Justin Sun Surpasses Ethereum Foundation as Largest ETH Holder After Lido Withdrawal
Justin Sun has withdrawn 5,000 ETH from Lido, with 3,500 of those funds sent to Poloniex and then a hot wallet address. The remaining 1,500 was deposited into Morpho, a decentralized lending protocol. These transactions show that Sun is actively managing his crypto assets.
The exact purpose of the transfer remains unknown, but it's possible that the move to a hot wallet could be for operational or security reasons rather than an immediate sale. The withdrawal has left Sun with over 243,000 ETH, worth around $600 million at current prices.
This positions him as the fourth-largest known ETH holder, surpassing the Ethereum Foundation's reserves. While this may seem significant, it's essential to note that these figures are based on on-chain analytics and might not capture all of Sun's assets across different wallets or exchanges.