Suspected Justin Sun-Linked Wallet Acquires $487M in ETH Within Two Weeks

A wallet believed to be associated with Tron magnate Justin Sun has garnered attention for its substantial Ethereum acquisitions. Reports from Lookonchain reveal a notable purchase of 13,780 ETH, valued at approximately $41.24 million, from Binance within the last 12 hours.

A significant acquisition deal worth $487 million

This recent transaction adds to a string of significant acquisitions totaling 168,369 ETH, equivalent to approximately $487 million, occurring over a mere two-week period. The frequency and scale of these transactions have garnered widespread attention within the cryptocurrency community.

Suspicious wallets making large purchases of ETH driving its breakthrough beyond $3000

On Feb. 23 alone, the suspected wallet acquired an additional 18,616 ETH ($54.57M), following substantial purchases on Feb. 21 and 19, each totaling millions of dollars. These transactions coincide with Ethereum's notable surge in value, surpassing the $3,000 mark and sustaining a robust upward trajectory.

Unconfirmed Involvement of Justin Sun

While speculation surrounds the transactions, Justin Sun has not confirmed any involvement in these acquisitions.

Ether's Market Performance

Amidst discussions surrounding these transactions, Ether's current price stands at $3,100, reflecting a notable 1.94% increase in the last 24 hours and an impressive 39.88% rise over the past month. With a remarkable surge of 94.62% in the last year, Ether's trajectory continues to captivate investors and industry observers.

Justin Sun has recently gained prominence in the cryptocurrency market. Notably, the HTX exchange, advised by Sun, is speculated to become the next FTX, as suggested by a prominent crypto YouTube channel, "Discover Crypto." These developments occur amidst ongoing controversies surrounding alleged scandals linked to Justin Sun.