Sun is really a "hardworking model" in the cryptocurrency circle. It is not easy to operate at such a high position! Recently, Sun Yuchen has once again become the focus of the media. He successfully sold 5.374 million EIGEN airdrops at an average price of $4.03 per coin, easily earning more than 20 million US dollars. Although this little money may not be a big deal for Sun, there are many mysteries behind his operation, which makes people think deeply: Why did he recharge the airdrop tokens to HTX first, and then transfer them to Binance for sale? What is the meaning of this operation?

1. Review of operation process

According to the news on October 2, on-chain analyst Yu Jin pointed out that Sun Yuchen's associated address withdrew 21.66 million USDT from Binance an hour ago, indicating that he had sold all the 5.374 million EIGEN airdrops he received at an average price of $4.03. The specific operations are as follows:

1. Receive airdrops: The night before yesterday, Justin Sun received approximately 5.374 million EIGEN airdrops through 6 addresses.

2. Transfer to HTX: Yesterday at noon, after the EIGEN tokens were unblocked, he transferred these tokens to HTX (formerly known as Huobi).

3. Transfer to Binance: He then transferred the tokens to Binance and sold them at an average price of $4.03, in exchange for approximately 21.66 million USDT.

2. Why choose HTX and then transfer to Binance?

This series of operations was not random, but a well-thought-out strategy:

1. Optimize transaction prices:

There are differences in liquidity and prices between different exchanges. HTX and Binance are world-renowned trading platforms with considerable trading depth and liquidity. Sun may use the high liquidity of HTX to quickly transfer tokens and then sell them at a better price on Binance to make more profits.

2. Diversify risks:

Distributing assets across multiple exchanges can effectively reduce the impact of technical failures or regulatory risks that may occur in a single exchange on assets. Especially in the context of increasingly stringent regulation in the current cryptocurrency industry, decentralized operations are particularly important.

3. Take advantage of arbitrage opportunities:

The price difference between HTX and Binance provides an opportunity for arbitrage. If the price of EIGEN is higher when HTX is transferred out, and a better exchange rate can be obtained when selling on Binance, Sun Ge can achieve risk-free arbitrage in this way and further increase his income.