Ethereum

BitTorrent

<a href="https://en.coin-turk.com/what-is-tezos-xtz/" data-wpel-link="internal">Crypto</a>-entrepreneur and founder of Tron Blockchain, Justin Sun, recently caused market unease by transferring a large portion of his <a href="https://en.coin-turk.com/bitcoin-surges-past-27000-triggering-ethereum-rally-critical-levels-to-watch/" data-wpel-link="internal">Ethereum</a> (<a href="https://en.coin-turk.com/ethereums-journey-rising-amidst-the-crypto-market-gains/" data-wpel-link="internal">ETH</a>) to crypto exchange Poloniex, of which he is alleged to be the owner. The recent transaction caught the attention of on-chain analysis platform LookOnChain, revealing a transfer of approximately 23,000 ETH, valued at around $43 million to the popular crypto exchange Poloniex.&nbsp; 
<h2 style="text-align: justify" id="span-data-contrast-auto-justin-sun-s-eth-transfer-span">Justin Sun’s ETH Transfer</h2> 
The transfer of 23,000 ETH, equating to around $43 million, marks the latest of Sun’s notable transactions involving large quantities of Ethereum being moved to Poloniex. Currently, Sun holds 163 ETH in the wallet address 0x3DdfA8eC3052539b6C9549F12cEA2C295cfF5296.&nbsp; 
<img decoding="async" class="aligncenter wp-image-88757 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/07/eth-4.png" alt="" width="1392" height="608" srcset="https://en.coin-turk.com/wp-content/uploads/2023/07/eth-4.png 1392w, https://en.coin-turk.com/wp-content/uploads/2023/07/eth-4-300x131.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/07/eth-4-768x335.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/07/eth-4-1200x524.png 1200w" sizes="(max-width: 1392px) 100vw, 1392px"> 
Sun is known for his significant Ethereum transfers to Poloniex, with a notable transaction in December 2021, transferring 6,500 ETH. Coincidentally, following this transfer, Ethereum’s price dropped from around $1,350 to roughly $1,151 in the days that followed. It’s worth noting that Sun made seven separate transactions last year, sending a total of 67,500 ETH, valued at $126 million.&nbsp; 
Another noteworthy ETH transaction by Sun was the transfer of 10,000 ETH to Poloniex on January 25.&nbsp; 
<h2 style="text-align: justify" id="span-data-contrast-auto-could-the-transfer-affect-the-eth-price-span">Could the Transfer Affect the ETH Price?</h2> 
Sun’s ETH transfers could potentially be part of a risk mitigation strategy as a long-term asset holder. Such strategies may involve diversifying assets or reducing exposure to a particular asset. There’s also the possibility that Sun’s transfer to Poloniex serves another purpose, potentially supporting the exchange’s operations during periods of reduced liquidity in crypto exchanges.&nbsp; 
The transfer followed Sun’s withdrawal of ETH worth $29.7 million from liquid staking platform Lido Finance (LDO) last month. Following the withdrawal, Sun sent his ETH to another crypto exchange, Huobi, that he is allegedly the owner of.&nbsp; 
In addition to his relationship with Ethereum, Sun recently made headlines announcing Tron’s entry into the Ethereum blockchain through the innovative BitTorrent bridge.&nbsp; 
The post <a rel="nofollow" href="https://en.coin-turk.com/justin-sun-sparks-market-concern-by-transferring-major-ethereum-shares-to-poloniex/" data-wpel-link="internal">Justin Sun Sparks Market Concern by Transferring Major Ethereum Shares to Poloniex</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Justin Sun Sparks Market Concern by Transferring Major Ethereum Shares to Poloniex

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