Tron Founder Makes Twitter Abuzz (Again), Moves $55M ETH to Binance
- TRON Founder Justin Sun has moved 19,000 ETH ($55 million) to Binance.
- Some members of the crypto community grew anxious about this news, fearing an impending price drop.
- Sun previously drew flak on Twitter after calling out Ukraine for “unfair” treatment.
TRON Founder Justin Sun has sent 19,000 Ethereum (ETH), worth $55 million, to crypto exchange Binance, which worried some users.
A blockchain journalist and insider reported that on March 2, at 9 PM (UTC +8), a huge ETH transaction took place in the leading crypto exchange. It was revealed that a wallet address owned by Sun moved 19,000 ETH to Binance. The ETH in question has a total value of $55 million.
At 21:00 on March 2 (UTC+8), Justin Sun’s address (0x176F3DAb24a159341c0509bB36B833E7fdd0a132) transferred 19,000 ETH to Binance, with a total value of about $55 million. Link: https://t.co/aJMRRBhWJc
— Wu Blockchain (@WuBlockchain) March 3, 2022
Some members of the crypto community took to Twitter to share their reactions regarding the massive transaction that happened on Wednesday night.
One user warned that Sun, along with Three Arrow Capital Co-founder Zhu Su, is oftentimes bullish on Twitter, suggesting that the businessman should be tracked closely.
A user also suggested Sun is looking to sell his digital assets, tweeting:
When people transfer it to an exchange it means that they want to sell it most of the time. I don’t think he is gonna trade with it 😁
— Danny (@dutchprogrammer) March 3, 2022
Notably, when a holder moves a huge amount of crypto, the community sees this as a red flag that the coin will soon dip in price.
Multiple sources, however, suggested Sun, while moving coins between internal wallets of his ecosystem, has no intention to sell.
Before this, the entrepreneur drew flak on Twitter for calling out Ukraine’s “unfair” treatment of the TRON community.
Before Ukraine canceled its airdrop, it promised to deliver crypto rewards to its donors, including the Polkadot community. However, TRON was left out of this list, upsetting Sun, who replied to Ukraine’s thread in a series of now-deleted tweets.
Sun stated TRON donated $1.2 million in USDT, “but now the airdrop just ignores them completely.” He added, “It is just UNFAIR. We need to fix it!”
Twitter users swarmed Sun, with one user pointing out that the people of Ukraine are “dodging actual bullets right at this moment and ducking actual bombs right now?? [sic]” The user continued, “And you’re demanding they stop what they’re doing and give you [an] airdrop.”
Meanwhile, Sun’s wallet holds a balance of 298,146 Ethereum worth over $867 million as of writing.
