The on-chain withdrawal of 30,000 stETH (staked Ether) tokens by Chinese businessman and Tron founder Justin Sun has caused concern among the user community of ETH staking provider, Lido.
Large amounts of stETH tokens, worth approximately $55.8 million, were withdrawn from two separate wallet addresses on Saturday, and both wallets were identified as belonging to Justin Sun.
The reason Sun withdrew millions is unclear and the controversial cryptocurrency entrepreneur has not publicly commented on the matter.
Information about the transactions was shared on Twitter by several prominent members of the community, and it was also highlighted that despite the recent sale, Justin Sun is still the holder of the largest amount of stETH, with approximately 260,000 stETH ($484 million) remaining.
Other Twitter users also shared the news, including famous Chinese cryptocurrency journalist Colin Wu.
No significant impact on markets This large withdrawal does not appear to be causing any deviation in the market price of stETH compared to ETH, with both tokens tracking each other closely throughout the weekend.
The community has also noticed that stETH continues to trade normally, as shared by the community member who initially shared the news, but he also reminded followers of the "scale". by Justin Sun.
The price of ETH fell throughout Saturday, but it is difficult to say whether the minor selling had anything to do with Justin Sun withdrawing stETH tokens.
Based on data from TradingView, the token price fell from around $1,870 at the beginning of the day (UTC) to $1,865 at the end of the day, a decrease of exactly 0.3%.
The token's price has stabilized at similar levels thereafter, and is trading near $1,864 at press time, down 0.8% over the past 24 hours and down 5.2% over the past seven days.
