- An address connected to Justin Sun has moved 120,000 EETH worth $376 million to Swell L2.
- Reportedly, the transferred EETH accounts for 46.6% of the total deposits of Swell L2.
- The same address, holding 48,374.301353998937694271 ETH, previously moved 120,000 ETH to EtherFi.
TRON Founder Justin Sun has recently created headlines in connection to a massive $300+ million worth of Ether (ETH). According to an X post by Colin Wu, a Chinese crypto journalist, an address related to Sun deposited 120,000 EETH, worth $376 million, into Swell L2.
Justin Sun’s team address 0x7a9…3095 deposited 120,000 EETH (the deposit certificate after ETH is deposited into EtherFi) into Swell L2 on May 4, worth US$376 million, accounting for 46.6% of the total deposits of Swell L2. https://t.co/QT0AoxKv69
— Wu Blockchain (@WuBlockchain) May 5, 2024
EETH or ether.fi Staked ETH is the non-custodial liquid staking token for Ethereum. In other words, it is the ETH deposited into the liquid restaking protocol, EtherFi. As per Colin Wu, the address 0x7a9…3095, which is allegedly connected to Sun, transferred 120k EETH to Swell L2, a blockchain ecosystem. Notably, the transferred EETH accounts for 46.6% of the total deposits of Swell L2.
In March 2024, the same address was identified as transferring 120,000 ETH into EtherFi. At present, the wallet holds 48,374.301353998937694271 ETH. Reportedly, the wallet began withdrawing ETH from Binance in February 2024, when the ETH price stood at $2.8k.
Meanwhile, ETH is trading on a downward track, aligning with the prevailing trend of the crypto market. At present, ETH’s price is set at $3,095, marking a marginal decline of 0.46% in the last 24 hours. However, the token has experienced notable dips of 6.51% and 5.9% in one week and one month, respectively.
With a market cap of $371,662,333,000, Ether secures its top position in the crypto market, second only to the pioneer cryptocurrency Bitcoin. However, a sharp fall of 30% in its trading volume over the last day, currently at $8,488,500,862, shows the varying trends in the market. Meanwhile, Bitcoin is traded at $63,461, with a slight surge of 0.57%.