Tron's Justin Sun Reduces ETH Holdings, Deposits $12.3M into Poloniex

Tron founder Justin Sun has continued to redeem his ether holdings from Lido, a liquid staking protocol on Ethereum. Since August 26, he has unstaked 10,000 ETH, with the latest batch of 5,000 being redeemed on September 8.

The redeemed ether is worth approximately $12.3 million at current prices, and it has been deposited into Poloniex, an exchange backed by Sun himself. This move raises questions about whether Sun intends to sell his holdings or simply transfer them to another venue.

Sun still holds a significant amount of stETH, worth around $594 million, which is a tradable receipt token issued by Lido. It's unclear when he will redeem the remaining 238,000 stETH, but if he continues at this pace, it could become a major story in the coming weeks.