In the ever-dynamic world of altcoin projects, October 7 saw some interesting developments. Two leading names in the industry made headlines. According to Lookonchain data, the respective addresses of both Justin Sun and Vitalik Buterin were involved in significant transactions.
TRON founder withdraws Ethereum from Lido
On October 4, an address associated with TRON founder Justin Sun initiated a withdrawal request for a significant amount of Ethereum (ETH). In particular, it was requested that 80,251 ETH, equivalent to approximately $132 million at that time, be withdrawn from Lido. As of today, a total of 43,000 ETH, approximately $70 million, have been successfully withdrawn and subsequently deposited to the popular cryptocurrency exchange Binance. This massive withdrawal went unnoticed, raising questions and speculation in the crypto community about Sun’s intentions regarding such a significant ETH move. It is important to note that Sun is known for his active involvement in the cryptocurrency space, and his actions often attract attention due to their potential impact on the market.
Justin Sun(@justinsuntron) applied to withdraw 80,251 $ETH ($132M) on Oct 4.
So far, he has successfully withdrawn 43K $ETH ($70M) and deposited it to #Binance.https://t.co/6wvQuDabVE pic.twitter.com/UWvjytM6nN
— Lookonchain (@lookonchain) October 7, 2023
Vitalik’s altcoin addresses are on the move
Simultaneously, addresses related to Ethereum co-founder Vitalik Buterin were also active on the blockchain. On October 7, Lookonchain reported a transfer of 1,000 ETH, worth approximately $1.64 million, from an address related to Vitalik. This isn’t the first time Buterin-related funds have been on the move. Over the past two months, the same address deposited a total of 4,400 ETH, or approximately $7.23 million, to the Bitstamp exchange.
These transactions, which frequently include addresses related to Vitalik, continue to fuel speculation about the purpose behind these movements. Ethereum, the blockchain created by Vitalik Buterin, plays a pivotal role in the decentralized finance (DeFi) ecosystem and the broader cryptocurrency market. Any activity involving Buterin’s assets tends to attract attention due to its potential impact on the Ethereum network.
vitalik.eth(@VitalikButerin) related address transferred 1K $ETH ($1.64M) out again, which may be deposited into #Bitstamp.
This address has deposited a total of 4.4K $ETH ($7.23M) to #Bitstamp in the past 2 months.https://t.co/LRrcqoxUhf pic.twitter.com/oO0rEAD6pd
— Lookonchain (@lookonchain) October 7, 2023
The market is curious about the transactions
As the cryptocurrency market continues to evolve and adapt, tracking such important transactions and fund movements remains a very important aspect of the industry. Cryptocurrency enthusiasts and investors will undoubtedly follow these developments closely as they have the potential to impact market sentiment and prices. As a result, the cryptocurrency world witnessed notable action on October 7, with Justin Sun withdrawing a significant amount of ETH from Lido and Vitalik-related addresses continuing to move significant amounts of Ethereum. These events are a reminder of the ever-changing nature of the cryptoasset space, where large transactions can have far-reaching impacts.
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