Justin Sun Sells 5.37 Million EIGEN After Major CEX Listing, Withdraws $21.66 Million USDT from Binance

• Justin Sun sold 5.374 million EIGEN tokens, withdrawing $21.66M USDT from Binance after the EigenLayer CEX listing announcement.
• Sun transferred the EIGEN tokens from six addresses to HTX, then immediately to Binance for liquidation at an average price of $4.03.
• The sale was triggered by EigenLayer’s listing on major CEXs, allowing Sun to capitalize on the market excitement ahead of potential price shifts.

Justin Sun’s team made a significant withdrawal of $21.66 million USDT from Binance today. This withdrawal follows the sale of 5.374 million EIGEN tokens received in an airdrop. 

Notably, the sale was triggered by the listing of EigenLayer (EIGEN) on major centralized exchanges (CEXs) at 1 PM Yesterday Oct, 01,2024. Sun’s swift decision to sell came after the tokens were transferred from his six addresses to HTX, then immediately to Binance.

EIGEN Listing Sparks Immediate Action

In addition, the announcement of EigenLayer’s listing, revealed by EmberCN, was a key event driving Sun’s rapid liquidation of the tokens. Large Ethereum (ETH) depositors, including Justin Sun, stood to benefit from the already concluded listing.

Furthermore, Sun’s six addresses received 5.374 million EIGEN tokens last night, valued at $21.49 million according to the over-the-counter (OTC) price of $4.03 per token. Sun wasted no time and, once the EIGEN transfers opened yesterday at noon, moved all tokens to HTX and then to Binance for an immediate sale.

Selling Strategy Yields $21.66 Million USDT

Intriguingly, Sun’s quick sale of the EIGEN tokens allowed him to capture an average price of $4.03, the OTC market rate at the time. This transaction led to the complete liquidation of his EIGEN airdrop, resulting in a $21.66 million USDT withdrawal from Binance. 

By selling immediately after the official listing on major CEXs, Sun ensured that he capitalized on the market excitement and locked in profits before potential volatility.

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Therefore, Sun’s rapid sell-off highlights the potential volatility that could have followed the EIGEN listing yesterday. As one of the largest individual holders, Sun’s actions may influence other whales to follow suit, cashing in on anticipated price surge. 

The listing of EigenLayer on multiple CEXs was expected to draw attention from investors. Sun’s decision to sell immediately after the listing suggests that the immediate post-listing market might be less favorable for long-term holding.