Justin Sun reveals the mystery behind his $600 million ETH deposits

A series of Ether (ETH) deposits on Binance amounting to nearly $600 million from Tron founder Justin Sun puzzled many for days. The deposits started in December itself and many were worried about the probability of Sun cashing out given he has announced earlier that he will be moving away from his role as the CEO of Tron Foundation.

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Earlier today, Justin Sun came out to burst all speculations and revealed that the much talked about $600 million ETH deposits were in fact for the internal deployment of wallets and had nothing to do with Ethereum or Tron. The official statement from Sun read,

“Recently, the internal deployment of wallets has attracted market attention. We continue to be optimistic about the market outlook, and there is no situation that everyone has guessed. Regardless of Ethereum, TRON, and the entire blockchain industry, we are highly optimistic and will continue to build, and everyone will receive more heavy news next!”

近日内部调配钱包，引起市场关注，我们对后市持续看好，并不存在大家所猜测的情况。无论对于以太坊，还是波场，整个区块链行业，我们都是高度看好的，会继续建设，大家接下来会收到更多重磅消息！

— 孙宇晨 (@sunyuchentron) December 29, 2021

Sun’s official statement not just shut the mystery on the $600 million deposits but also clear that he was not liquidating any of his funds or cashing out. Given the current downtrend in the crypto market, many expected the ETH deposit on Binance were for selling purposes.

Justin Sun starts a new career as a “crypto diplomat”

Sun created Tron as a competitor to Ethereum with similar functionalities and lesser processing time, however, the founder of the firm has decided to move on to his next phase in his career as a crypto diplomat for Grenada, a small Caribbean nation. Sun had quite a controversial crypto career and run-ins with the Chinese authorities but managed to stay in limelight throughout.

At the time of writing Ethereum (ETH) was trading at $3,709 with a 2% decline over the past 24-hours. The second-largest altcoin lost critical support of $4K and is currently in a consolidation phase.

The post Justin Sun reveals the mystery behind his $600 million ETH deposits appeared first on CoinGape.