In a surprising move, wallet 0xdbf, suspected to be controlled by Justin Sun, has withdrawn a staggering 4,629 ETH worth $16.07 million from the popular cryptocurrency exchange Binance. The withdrawal was executed at a price of $3,472 per ETH, as reported by SpotOnChain, an innovative AI-driven platform that provides traders with valuable on-chain insights. SpotOnChain, which is supported by Google for Startups and boasts prestigious partners, has become a trusted source of information for crypto enthusiasts.
This recent withdrawal is just the latest in a series of transactions made by wallet 0xdbf. In fact, over the past three days, this wallet has withdrawn a total of 13,967 ETH, amounting to a staggering $48.8 million, from Binance. The average price of each ETH during these transactions has been $3,494.
The significant amount of ETH being withdrawn by wallet 0xdbf has caught the attention of the crypto community, particularly due to its suspected association with Justin Sun, the founder of Tron. Sun’s actions and decisions often have a profound impact on the market and influence investor sentiment.
While it remains unclear why these withdrawals are taking place, analysts are closely monitoring any further transactions from this wallet. They aim to assess the potential effects of these operations on the market and the future development of Ethereum.
Overall, this series of massive ETH withdrawals has raised concerns within the crypto industry. The identity of the person behind wallet 0xdbf, combined with the significant amounts being withdrawn, has sparked speculation and intrigue among cryptocurrency enthusiasts.