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Ethereum Whale Goes On 127,000 ETH Buying Spree, Was It Justin Sun Again?

Reports show that a new Ethereum (ETH) whale has been on a buying spree recently. This whale bought over $405 million worth of ETH since March 31 and is suspected to be Tron founder Justin Sun. Sun is also linked to another address that made massive ETH moves this year.

A New Whale On The Horizon, Is It Justin Sun?

The blockchain research platform Lookonchain revealed that a whale has gone on an Ethereum buying frenzy over the past few weeks. The newly created account started buying ETH from crypto exchanges on March 31.

According to the post, the mysterious wallet first withdrew $96.8 million stablecoins from the crypto exchange Binance. Then, the whale started buying Ethereum from Binance and Decentralized Exchanges (DEX).

From April 8 to April 20, the address bought 127,388 ETH, worth around $405.19 million, at an average price of $3,172 per token. According to the research platform, the activity from this new address is similar to that of the alleged Justin Sun address.

Although the possibility of a coincidence is not ruled out, the activity between the two addressed seems to suggest otherwise. On March 31, the address Sun was suspected of owning made a significant deposit of 787 million USDT to Binance on Tron, which coincided with the withdrawal made by the mysterious new address.

As reported by NewsBTC, Justin Sun’s alleged wallet also went on a similar buying spree from February 12 to February 24. At the time, the address acquired 168,396 ETH, worth around $580.5 million, for an average price of $2,894.

Lookonchain considers that the similarities hint that these addresses are likely owned by Sun. If so, Justin Sun has bought 295,757 ETH, worth $891 million, in the past two months.

Ethereum Price Recovers Amid Whale Accumulation

X users expressed concern over Sun’s alleged movements. At the time of the first report, some considered the transaction suspicious.

One user affirmed that Sun would be “the reason of the next market crash.” Others believe it was time to question whether Sun would dump his ETH bag. However, the possibility of him accumulating for the approval of spot Ethereum exchange-traded funds (ETF) was brought up.

The latest news of Sun’s alleged buying spree received a more positive response. A user considered it a bullish signal for the second-largest cryptocurrency, as the token could benefit from whale accumulation.

On Friday, Ether’s price dipped to $2,865, a level not seen since late February. Over the weekend, however, ETH began to recover from its recent fall as the whale buying spree occurred.

Since then, the “king of altcoins” regained the $3,100 support level, currently trading at $3,192. The recovery represents a 2% increase from its price 24 hours ago and a 1.5% surge in the weekly timeframe.

Moreover, ETH’s daily trading activity has increased by 8.7%, with a daily trading volume of $11.42 billion. Similarly, the second-largest cryptocurrency has seen a 1.78% rise in market capitalization during the last day.

ETH, ETHUSDT, Ethereum

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Exciting Launch For TRON (TRX) Coming, Justin Sun Announcement Sent This Token 24% Up

TRON (TRX) Founder Justin Sun made an announcement earlier today that created expectations about what’s coming to the ecosystem. Additionally, a second post by Sun made the price of a token surge by 24% in a matter of minutes.

TRON-Based Inscriptions Market To Launch Soon

Recently, the TRON network made it into the news after reaching 95 million total addresses. As reported by NewsBTC, TRON significantly surpassed other Layer-1 networks in address growth, including Avalanche and Cardano.

This time, TRON is in the headlines after its founder, Justin Sun, shared some news for the ecosystem on X (formerly known as Twitter.)

Sun posted on Monday morning to inform the crypto community that a TRON-based inscription marketplace is coming. “Exciting news, the inscription market based on #TRON is about to launch,” said the TRON founder.

Inscriptions became popular after the launch of Bitcoin Ordinals last year. The new technology allowed the creation of non-fungible tokens (NFT) in the Bitcoin blockchain and has seen different applications ever since.

As it can be created using any type of data, like audio, video, and images, other chains started to launch their inscriptions.

TRON developers and APENFT Foundation’s NFT team developed the inscriptions marketplace. All developers are welcome to build in the TRON ecosystem, Sun said.

TRON’s native token didn’t seem to react to the news. TRX’s price has increased by 0.4% in the last 24 hours. At writing time, the token is trading at $0,1409, representing a mild 2.1% price surge in the 7-day timeframe.

