Cryptocurrency influencer Justin Sun has moved 4,500 ETH (approximately $6.96 million) from Huobi to stake on the Lido platform. This comes after his recent withdrawal of 137,325 ETH from both Binance and Huobi, with a significant portion (90,070 ETH, or about $146 million) staked on Lido.
The move highlights his strong belief in Lido’s staking capabilities and his active participation in the cryptocurrency market.
Earlier, Sun made a notable transaction by withdrawing 200 million USDT from JustLend and depositing it, significantly boosting Huobi’s USDT reserves. This move raised questions and speculation within the crypto community.
Potential reasons for these actions include diversifying assets, building confidence in Huobi amid negative publicity, and implementing Sun’s market strategy.
The exact purpose remains speculative, emphasizing the dynamic nature of cryptocurrency markets and their potential impact on Huobi’s operations and reputation.
Furthermore, Sun withdrew a substantial amount of stablecoins (40.7 million USDT and 11.7 million USDC) from Aave, a DeFi protocol, significantly impacting Aave’s liquidity and borrowing rates. Borrowing costs surged to 39.8% for USDC and an unprecedented 82.43% for USDT.
The reasons behind these sizable withdrawals remain unknown, leading to speculation about Sun’s motives, investment strategies, and concerns about Aave’s platform.
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Justin Sun Stakes $7 Million ETH on Lido After Shifting From Huobi was first posted on October 12, 2023 at 2:26 pm.
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