Justin Sun transfers $244.9m in Ethereum to HTX on Christmas Eve Â
Justin Sun, the founder of Tron, sent 70,182 Ethereum, which is worth $244.9 million, on Christmas Eve to HTX.
The transfer, reported by Spot On Chain, consists of 42,905 Ethereum (ETH) unstaked from Lido Finance, a decentralized liquid staking protocol. Sun also transferred 27,277 ETH from Etherfi. The new transaction raised Sun’s total incoming deposits to HTX (previously Huobi) at the end of last month to 179,101 ETH, worth $645 million, at an average price of $3,601 per ETH.
Two days earlier, on Dec. 23, Justin Sun redeemed 39,999 ETH for 143 million dollars from Lido Finance and Etherfi and deposited the full amount into HTX. This took his total deposits to HTX since Nov. 10 to 108,919 ETH, worth $400 million at an average purchase price of $3,674. The unstaked process for an additional 42,904 ETH, equivalent to about $139 million, was still underway at Lido Finance at the time. The unstaking process has now partly culminated in the Christmas Eve transaction.
On Dec. 16, Sun requested to withdraw 52,905 ETH from Lido Finance, valued at $209 million. This transaction is part of a larger plan involving the purchase of 392,474 ETH between February and August at an average rate of $3,027 per ETH, yielding a 29% profit.
Sun unstaked 80,251 ETH, worth $131 million, from Lido Finance and poured it into Binance on Oct. 4, 2023, as reported earlier. This move came days before the price of ETH fell some 5% by mid-October. Sun has substantial Ethereum-related assets, including 106,905 staked tokens worth $372.4 million and 56,277 ETH derivative tokens worth $195.8 million.
