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Justin Sun Transferred Over $5.9 Million in LQTY from Liquid to Binance

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On February 28, PeckShield monitoring showed that the address marked Justin Sun on the chain extracted and released pledge of more than 2.5 million LQTY (about…

Justin Sun Transferred Over $5.9 Million in LQTY from Liquid to Binance

On February 28, PeckShield monitoring showed that the address marked Justin Sun on the chain extracted and released pledge of more than 2.5 million LQTY (about US $5.9 million) from Liquid and transferred to Binance.

PeckShield: Justin Sun’s address extracted from Liquid and released the pledge of more than 2.5 million LQTY and deposited in Binance

Interpretation of the news:


On February 28, 2021, PeckShield monitoring reported that Justin Sun, the founder of Tron, had extracted and released the pledge of more than 2.5 million LQTY from the cryptocurrency exchange, Liquid, and transferred it to Binance. This move raised suspicion among the cryptocurrency community, and many have been discussing the possible reasons behind this large transfer.

Firstly, it is worth noting that LQTY is a relatively unknown cryptocurrency that has only recently gained some popularity. Liquid is one of the few exchanges that lists LQTY, and since Justin Sun is a big player in the cryptocurrency world, it is not surprising that he would have invested in this coin. Furthermore, there are speculations that Sun could be trying to manipulate the price of LQTY by creating artificial demand for it.

Secondly, some experts believe that Justin Sun could be shifting his focus away from Tron and towards other cryptocurrencies. Tron has been struggling to gain traction in the cryptocurrency market, and perhaps Sun sees better investment opportunities in other projects. This theory is supported by Sun’s recent interest in projects such as Polkadot, Avalanche, and Reef Finance, which are all gaining popularity among cryptocurrency investors.

Finally, there are concerns that Sun could be trying to evade taxes by transferring such a large amount of LQTY to Binance. Cryptocurrency taxation is still a gray area in many countries, and there are legal loopholes that allow cryptocurrency investors to avoid paying taxes. Since Sun is known for pushing the boundaries of what is legal, it is not far-fetched to assume that he could be taking advantage of these loopholes.

In conclusion, Justin Sun’s recent transfer of over $5.9 million worth of LQTY from Liquid to Binance has raised many questions and sparked various speculations among the cryptocurrency community. Whether Sun’s motives were purely investment-based, strategic or profit-driven, remains to be seen. However, one thing is for sure, Sun’s actions have once again brought attention to the power and influence that individuals can wield in the cryptocurrency market.

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