Tron Founder Justin Sun Sells 5.374M EIGEN Tokens on Binance, Cashing Out $21.66 Million

Tron founder and famous crypto entrepreneur Justin Sun made headlines today as he sold his 5.374 million EigenLayer (EIGEN) airdrop on Binance, cashing out a whopping $21.66 million. According to blockchain sleuth EmberCN, Sun withdrew $21.66 million in USDT stablecoin from Binance earlier today.

EmberCN speculated that Sun sold all 5.374 million EIGEN tokens he received via an airdrop last month, at an average price of $4.03 per token. The EigenLayer team had airdropped the tokens to six separate blockchain wallets belonging to Sun. After the team removed transfer restrictions from the token, Sun moved all airdropped EIGEN tokens to HTX crypto exchange and then transferred them to Binance, where he cashed out the $21.66 million.

Data from Arkham Intelligence revealed that Sun supplied all 21.66 million USDT as collateral on Aave V3. The recipient address now holds $253.1 million worth of crypto, including the USDT tokens Sun supplied as collateral.

Sun was one of the top beneficiaries of EigenLayer’s second stakedrop season, receiving 86 million EIGEN tokens. These tokens represent 5% of EIGEN’s total supply of 1.68 billion. The distribution included tokens for stakers, node operators, and community members, with a significant portion allocated to stakers based on their activity on the EigenLayer protocol.

At the time of writing, EIGEN is trading at $3.63, down 7.6% over the past 24 hours. With a market cap of $672.38 million and a daily volume of $650.56 million, EIGEN is ranked as the 94th-biggest cryptocurrency.

Disclaimer: This article is for informational purposes only and should not be considered financial advice. Readers are advised to conduct their own research before making any investment decisions.