Despite the ongoing market collapse, Justin Sun is allegedly purchasing Ethereum worth millions of dollars.
According to reports, Justin Sun, the founder of TRON, has spent millions of dollars in USDT to obtain additional Ether, which is presently stored in a new crypto wallet address that was established on Monday.
The acquisition occurred in the midst of a widespread crypto market downturn, which resulted in Ether experiencing its most significant single-day decline since 2021. The crypto asset experienced a 21% decline to its lowest point of $2,171 on Monday morning, but it has since recovered some of its losses and is currently trading at $2,227, according to CoinMarketCap data.
Within three hours, a new wallet believed to be associated with Justin Sun withdrew 38 million USDT from HTX and utilized $37 million to purchase 16,236 ETH, as per a post by crypto analyst EmberCN on August 5. The average acquisition price per ETH was $2,279.
EmberCN stated that the wallet address was likely associated with Sun, as the crypto magnate has transmitted 210 million USDT into the crypto exchange HTX in the past two days. The analyst also noted that the address, which is barely one day old, “displays the same operational behavior as the numerous addresses that Sun employed to acquire ETH.”
The purported Monday acquisition is a supplement to Justin Sun’s substantial Ethereum portfolio, which the crypto entrepreneur had previously reinforced by an additional 377,590 ETH. Acquired for $1.15 billion in February of this year, this was acquired gradually.
After Monday’s market collapse, Sun’s Ethereum portfolio suffered a loss of approximately $280 million, according to Spot On Chain.
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