"Damn, what exactly is Sun's motive for acting like this."
Recently, news broke about Tron (TRX) cryptocurrency founder Justin Sun suddenly transferring a huge amount of Ethereum (ETH) worth $132 million.
Explained in more detail, he who is removing 80,251 ETH from liquid staking service provider Lido (LDO) has successfully withdrawn 43,000 ETH worth 70 million and then deposited it on Binance.
It is well known that Sun sending a stack of ETH to a crypto exchange can push the digital asset to be sold on the open market which is the act of a financial authority buying or selling government securities or other securities such as bonds, debt securities, and treasury bills.
In addition to observing the movement of a digital asset address said to belong to ETH co-founder Vitalik Buterin, on-chain data also revealed that the address was able to deposit 1,000 ETH worth $1.64 million to Bitstamp.
This is because the address was found to have deposited 4,400 ETH worth $7.23 million to Bitstamp in the last two months.
It also reportedly received 70,000 ETH worth $115 million from Vb3 believed to be related to vitalik.eth.
As of this writing, ETH price has plunged by 0.32% to $1,634 in the last 24 hours with a market cap of $545 billion further recording a 0.67% decline over the past week.
