Tron founder Justin Sun unstakes $30M in ETH from Lido

Justin Sun, the founder of the Tron network, withdrew $29.7 million worth of Ethereum (ETH) from Lido Finance’s liquid staking platform and transferred the tokens to Huobi, a cryptocurrency exchange that Sun owns. Sun’s digital assets were stored in labeled crypto wallets worth $1.2 billion.

Arkham Intelligence shows Sun’s wallet received 15,805 Ethereum (ETH) from Lido’s withdrawal address on Thursday after requesting to unstack the tokens the day before. The wallet deposited 15,815 ETH to Huobi a few minutes later, which indicates an intention to sell.

The token was trading near $29,000 last Wednesday when Sun deposited 1,000 BTC to Huobi. According to Sun’s labeled crypto wallets, his digital asset holdings totaled $1.2 billion. The wallets still held 287,855 of Lido’s stETH tokens after Friday’s transaction.

ETH has rallied over $1,900 in the past week, and BTC’s price has broken the $31,000 level and reached its highest level since last year.

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