DeFi
Is Justin Sun planning to sell $21 million worth of DeFi tokens?
Crypto luminary Justin Sun is reportedly considering a major decentralized finance sale (Challenge) tokens worth around $21 million. According to Spot On Chain, a on-chain analysis company, Sun transferred an assortment of Challenge tokens in the crypto exchange – Binance.
This move has sparked speculation about possible liquidation strategies.
Sun will make more than $7 million in profit
The breakdown of DeFi tokens that Sun has deposited on Binance includes:
- 93,979 Aave (AAVE)worth approximately $11.26 million.
- 3,800 Manufacturer (MKR)valued at approximately $9.3 million.
- 4,178 Compound (COMP) at $245,000, and
- 203,623 Liquity (LQTY), totaling $217,000.
They were moved from three crypto wallets. Spot On Chain monitors 13 addresses linked to Sun.
“These addresses (may) belong to the Justin Sun entity,” Spot On Chain said.
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If Sun proceeds with the sale, the profits could be substantial, notably thanks to MKR and AAVE. Estimates suggest a profit of $6.74 million, a 276% gain for MKR, and $252,000, a 2.3% increase for AAVE. These two tokens could bring him more than $7 million in total profits.
However, Spot On Chain has not disclosed the transaction history for COMP and LQTY.
Interestingly, the market has not reacted strongly to these developments. The current price movements of the affected DeFi tokens are relatively modest: AAVE is down 0.67%, MKR is down 2.09%, COMP is down 0.40%, and LQTY is down 1.82%.
AAVE, MKR, COMP and LQTY price performance. Source: Trading View
In addition to these tokens, Sun’s cryptocurrency portfolio is extensive. He revealed in February 2024 that his holdings include more than 28,000 Bitcoins (BTC)managed through his HTX account, with a market value of approximately $1.6 billion.
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Additionally, Arkham data indicates that its public crypto assets exceed $1.08 billion. Based on publicly available on-chain data, this positions it as one of the the richest individuals in the crypto industry.
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