Justin Sun Sends 2,200 ETH to Binance and Huobi, is He Dumping?

JAKARTA – One of the leading crypto figures, Justin Sun, is reported to have sold some of his assets in the last 24 hours. The sale occurred after rumors of Sun's arrest some time ago circulated. Even so, the news has not been clarified with certainty.

Data from crypto analytics firm Lookonchain shows that Sun has transferred a total of 2,200 Ethereum (ETH) tokens worth around USD 4.6 million (IDR 67.9 billion) to exchanges Binance and Huobi Global.

Launching CoinSpeaker, although the purpose of the token transfer is still not known with certainty, speculation regarding the news of the arrest of the Grenada Ambassador to the World Trade Organization (WTO) in Hong Kong has recently become one of the possibilities.

Sun is a controversial figure in the digital currency ecosystem, and although he has never been indicted in any jurisdiction, many still have doubts about his business dealings. Recently, the United States Securities and Exchange Commission (SEC) filed charges against Sun and three of its companies.

The companies involved include Tron Foundation Limited, BitTorrent Foundation Ltd, and Rainberry Inc. Sun allegedly facilitated and traded the sale of the unregistered cryptocurrency Tron (TRX). In addition, Sun was also faced with allegations related to secondary market manipulation through wash trading and the use of influencers to promote Tron ecosystem products without proper documentation or disclosure.

Although Tron is not one of the top digital currencies by ranking, it is the largest blockchain that facilitates Tether (USDT) transactions on it. Given the high transaction fees on the Ethereum blockchain, Tron is the destination of choice for most USDT stablecoin transactions.

However, this link is not considered to be strong as Tether Holdings Ltd is frequently accused of similar market manipulation and the accusations against Tron may not help the Web3.0 company's views.

Sun responded to news of the sale of its assets with only a comment of "4", the number denoting False News and Fear, Uncertainty, and Doubt. The blockchain system is very transparent, and that is why Lookonchain can track Sun's activity on it.

One of the reasons why Twitter users in the crypto world felt suspicious of Sun's actions was About Capital Management's swift acquisition of the largest stake in Huobi Global. Although Sun claims to only be an international advisor to Huobi, many believe he actually owns About Capital and used the venture capital firm as a cover to buy the trading platform.

However, if Sun did sell his assets to pay legal fees related to arrests or other legal disputes, it would be worth millions of dollars in legal fees, as experienced by Sam Bankman-Fried (SBF), the former CEO of FTX.