Justin Sun Associated Crypto Address Allegedly Hijacked $38 Million Withdrawn
Justin Sun Crypto 37 million USDT was used to purchase 16,236 ETH at an average price of $2,279, according to blockchain analytics platform @EmberCN.
A recent on-chain activity involving a suspected Justin Sun-associated address has sparked interest and speculation within the crypto space. On August 5, 2024, a newly created address (0x5ac…a17e) witnessed the withdrawal of 38 million USDT from the HTX exchange.
Subsequently, 37 million USDT was used to purchase 16,236 ETH at an average price of $2,279, according to blockchain analytics platform @EmberCN.
Justin Sun Hacked or Strategic Move
These transactions follow a pattern of substantial USDT transfers to HTX observed over the past two days. Justin Sun himself has confirmed the transfer of 210 million USDT to the exchange.
Notably, Sun has refuted rumors regarding potential liquidations of his positions, stating that he rarely employs leveraged trading strategies.
Further analysis by Spot On Chain reveals a consistent accumulation of ETH by a suspected Sun-linked address. Since February 8, 2024, this address has amassed 377,590 ETH at an average purchase price of $3,051, representing a total cost of $1.15 billion.
The recent on-chain activity raises several questions regarding Sun’s strategy and intentions. The significant USDT transfers and subsequent ETH purchases suggest potential investment activity, possibly driven by a bullish outlook on the ETH market.
It is also plausible that these transactions are part of a larger strategy related to the development of Tron or other projects within Sun’s ecosystem.
However, it’s crucial to note that these are speculative interpretations based on public blockchain data. Establishing a definitive link between the address in question and Justin Sun requires further investigation and confirmation from the individual himself.
As of the time of writing Sun has yet to make any official statements regarding the transfer or disapprove the possible allegation of market manipulation.
Ethereum Co-Founder Vitalik Buterin Falls Victim to $691,000 Cyber Heist
Vitalik Buterin, the co-founder of Ethereum, lost access to his X (formerly Twitter) account due to a phishing attack. The attackers, whose motives remain unclear, gained access to his crypto wallets and stole an estimated $691,000 worth of digital assets.
Significantly, 73% of the stolen assets consisted of NFTs, a popular and valuable asset within the cryptocurrency community.
The incident has raised concerns about the security of online platforms and the vulnerabilities of crypto wallets. It highlights the importance of robust security measures to safeguard digital assets from cyberattacks.
