Justin Sun Moves Ethereum, Sparking Selloff Speculation

Justin Sun, the founder of Tron DAO, has stirred speculation in the crypto world by withdrawing a substantial amount of Ethereum (ETH) from staking and moving it to Poloniex, a major cryptocurrency exchange.

This action has led to predictions of a possible significant selloff.

Sun recently unstaked 1,768 ETH, valued at around $5.9 million, according to Peck Shield Alert. He then transferred 810 ETH, worth about $2.7 million, to Poloniex.

This move follows a notable price drop in early July, when Ethereum fell by 10%, impacting the global crypto market cap and leading to a significant loss for Sun.

Between February and June 2024, Sun acquired a large volume of Ethereum, totaling 361,137 ETH. His investments were made at various prices, with a notable profit of $58 million just before the July market dip.

However, the sudden decline turned these gains into a $66 million loss as Ethereum’s price dropped below $2,800 before rebounding to above $3,300.