Newly Created Wallet Withdraws $118M Worth Of Crypto From Binance

In a truly unprecedented event, a newly created wallet has accumulated a staggering amount of two cryptocurrencies from the centralized exchange, Binance. The latest update from EmberCN, an on-chain tracker, has revealed the withdrawal of over 7K ETH (Ethereum) and 9K USDT (Tether) by this new wallet in the past day, setting off a wave of discussions and speculations in the cryptocurrency space.

Here’s a closer look at this new wallet’s on-chain data, which is raising eyebrows across the broader crypto industry.

New Wallet Linked To Justin Sun?

Intriguingly, speculations about the wallet’s potential identity have already swirled in to take crypto investors and traders by storm. As seen previously, such staggering amounts of ETH and USDT have been noted to be accumulated from Binance by TRON founder Justin Sun, with crypto market participants whispering this accumulation to be his as well.

Indeed, this latest maneuver seems to align with previous patterns observed in February and April, when addresses linked to Sun Ge embarked on a similar trajectory. However, no concrete proof has been provided to confirm the same. 

Meanwhile, the exact amount withdrawn by the wallet totals 7,402 ETH, worth $23.03 million and 95.67 million USDT. Further, this accumulation underscores the burgeoning adoption of cryptocurrencies globally, with digital assets gaining confidence among investors.

In the interim, it’s also worth noting that the address that withdrew these funds is ‘0x205194d171c74e9efa3ca53a0f78e48472cac621.’ Also, the unknown address’s colossal investment in Ethereum appears to be strategic, as the token showcased signs of consolidation recently.

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ETH Price Jumps Marginally

As of writing, Ethereum’s price noted a 0.08% jump in the past 24 hours and is currently trading at $3,149.15. Intriguingly, the token’s considerable bearish movement today primarily aligns with the massive crypto market selloff.

Besides, broader charts illustrate that the token currently consolidates near the $3.1K mark, with the abovementioned accumulation hinting at a rising price action for the token ahead. This has further echoed a buzz among investors.

Also Read: Solana Co-Founder Mocks Vitalik Buterin, Defends Meme Coin Frenzy

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