During a recent drop in cryptocurrency prices, TRON founder Justin Sun capitalized on the situation by purchasing $4.8 million worth of Ethereum (ETH).

On June 24, around 20:00 Moscow time, Sun moved 1,449 ETH from his Binance account to his personal cryptocurrency wallet. The timing of the transaction suggests that he bought the coins when their price was near its lowest point. Following the market correction, Sun realized an unrealized profit of approximately $120,000.

According to Spot On Chain analysts, it appears that Sun owns the cryptocurrency. This assumption is based on the fact that shortly before the Ethereum withdrawal from Binance, Justin transferred $89.6 million worth of Tether (USDT) stablecoins to the exchange from his TRON network wallet.

Over the past five days, the TRON founder has withdrawn Ethereum from Binance on five separate occasions. In total, he has acquired 15,416 ETH worth $53.6 million on the platform at an average price of $3,474 per ETH. Currently, Ethereum is valued at $3,371, resulting in an unrealized loss of 3% for Sun.

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