Justin Sun is suspected of buying $160 million worth of Ethereum
The address Justin Sun was suspected of using recently acquired $160.7 million in ETH, potentially indicating an optimistic attitude towards Ethereum.
Lookonchain reported that the purchase was made through the leading cryptocurrency exchange Binance and various decentralized exchanges (DEX). The wallet, identified by the partial address "TWGHNc," has been scrutinized for its large-scale transactions, including the withdrawal of $500 million to Tether from HTX, formally Huobi, on Sunday.
The same wallet has also deposited $50 million to Binance today, with analysts and observers stressing that Sun will have the potential to withdraw such a large amount from HTX.
Further comparison of transaction patterns linked the "TWGHNc" wallet to another "0x7a95" address, noting parallel actions between them. On February 7, TWGHNc deposited $5.4 million into HTX, followed the next day by a similar amount in ETH at 0x7a95 from HTX.
In addition, TWGHNc's $50 million deposit on Binance on February 1 correlated with the subsequent withdrawal of 9,959 ETH from Binance to 0x7a95 on February 12. Transactions for a large amount from HTX suggest that the wallet could potentially belong to Sun, although this is speculative.
If Sun had been accurately identified behind these transactions, it would have signaled a bullish interest in Ethereum on the part of the TRON founder.
