In a recent development, an address under suspicion of belonging to Justin Sun, the TRON founder, has reportedly acquired $160.7 million in Ethereum (ETH), sparking speculation about a potential bullish drive for the cryptocurrency.
The address, associated with the partial identifier “TWGHNc,” is said to have made the substantial purchase through major cryptocurrency exchange Binance and various decentralized exchanges (DEXs). This wallet has come under scrutiny due to its involvement in significant transactions, including a noteworthy withdrawal of 500 million USDT in Tether from HTX (formerly Huobi) on Sunday.
Observers have noted that the wallet made a subsequent deposit of 50 million USDT into Binance, leading to speculations about Sun’s potential capacity to execute such large transactions from HTX.
Analysts have also compared transaction patterns, connecting the “TWGHNc” wallet to another address, “0x7a95,” highlighting parallel activities between the two. For instance, on Feb. 7, “TWGHNc” deposited $5.4 million into HTX, followed by a similar ETH withdrawal of the same amount by “0x7a95” from HTX the next day.
Moreover, a 50 million USDT deposit to Binance by “TWGHNc” on Feb. 1 correlated with a subsequent withdrawal of 9,959 ETH from Binance by “0x7a95” on Feb. 12. These patterns, particularly the high-value transactions from HTX, have led to speculation that the wallet could potentially belong to Justin Sun, though such assertions remain speculative.
If the identity behind these transactions is indeed Justin Sun, it would signify a bullish interest in Ethereum from the TRON founder, adding a new dimension to the ongoing market dynamics. However, it’s important to note that the identification of wallet owners in the cryptocurrency space is often challenging and subject to speculation.
