Tron Founder Justin Sun Unstakes $30M of Ether from Lido, Sends Tokens to Huobi

Crypto wallets linked to Sun still hold some $543 million in Lido’s stETH token, according to Arkham Intelligence data.

AccessTimeIconJun 22, 2023 at 6:37 p.m. UTC
Updated Jun 22, 2023 at 7:45 p.m. UTC

Crypto billionaire and Tron network founder Justin Sun withdrew $29.7 million of ether (ETH) from liquid staking platform Lido Finance, then sent the tokens to crypto exchange Huobi, blockchain data shows.

Sun’s crypto wallet received a total of 15,805 ETH from Lido’s withdrawal address on Thursday after requesting to unstake the tokens the day before, data by blockchain monitoring platform Arkham Intelligence shows.

A few minutes later, the wallet deposited 15,815 ETH to Huobi through an intermediary address, according to Arkham. Sending tokens to an exchange often signals intention to sell.

Sun unstakes $30 million of staked ETH (Arkham Intelligence)
Sun unstakes $30 million of staked ETH (Arkham Intelligence)
Sun sends $30 million of ETH to Huobi (Arkham Intelligence)
Sun sends $30 million of ETH to Huobi (Arkham Intelligence)

The transactions happened as ETH, the second largest cryptocurrency by market capitalization, gained almost 16% through the week, surging past $1,900 from a low of $1,630, CoinDesk data shows.

Crypto markets, led by bitcoin (BTC), rallied through the week as investors cheered the news that a slew of traditional financial institutions took steps to get more involved with digital assets. BlackRock, the world’s largest asset manager, filed to register a much-coveted spot BTC exchange-traded fund (ETF) last Thursday. This week, banking giant Deutsche Bank applied for a crypto custody license in Germany, while new crypto exchange EDX Markets, backed by Fidelity Digital Assets, Charles Schwab and Citadel Securities, launched its trading platform.

Meanwhile, BTC's price broke the $30,000 level for the first time since April and was up 19.5% on the week. Blockchain data shows that Sun also deposited 1,000 BTC to Huobi early Wednesday, when the token was trading near $29,000.

Sun’s digital asset holdings in labeled crypto wallets were worth $1.2 billion, per Arkham. After the transaction, the wallets still held 287,855 of Lido’s staked ether (stETH) tokens, worth some $543 million.

Edited by Nelson Wang.

UPDATE (Jun. 22, 19:45 UTC): Adds context about the crypto market rally and Sun's previous BTC transaction.


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Krisztian  Sandor

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.