Justin Sun Transfers $244.9M in Ethereum to HTX on Christmas Eve

On Christmas Eve, Justin Sun, the founder of Tron, made a significant move by transferring 70,182 Ethereum (ETH), valued at $244.9 million, to HTX (formerly known as Huobi). The transfer was split into two parts: 42,905 ETH unstaked from Lido Finance, a decentralized liquid staking protocol, and 27,277 ETH withdrawn from Etherfi. This transaction brings Sun’s total incoming deposits to HTX to 179,101 ETH, worth $645 million at an average price of $3,601 per ETH.

This move comes just two days after Sun redeemed 39,999 ETH for $143 million from Lido Finance and Etherfi on December 23, which he then deposited into HTX. Since November 10, Justin Sun has deposited a total of 108,919 ETH into HTX, amounting to $400 million at an average purchase price of $3,674 per ETH. At the time of the December 23 transaction, an additional 42,904 ETH, worth approximately $139 million, was still in the process of being unstaked from Lido Finance, which was completed in the Christmas Eve transfer.

Earlier, on December 16, Sun had requested the withdrawal of 52,905 ETH from Lido Finance, worth $209 million, marking another step in his larger strategy. Between February and August, Sun plans to acquire 392,474 ETH at an average price of $3,027 per ETH, which is expected to generate a 29% profit.

In October 2023, Sun made another major move, unstaking 80,251 ETH, worth $131 million, from Lido Finance and transferring it to Binance. This transaction occurred just before Ethereum’s price dropped by about 5% in mid-October.

Overall, Sun holds a significant amount of Ethereum-related assets, including 106,905 staked ETH worth $372.4 million and 56,277 ETH derivative tokens valued at $195.8 million. This latest series of transactions highlights Sun’s ongoing involvement in the Ethereum ecosystem, with a clear focus on leveraging Ethereum’s potential for future gains.