TRON and Huobi head transfers ETH worth $15,5 million on Poloniex

The businessman keeps 223 780 Ethereum coins (~$347 million) in his wallet

26.01.2023 - 11:00

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2 min

What’s new? On January 25, experts at analytics company Lookonchain reported a $15,5 million ETH transfer on the Poloniex crypto exchange. The transaction was led by Huobi trading platform CEO and TRON blockchain founder Justin Sun, who also owns Poloniex. In this, the businessman’s wallet holds 223 780 Ethereum coins (~$358,9 million at the current exchange rate).

Justin Sun transferred 10,000 $ETH($15.5M) to #Poloniex 2 hrs ago.And Justin Sun still holds 223,780 $ETH($347M) in address "0x176f".https://t.co/VTN13dGJ1q pic.twitter.com/Rj2sMpksXo — Lookonchain (@lookonchain) January 25, 2023

What is known about Poloniex? It is a centralized crypto exchange (CEX) founded in 2014 and headquartered in Seychelles. The daily trading volume as of January 26, 10:45 UTC is $76,9 million. There are 331 coins and 530 trading pairs available on the platform.

On November 25, 2022, analyst Colin Wu reported that Huobi and Poloniex would merge. Later, Sun also allowed the platforms to merge in the future. However, Huobi representatives denied these statements, adding that the exchanges operate independently of each other. At the same time, on November 30, the advisory board of Huobi entered into a partnership with Poloniex. The platforms will cooperate in the development of the Huobi Token ecosystem, liquidity sharing, and regulatory compliance.

For what is happening with Huobi and how the exchange was affected by Justin Sun’s purchase, read GetBlock Magazine’s article.

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