Mystery surrounds $154 million Ethereum accumulation in record time

In a swift and unprecedented move, a crypto whale has amassed a staggering 54,721 Ethereum (ETH), valued at $154.4 million, within just 32 hours. The sudden accumulation, first detected by blockchain tracker Lookonchain, has raised eyebrows across the cryptocurrency community. speculations abound regarding the identity of the mysterious entity behind this substantial transaction.

Ethereum acquisition mystery

The blockchain analytics firm Lookonchain brought attention to the rapid accumulation of Ethereum, shedding light on an unknown entity’s withdrawal of 54,721 ETH from popular cryptocurrency exchange Binance and various decentralized exchanges (DEXes). 

This significant movement, occurring within such a short timeframe, has triggered speculation about the intentions and identity of the crypto whale involved.

Justin Sun connection sparks speculation

Among the swirling conjectures, one prominent theory points towards Justin Sun, the founder of Tron and an advisor to the crypto exchange HTX. Lookonchain hinted at a potential connection by noting that the address associated with the massive Ethereum withdrawal could be linked to Sun. 

The firm pointed out previous transactions involving significant sums of USDT, suggesting a pattern consistent with Sun’s financial activities.

HTX-Binance transactions Fuel speculation on wallet identity

Lookonchain’s analysis revealed a series of transactions indicating a flow of funds between HTX and Binance, originating from the same wallet address. The firm highlighted a notable coincidence where large withdrawals from HTX corresponded with substantial deposits into Binance, further fueling speculation about the identity behind the wallet address “TWGHNc.” While Lookonchain emphasized that the association with Justin Sun remains speculative, the patterns observed on-chain raise intriguing questions about the nature of the transactions.