TRX, TRON, TRXUSDT

However, the token’s trading volume of $367.3 million accounts for a 21.48% surge from the day prior, per CoinMarketCap data.

As of this writing, further details about the launch are yet to be revealed. However, the community welcomed the news positively. Many expressed excitement to see what the TRON ecosystem could bring to the NFT market.

Similarly, crypto exchange Binance recently revealed its Inscription Marketplace, allowing users to create and trade inscription tokens within the Binance app.s

Justin Sun Behind BitTorrent (BTT)’s Price Surge?

After the announcement, Sun, who acquired BitTorrent back in 2018, quoted his post to ‘announce’ BTT-related news. BitTorrent is a file-sharing platform built on the TRON blockchain.

The two words posted by the blockchain entrepreneur sent the token’s price up by 24%. BTT’s price was moving sideways the 24 hours before Sun’s post, as seen in the chart below.

Just moments after the TRON founder’s comment, the price quickly went from $0.000001526 to $0.0000017. An hour later, BTT’s trading volume increased from $100.14 million to $151.6 million, a 51.4% increase in this timeframe.

The token reached $0.0000018 before the pullback to the $0.0000017 price range. At writing time, BTT’s price is $0.000001755, accounting for a 24.6% price increase from the day prior. The 7-day and 30-day performances display a notable price surge of 68% and 118%, respectively.

The performance seen since the beginning of 2024 suggests a recovery from the past year when the token reached its all-time low of $0,0000003654. The token’s price has increased 153.6% in the 1-year time frame.

Its market capitalization sits at an impressive $1.62 billion, making BTT the #64 largest cryptocurrency by this metric, according to CoinMarketCap.

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Who’s Behind The Latest $41 Million Ethereum Buying Spree? Justin Sun Again?

The cryptocurrency community is abuzz with speculation after a series of large Ethereum (ETH) purchases attributed to a wallet potentially linked to Justin Sun, founder of the TRON blockchain and CEO of BitTorrent.

Justin Sun On An Alleged Massive Buying Spree

According to a tweet by blockchain analytics firm Lookonchain, the suspected wallet recently acquired another 13,780 ETH, valued at approximately $41.24 million. This latest purchase adds to a total of 168,369 ETH, worth roughly $487 million, accumulated in just two weeks from both centralized exchanges like Binance and decentralized exchanges (DEXs).

The buying spree began accelerating this week, with significant purchases almost daily. The largest single transaction, recorded on February 19th, saw the suspected Sun wallet acquire a staggering 54,721 ETH, amounting to $154.4 million.

Motives And Market Impact Remain Unclear

While Justin Sun has not confirmed ownership of the wallet, the size and frequency of the transactions point towards a high-profile investor. However, Sun’s intentions and the potential impact on the market remain open to interpretation.

Analysts Offer Speculative Explanations For Sun’s Actions

Some analysts suggest these large-scale purchases could be a bullish signal for Ethereum, indicating a strong belief in the platform’s long-term potential. This interpretation aligns with Ethereum’s recent price surge – reaching a high of $3,000 before dipping slightly on the day the news broke.

Others speculate that Sun’s actions may be part of a broader strategy, potentially linked to the ongoing discussions surrounding an Ethereum ETF (exchange-traded fund). The possibility of an ETF approval has already been seen to positively influence the price of Bitcoin, and similar effects could be anticipated for Ethereum.

Maintaining A Critical Perspective Essential in Volatile Market

It is crucial to remember that the cryptocurrency market is inherently volatile. While Sun’s buying spree has undoubtedly generated significant interest, it is important to maintain a critical perspective and consider the limitations of the available information.

Reports emphasize that the wallet is only suspected to belong to Sun. The connection between these alleged purchases and Ethereum’s recent price movements remains unconfirmed. Additionally, motivations behind such large-scale acquisitions are often unclear, leaving room for various interpretations and speculations.

Featured image from Pixabay, chart from TradingView

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Curve Founder Moves Over 23 Million CRV To Binance, Is It Time To Take Profit?

Curve Finance founder Michael Erogov has moved over 23 million CRV, the native governance token of the Curve DAO, to Binance, the world’s leading cryptocurrency exchange, over the last five days, The Data Nerd, on December 27, shows. The founder moved 2.5 million CRV on December 27. This transfer may ruffle investors, raising concerns because it could indicate that Erogov is likely liquidating.

