Mysterious $160 Million Ethereum Buy Sparks Speculation: Is Justin Sun Behind It?

Published by

Qadir AK

February 20, 2024

A recent eyebrow-raising event in the crypto world involves a mysterious address snagging a whopping $160 million in Ethereum (ETH). The rumor mill is in overdrive, suggesting a potential connection to Justin Sun, the influential founder of TRON.

Let’s dive into the details and decipher if this massive buy hints at a bullish drive for Ethereum.

Lookonchain Investigation Reveals Clues

Lookonchain, an online chain investigator, has diligently examined the colossal transactions. Their data reveals that 54,721 ETH was purchased through Binance and various decentralized exchanges (DEXs).

The wallet, labeled “TWGHNc,” is under the spotlight for its involvement in substantial transactions. Notably, this wallet withdrew 500 million USDT in Tether from Huobi on a recent Sunday.

Lookonchain also points out that the same wallet deposited 50 million USDT into Binance. Further analysis draws connections to another address, “0x7a95,” indicating parallel activities between the two.

Suspicious Transactions

A closer look at the timeline adds to the mystery. On February 7, TWGHNc deposited $5.4 million to Huobi, followed by a similar ETH withdrawal of the same value by 0x7a95 the next day. Additionally, a substantial 50 million USDT deposit to Binance on February 1 by TWGHNc correlated with a subsequent withdrawal of 9,959 ETH from Binance by 0x7a95 on February 12.

Also Read: Ethereum (ETH) Price All Set To Hit $3.5K This Week – Here’s Why

Sun’s Potential Involvement

Considering these transactions, analysts and observers speculate on the potential involvement of Justin Sun. Given Sun’s significant sway in the crypto market, the alignment of these transactions with his known activities raises questions.

If Justin Sun is indeed linked to these transactions, it might signify a bullish interest in Ethereum. History suggests that influential figures like Sun can impact market rates significantly. Ethereum holders might be on the brink of exciting news, anticipating a bullish trend influenced by Sun’s moves in the crypto arena.

Is this whale signaling a bullish future for Ethereum, or is there more to the story?

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.