Justin Sun Withdraws Assets Worth $60 Mn From Binance
Justin Sun, founder of Tron and advisor to HTX exchange, has withdrawn $60 million in cryptocurrencies from Binance, according to data from Lookonchain. The withdrawal includes Ethereum (ETH), AAVE (AAVE), Shiba Inu (SHIB), Chainlink (LINK), FLOKI (FLOKI), Decentraland (MANA), and BAND (BAND).
The withdrawal comes as the altcoin season ends, with Bitcoin and Ethereum prices declining. The Alt season index reads 73 as of January 21. Typically, accumulation of altcoins by large wallet holders could reduce selling pressure on assets and pave the way for short-term price recovery. However, the impact of the large volume withdrawals on altcoin prices remains to be seen.
(With inputs from Shikha Singh)
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