Justin Sun Buys the Dip: Acquires $37 Million Worth of ETH Amidst Price Plunge
CryptoNewsTerminal Staff05 Aug, 2024
Justin Sun Buys the Dip: Acquires $37 Million Worth of ETH Amidst Price Plunge
Justin Sun, founder of Tron (TRX), has made a significant purchase of Ethereum (ETH) amidst the recent market downturn. According to on-chain analyst AmberCN, a new address allegedly belonging to Sun bought 16,236 ETH for approximately $37 million. The average purchase price was $2,279. The address in question was reportedly created just before the ETH purchase and received 38 million USDT from Sun's exchange, HTX (formerly Huobi). This suggests that the address may indeed be controlled by Sun. AmberCN noted that Sun had deposited 210 million USDT into HTX over the past two days, and the source of USDT for the new address was HTX withdrawal. Additionally, the ETH purchase pattern resembled that of Sun's other addresses. Cointelegraph previously reported that Sun had suffered an unrealized loss of approximately $280 million due to today's ETH plunge. This recent purchase could be an attempt to mitigate those losses or simply a strategic move to accumulate ETH at a discounted price.
