23.3 percent. This dropoff, while quite significant, is still smaller than BTC’s 31.1 percent and Solana’s 32.9 percent.

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As CNF reported, Sun recently stepped down from his role as the head of the Tron Foundation to take up a new diplomatic role. He was recently appointed by Granada to be its Geneva-based Ambassador to the World Trade Organization (WTO).

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