Tron Founder Justin Sun Unstakes $30M of Ether from Lido, Sends Tokens to Huobi
Crypto wallets linked to Sun still hold some $543 million in Lido’s stETH token, according to Arkham Intelligence data.
![Justin Sun (CoinDeskTV)](https://www.coindesk.com/resizer/L51RHAsF4719rgNQhg2_ErRcj8Q=/567x321/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/33VEWWQSHBHOFIH4TM6AMNLAPY.png)
Crypto billionaire and Tron network founder Justin Sun withdrew $29.7 million of ether (ETH) from liquid staking platform Lido Finance, then sent the tokens to crypto exchange Huobi, blockchain data shows.
Sun’s crypto wallet received a total of 15,805 ETH from Lido’s withdrawal address on Thursday after requesting to unstake the tokens the day before, data by blockchain monitoring platform Arkham Intelligence shows.
A few minutes later, the wallet deposited 15,815 ETH to Huobi through an intermediary address, according to Arkham. Sending tokens to an exchange often signals intention to sell.
![Sun unstakes $30 million of staked ETH (Arkham Intelligence)](https://www.coindesk.com/resizer/AhiZOtxDlQ1-8rImTqiYARhlFAA=/560x338/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/3KE4KC62ZVBBDC2FFYPDBZLNMY.png)
![Sun sends $30 million of ETH to Huobi (Arkham Intelligence)](https://www.coindesk.com/resizer/gH2xhwKFnqshmlpAe-CwR51ZwO0=/560x107/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/5CWGHCRMAVAN3FLLRH6O3ILJ7Q.png)
The transactions happened as ETH, the second largest cryptocurrency by market capitalization, gained almost 16% through the week, surging past $1,900 from a low of $1,630, CoinDesk data shows.
Crypto markets, led by bitcoin (BTC), rallied through the week as investors cheered the news that a slew of traditional financial institutions took steps to get more involved with digital assets. BlackRock, the world’s largest asset manager, filed to register a much-coveted spot BTC exchange-traded fund (ETF) last Thursday. This week, banking giant Deutsche Bank applied for a crypto custody license in Germany, while new crypto exchange EDX Markets, backed by Fidelity Digital Assets, Charles Schwab and Citadel Securities, launched its trading platform.
Meanwhile, BTC's price broke the $30,000 level for the first time since April and was up 19.5% on the week. Blockchain data shows that Sun also deposited 1,000 BTC to Huobi early Wednesday, when the token was trading near $29,000.
Sun’s digital asset holdings in labeled crypto wallets were worth $1.2 billion, per Arkham. After the transaction, the wallets still held 287,855 of Lido’s staked ether (stETH) tokens, worth some $543 million.
UPDATE (Jun. 22, 19:45 UTC): Adds context about the crypto market rally and Sun's previous BTC transaction.