In the latest development, a wallet believed to be that of Justin Sun, a prominent figure in the crypto community, caused significant concern with its activity. Over the last three days, from March 31, a wallet moved an extraordinary 787 million USDT to Binance on the Tron network. At the same time, another unknown wallet appeared on the Ethereum network and withdrew $96.8 million worth of stablecoins from Binance, according to LookOnChain.
Mysterious Wallet Buys 127,388 ETH for $405.19 Million
The post-sales activities of this mysterious wallet have thus attracted the interest of many observers. The wallet went on a shopping spree for Ethereum, where it purchased 127,388 ETH for $405,19 million. These purchases were split between Binance and decentralized exchanges, DEX with a purchase price of $3,172 per ETH on average.
The series of transactions has since prompted inquiries from the community about the potential truth between Justin Sun, and the wallet’s activities. It is worth mentioning that an earlier tweet from LookOnChain exposed a Justin Sun wallet, which the company suspected had taken in 168,369 in ETH for $487 million from February 12 to February 24.
Crypto Community Speculates on Mysterious Transactions Timing
It is because of the nature of these transactions and the timing that the crypto community is making speculations. Some members of the community are questioning whether it is all coincidental despite the transactions being done by the same entity.
Although the specific actor behind the three entities linked to the transactions remains unverified. However, his or her activity has raised awareness concerning the movement of huge players in the crypto arena. As the digital token market becomes more mainstream, such transactions would continue to be viewed carefully by the observers to deduce their intended objectives.