Curve founder moves coins to Binance | Source: The Data Nerd via X

CRV Is Firm, Up 60% In The Last 3 Months

While the founder’s sale of CRV could put downward pressure, the token remains firm and is up roughly 60% from September 2023 lows. The token trades above $0.60 at spot rates, rejecting selling pressure as the daily chart shows.

If bulls press on, it could break above $0.72 to record new 2023 highs. The token is trending higher, rejecting bear attempts amid improving sentiment across the crypto scene. Although Erogov is selling CRV, the market seems to interpret the move as bullish.

Curve price trending upward on the daily chart | Source: CRVUSDT on Binance, TradingView

The spectacular revival of CRV is net bullish for the protocol, suggesting that investors are still confident despite headwinds in early H2 2023 when several Curve pools were exploited due to a Vyper compiler issue.

Curve Founder Sold CRV To Prevent Liquidation Of DeFi Loans

Following the hack in late July 2023, Erogov was forced to liquidate a large chunk to prevent liquidation. On its part, the hack led to over $52 million in crypto assets, including 7.19 million worth of CRV, lost. In the aftermath of the hack, prices crashed.

At the time of this hack, Erogov had over $100 million in DeFi loans backed by 427.5 million CRV as collateral. As CRV prices fell, the health of Egorov’s loans fell in tandem. 

If the value of Egorov’s CRV collateral were to fall further, it could face liquidation. This meant that all protocols from where the founder had borrowed using CRV as collateral would have been forced to sell the token at spot rates to repay the loan. As an automated intervention, the event would have likely caused a cascade, even impacting ordinary holders using CRV as collateral. 

To avoid this and as a form of intervention, Tron founder Justin Sun and multiple other parties, including Jeffrey Huang, made deals to buy CRV from the Curve founder, preventing this liquidation from happening. 

Michael Erogov portfolio | Source: Debank

According to DeBank on December 27, Erogov’s crypto portfolio was north of $136 million. Out of this, the founder owns over $38.9 million of CRV.

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Hamas And Hezbollah Pick Tron Instead Of Bitcoin In Crypto Shift, Report

TRON (TRX), a blockchain-based digital platform, has surpassed Bitcoin (BTC) as the platform of choice for financial transfers by groups such as Hamas and Hezbollah, which are designated terrorist organizations by the US, UK, and other countries.

According to a Reuters report, this development has opened a new front in Israel’s battle against the funding of alleged Iranian-backed militant groups.

Tron Wallets Targeted In Israeli Seizures

According to the report, a comprehensive analysis of crypto seizures announced by Israeli security services since 2021 highlights a significant increase in targeting TRON wallets and a decrease in seizures related to Bitcoin wallets.

The National Bureau for Counter Terror Financing (NBCTF) of Israel, responsible for seizure operations, froze a total of 143 TRON wallets between July 2021 and October 2023, believing them to be associated with “designated terrorist organizations” or involved in “severe terror crimes.” 

Notably, 87 of these seizures occurred this year, including 39 wallets linked to Lebanon’s Hezbollah and 26 wallets associated with Palestinian Islamic Jihad, a Hamas ally.

In response to heightened scrutiny of Hamas’ financing, Israel intensified its investigation efforts. It discovered that 56 TRON wallets were connected to Hamas, with 46 traced back to a Gaza-based money exchange company called Dubai Co. For Exchange. 

TRON

Following the recent Hamas attacks on Israel, the largest crypto account seizure to date was announced, freezing approximately 600 accounts associated with Dubai Co. 

Per the report, several individuals whose funds were frozen in this seizure claimed to have been using TRON for legitimate business or personal financial purposes and denied any affiliation with Hamas or Islamic Jihad. 

However, Israel designates Dubai Co. as a terrorist group due to its alleged aid to Hamas, particularly in transferring substantial funds on an annual basis.

Key Blockchain For Tether Transactions

When contacted by Reuters, a spokesperson for TRON, Hayward Wong, emphasized that all technologies have the potential for misuse, citing the example of US dollars being employed for money laundering. 

Wong further stated that TRON lacks control over how its technology is utilized and asserted that it is not linked to the groups identified by Israel.

The report also sheds light on the dominance of the cryptocurrency Tether (USDT) within the TRON network. Tether stated that it routinely traces and freezes tokens used for illicit purposes, working in collaboration with law enforcement agencies.

