Justin Sun, the founder of Tron, has made a significant transfer of ETH tokens worth nearly $30 million from Lido Finance to Huobi, fueling speculation about a potential upcoming sale.
The transaction occurred after Sun unstaked his ETH from Lido and moved the funds to Huobi. While rumors circulated about Sun’s intentions, he has not yet commented on the transfer or any plans to sell his Ether.
Contrary to initial speculations suggesting Sun’s motive was to crash Lido, it was revealed that he still holds a substantial amount of ETH, with nearly 290,000 ETH staked in Lido, valued at approximately $546 million.
Earlier this year, Sun made a notable deposit of 150,000 ETH to Lido, which caused a significant increase in the platform’s total value locked (TVL).
In response to the deposit, Lido activated its Staking Rate Limit feature to protect against rewards dilution while allowing deposits to continue gradually.
In April, amidst rumors of Sun’s arrest in Hong Kong, he liquidated assets by transferring 2,200 ETH to Huobi and Binance.
These transactions occurred following the charges filed by the United States Securities and Exchange Commission (SEC) against Sun and his companies for offering and selling crypto securities without proper disclosures.
The SEC also accused Sun of engaging in wash trading and manipulating the secondary market for TRX, resulting in $31 million in proceeds from illegal sales.
The SEC alleged that Sun orchestrated a scheme involving fake trades and undisclosed compensation to celebrities promoting the tokens, including Austin Mahone, Lindsay Lohan, Soulja Boy, Jake Paul, and Akon.
