• Justin Sun explains the mystery surrounding his $600 million ETH deposits

  • For days, many people were perplexed by Tron founder Justin Sun’s string of Ether (ETH) deposits on Binance totaling roughly $600 million. The payments began in December, and many were concerned about Sun cashing out, considering that he had previously declared that he would be stepping down as CEO of Tron Foundation.

    Justin Sun came out earlier today to dispel all rumors, revealing that the much-discussed $600 million ETH deposits were in fact for the internal deployment of wallets and had nothing to do with Ethereum or Tron. Sun’s official statement read,

    “Recently, the market has focused on the internal deployment of wallets. We remain positive about the market’s prospects, and there is no situation that everyone has predicted. Regardless of Ethereum, TRON, or the entire blockchain sector, we are quite hopeful and will continue to build, and everyone will receive more significant news in the near future!”

    Sun’s official announcement not only ended the mystery surrounding the $600 million deposits, but also made it apparent that he was not liquidating or cashing out any of his holdings. Given the present state of the crypto market, many expected the ETH deposit on Binance to be for the purpose of selling.

    Justin Sun embarks on a new career path as a “crypto diplomat.”

    Sun founded Tron as a competitor to Ethereum, with similar functionality and faster processing time; nevertheless, the company’s founder has decided to pursue his future career as a crypto ambassador for Grenada, a small Caribbean republic. Sun had a contentious crypto career and run-ins with Chinese officials, yet he managed to stay in the spotlight throughout.

    At the time of writing, Ethereum (ETH) was trading at $3,709, down 2% in the previous 24 hours. The second-largest altcoin has lost important $4K support and is currently in a consolidation period.

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