Justin Sun Transfers $7 Million Worth of ETH from Huobi to Stake on Lido
In Brief
Cryptocurrency influencer Justin Sun has transferred 4,500 ETH (approximately $6.96 million) from Huobi to stake on the Lido platform.
Well-known cryptocurrency figure Justin Sun, moved 4,500 ETH (approx $6.96 million) from the Huobi exchange to stake it on the Lido platform. This comes after Sun’s withdrawal of 137,325 ETH from Binance and Huobi over the past month, with 90,070 ETH (approximately $146 million) being staked on Lido.
The actions reflect Sun’s strong belief in the value of staking assets on Lido, highlighting his active involvement in the crypto market.
In August, Justin Sun withdrew 200 million USDT from JustLend and deposited it into Huobi, increasing Huobi’s USDT reserves from $85 million to $285 million. This transaction, associated with the founder of Tron, has raised questions and speculations within the cryptocurrency community.
Possible reasons for this move include diversifying assets, boosting confidence in Huobi amid recent negative publicity, and Sun’s market strategy. The exact purpose remains speculative, highlighting the dynamic nature of cryptocurrency markets and the potential impact on Huobi’s operations and reputation.
He also withdrew around 52.5 million stablecoins (40.7 million USDT and 11.7 million USDC) from Aave, a DeFi protocol. Tws withdrawal significantly impacted Aave’s liquidity and borrowing rates, causing borrowing costs to surge to 39.8% for USDC and an unprecedented 82.43% for USDT.
While reasons for such large withdrawals are unknown, it has sparked speculation about his motives, potential investment strategies, and concerns about Aave’s platform.
Read more:
- Tron Founder Justin Sun Claims Unfair Token Acquisition by Huobi Founder’s Brother
- Crypto Giants KuCoin and Huobi Under Scrutiny as UK Expands Warning List
- Justin Sun announces a 2 billion dollar injection save the USDD peg from collapse
- SEC Files Charges Against Tron Founder Justin Sun and Several Celebrities for Crypto Violations
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
