Justin Sun Continues to Redeem Tron Funds from Lido
Tron founder Justin Sun has continued to redeem his ether (ETH) holdings from Lido, a liquid staking protocol on Ethereum. Since August 26th, he has pulled out 10,000 ETH, worth approximately $24.8 million at the current price of $2,484 per ETH.
The most recent move saw Sun's wallet cluster request the unstaking of another 5,000 ETH from Lido, bringing his total redemptions to 15,000 ETH since August 26th. Liquid staking allows users to lock their ether with a protocol, collect yield, and hold a tradable receipt token (stETH) instead of running validator hardware themselves.
Sun has been redeeming his holdings in steps, rather than making one large exit, which is why he moved $12.3 million worth of previously redeemed ETH into Poloniex across two deposits. It's worth noting that the exchange is not a neutral venue, as Sun is a majority backer of both Poloniex and HTX.
Despite this move, Sun still holds approximately 238,000 stETH, worth around $594 million, making it his second-largest on-chain asset. If his redemption rate stays at this pace, the remaining stack could become a slow-burning story in the future.