Justin Sun Moves $258 Million Worth of stETH to EigenLayer
Justin Sun, the founder of TRON and a controversial figure in the crypto space, has made a significant move involving staked ether (stETH), a token that represents ETH staked on Lido, a decentralized protocol for liquid staking.
According to Arkham, Sun’s address 0x9F…19Fe unblocked 94,500 WSTETH from Lido 11 hours ago and converted them to 109,327 stETH, worth approximately $258 million at the time of writing. WSTETH is a wrapped version of stETH that keeps the balance of stETH fixed and uses an underlying share system to reflect the staking rewards.
Sun then transferred these stETH to two new addresses: 0xdC…0ff0 and 0x79…b163, which deposited them into EigenLayer, a middleware platform that enables ETH restakers to stake ETH across multiple protocols at once, using data availability, decentralized sequencers, light node bridges, and other features.
EigenLayer recently raised $50 million in a Series A funding round led by Blockchain Capital and attracted prominent investors such as Polychain Capital, Electric Capital, Coinbase Ventures, and Ethereal Ventures.
Sun’s address still holds approximately 107,000 WSTETH, equivalent to approximately $301 million, making him one of the largest holders of staked ETH in the crypto market.
Sun has not publicly commented on his move, but some speculate that he is trying to leverage the security and scalability of Ethereum’s proof-of-stake network, while also benefiting from the liquidity and rewards offered by EigenLayer and other DeFi protocols.
Sun is known for his aggressive marketing and publicity stunts, such as acquiring BitTorrent, Poloniex, and HTX exchange, winning a charity auction to have lunch with Warren Buffett, and launching a copycat version of Filecoin called BTFS.
He has also been accused of breaking U.S. and Chinese financial regulations and laws, manipulating the market for his own tokens, and engaging in unethical practices such as plagiarism, censorship, and exit scams.
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