Justin Sun, the founder of Tron and a prominent figure in the crypto industry, has recently transferred approximately $30 million worth of ETH tokens from Lido Finance to Huobi. The move has sparked speculation about a potential large-scale sale.
According to data from blockchain intelligence firm Arkham Intelligence, Sun initiated the process of unstaking his ETH tokens from Lido on Wednesday and completed the transfer to Huobi on Thursday.
The transaction involved Sun receiving 15,805 ETH from his Lido address and depositing 15,815 ETH into Huobi.
The transfer has fueled rumors of a possible sale, although Sun has not provided any public comment regarding his intentions with the funds.
Initial speculations suggested that Sun’s actions were an attempt to undermine Lido. However, it was later revealed that he still has around 290,000 ETH staked in Lido, with an approximate value of $546 million.
It is worth noting that Sun had previously made a significant deposit of 150,000 ETH to Lido in February, which substantially increased the platform’s total value locked (TVL) at the time.
The deposit, valued at $240 million, triggered Lido’s Staking Rate Limit protocol safety feature, which helps maintain rewards stability during periods of large inflows.
Earlier this year, Sun’s name made headlines amid rumors of his arrest in Hong Kong. During that time, LookOnChain data revealed that he had liquidated assets, including transferring 2,200 ETH to Huobi and Binance, worth approximately $4.6 million.
These transactions were connected to the legal charges filed by the United States Securities and Exchange Commission (SEC) against Sun and his affiliated companies.
The SEC accused Sun and his companies of offering and selling crypto securities without proper registration, specifically mentioning BitTorrent (BTT) and Tronix (TRX).
The allegations also included claims of secondary market manipulation for TRX through wash trading and failure to disclose compensation to celebrities involved in promoting the tokens.
According to the SEC, Sun allegedly provided a significant supply of TRX for the scheme, generating $31 million from illegal offers and sales of the token.
The court filing further stated that Sun instructed employees to carry out over 600,000 fake TRX trades, washing up to 7.4 million TRX daily.