According to Reuters, TRON has become the primary blockchain for Tether transactions, hosting a remarkable $48 billion worth of the tokens. Average daily transactions on Tron jumped to 9.1 million from April to June, a remarkable increase of over 70% compared to last year.

However, as reported by our sister website Bitcoinist, Tron has faced its share of controversies. The founder of Tron, Justin Sun, sued the US Securities and Exchange Commission (SEC) in March on allegations of artificially inflating trading volumes and selling unregistered Tron tokens.

It is important to note that crypto transactions related to terrorist groups have been decreasing since 2021 as seen in the chart below. Unlike traditional payment methods, Bitcoin and cryptocurrencies provide authorities with a backdoor, a transparent path that has allowed them to put a halt to illegal money flows.

TRON

The unfolding developments in this matter are yet to be fully determined, and it remains uncertain whether there will be additional lawsuits and enforcement actions against crypto companies and exchanges implicated in these allegations.

Featured image from Shutterstock, chart from TradingView.com

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Hamas And Hezbollah Pick Tron Instead Of Bitcoin In Crypto Shift, Report

TRON (TRX), a blockchain-based digital platform, has surpassed Bitcoin (BTC) as the platform of choice for financial transfers by groups such as Hamas and Hezbollah, which are designated terrorist organizations by the US, UK, and other countries.

According to a Reuters report, this development has opened a new front in Israel’s battle against the funding of alleged Iranian-backed militant groups.

Tron Wallets Targeted In Israeli Seizures

According to the report, a comprehensive analysis of crypto seizures announced by Israeli security services since 2021 highlights a significant increase in targeting TRON wallets and a decrease in seizures related to Bitcoin wallets.

The National Bureau for Counter Terror Financing (NBCTF) of Israel, responsible for seizure operations, froze a total of 143 TRON wallets between July 2021 and October 2023, believing them to be associated with “designated terrorist organizations” or involved in “severe terror crimes.” 

Notably, 87 of these seizures occurred this year, including 39 wallets linked to Lebanon’s Hezbollah and 26 wallets associated with Palestinian Islamic Jihad, a Hamas ally.

In response to heightened scrutiny of Hamas’ financing, Israel intensified its investigation efforts. It discovered that 56 TRON wallets were connected to Hamas, with 46 traced back to a Gaza-based money exchange company called Dubai Co. For Exchange. 

TRON

Following the recent Hamas attacks on Israel, the largest crypto account seizure to date was announced, freezing approximately 600 accounts associated with Dubai Co. 

Per the report, several individuals whose funds were frozen in this seizure claimed to have been using TRON for legitimate business or personal financial purposes and denied any affiliation with Hamas or Islamic Jihad. 

However, Israel designates Dubai Co. as a terrorist group due to its alleged aid to Hamas, particularly in transferring substantial funds on an annual basis.

Key Blockchain For Tether Transactions

When contacted by Reuters, a spokesperson for TRON, Hayward Wong, emphasized that all technologies have the potential for misuse, citing the example of US dollars being employed for money laundering. 

Wong further stated that TRON lacks control over how its technology is utilized and asserted that it is not linked to the groups identified by Israel.

The report also sheds light on the dominance of the cryptocurrency Tether (USDT) within the TRON network. Tether stated that it routinely traces and freezes tokens used for illicit purposes, working in collaboration with law enforcement agencies.

According to Reuters, TRON has become the primary blockchain for Tether transactions, hosting a remarkable $48 billion worth of the tokens. Average daily transactions on Tron jumped to 9.1 million from April to June, a remarkable increase of over 70% compared to last year.

However, as reported by our sister website Bitcoinist, Tron has faced its share of controversies. The founder of Tron, Justin Sun, sued the US Securities and Exchange Commission (SEC) in March on allegations of artificially inflating trading volumes and selling unregistered Tron tokens.

It is important to note that crypto transactions related to terrorist groups have been decreasing since 2021 as seen in the chart below. Unlike traditional payment methods, Bitcoin and cryptocurrencies provide authorities with a backdoor, a transparent path that has allowed them to put a halt to illegal money flows.

TRON

The unfolding developments in this matter are yet to be fully determined, and it remains uncertain whether there will be additional lawsuits and enforcement actions against crypto companies and exchanges implicated in these allegations.

Featured image from Shutterstock, chart from TradingView.com