Justin Sun stakes over $150 million in Ethereum
Key Takeaways
- Justin Sun staked $154.5 million worth of Ethereum on the Lido protocol.
- Sun's Ethereum holdings now surpass his TRX holdings according to blockchain analytics.
Tron founder Justin Sun withdrew around 45,000 Ethereum worth over $154 million from decentralized lending platform AAVE and deposited the tokens to Lido Staking on Wednesday, according to data tracked by blockchain analytics firm Arkham Intelligence.
The crypto entrepreneur has $534 million of Ethereum in his public wallets, exceeding his holdings of TRX at $519 million.
The move represents one of the largest institutional staking deposits on the Ethereum network in recent months. Lido is a liquid staking protocol that allows users to stake Ethereum while maintaining liquidity through derivative tokens.
Earlier this year, Sun proposed a plan to manage the Ethereum Foundation and increase Ether’s price to $10,000 by halting ETH sales and implementing other financial strategies.
ETH was trading at around $3,400 at press time, up 3.5% in the last 24 hours, CoinGecko data shows. The second-largest crypto asset fell below $4,200 earlier this week amid a market-wide pullback that sent Bitcoin tumble under $100,000, its lowest level since June.
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