(MENAFN- CoinXposure)
The well-known crypto entrepreneur and founder of Tron Blockchain, Justin Sun, has once again caused a stir in the Cryptocurrency world by transferring a substantial amount of Ethereum (ETH) tokens.
In a recent transaction reported by Lookonchain, Sun moved approximately $43 million worth of ETH to the major cryptocurrency exchange Poloniex.
The transfer of 23,000 ETH, valued at $43 million, adds to Justin Sun's impressive history of transferring large amounts of Ethereum to Poloniex.
The current ETH balance of Sun is 163.35 ETH, held at wallet address 0x3DdfA8eC3052539b6C9549F12cEA295cfF5296.
In addition to the recent transfer of 23,000 ETH to Poloniex, it is essential to highlight some of Justin Sun's previous noteworthy transfers.
In December, Sun made a significant transaction by sending 6,500 ethers to the same exchange.
Coincidentally, the Ethereum price dropped from $1,350 to approximately $1,151 in the days that followed this transaction.
Sun transferred an additional 10,000 ETH to Poloniex on January 25 this year, constituting a second substantial transfer.
In seven separate transactions, he has sent 67,500 ETH worth a staggering $126 million over the past year.
As a long-term holder, Sun's transfer may be part of a routine derisking strategy. Diversifying one's holdings or decreasing exposure to a specific asset are examples of such systems.
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Furthermore, Sun's transfer to Poloniex may serve a dual purpose, providing liquidity to the exchange while supporting its operations during decreased exchange liquidity.
This transfer follows Justin Sun's withdrawal of $29.7 million worth of ETH from the Lido Finance liquid staking platform last month.
Sun promptly sent the tokens to Huobi, another prominent cryptocurrency exchange, following the withdrawal.
In addition to his involvement with Ethereum, Sun recently made headlines for announcing Tron's entry into the ethereum blockchain via the innovative BitTorrent bridge.
At the time of publication , Ethereum costs $1,861.62. The 24-hour low for Ethereum is $1,854.06, and the 24-hour high is $1,876.96.