The post Justin Sun suspected to have purchased $160m in Ethereum  appeared on BitcoinEthereumNews.com.

An address suspected of Justin Sun recently acquired $160.7 million in ETH, potentially indicating a bullish drive for Ethereum.  Lookonchain said the purchase was made through leading cryptocurrency exchange Binance and various decentralized exchanges (DEXs). The wallet, identified with the partial address “TWGHNc,” has been scrutinized for its large-scale transactions, including a withdrawal of 500 million USDT in Tether from HTX, formally Huobi, on Sunday.  The same wallet also deposited 50 million USDT into Binance today, with analysts and observers emphasizing that Sun would have the potential capability to withdraw such a large amount from HTX.  Further comparisons of transaction patterns have linked the “TWGHNc” wallet to another address, “0x7a95,” noting parallel activities between the two. On Feb. 7, TWGHNc deposited $5.4 million to HTX, followed by a similar amount in ETH withdrawal by 0x7a95 from HTX the next day.  Additionally, a 50 million USDT deposit to Binance on Feb. 1 by TWGHNc correlated with a subsequent withdrawal of 9,959 ETH from Binance by 0x7a95 on Feb. 12. The high-value transactions from HTX suggest that the wallet could potentially belong to Sun, although it’s speculative. If Sun were accurately identified behind these transactions, it would signal a bullish interest in Ethereum from the TRON founder.  Follow Us on Google News Source: https://crypto.news/justin-sun-buys-160-million-ethereum/

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Filed under: News - @ February 20, 2024 6:16 am