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Justin Sun Might Sell $21 Million Worth of DeFi Tokens: Reports

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Justin Sun Might Sell $21 Million Worth of DeFi Tokens: Reports

Justin Sun might sell $21 million in DeFi tokens after transferring them to Binance. Potential profits could be $6.74 million from MKR and $252,000 from AAVE sales. Market reaction is muted, with modest price dips for involved DeFi tokens.

Crypto luminary Justin Sun is purportedly contemplating a significant sale of decentralized finance (DeFi) tokens worth around $21 million. According to Spot On Chain, an on-chain analysis firm, Sun has transferred an assortment of DeFi tokens into the crypto exchange – Binance.

This movement has sparked speculation regarding potential liquidation strategies.

Sun Will Make Over $7 Million in Profits

The breakdown of DeFi tokens that Sun deposited to Binance includes:

  • 93,979 Aave (AAVE), worth approximately $11.26 million.
  • 3,800 Maker (MKR), valued at around $9.3 million.
  • 4,178 Compound (COMP) at $245,000, and
  • 203,623 Liquity (LQTY), totaling $217,000.

These were moved from three crypto wallets. Spot On Chain monitors 13 addresses linked to Sun.

“These addresses (may) belong to the entity Justin Sun,” Spot On Chain said.

Read more: Top 11 DeFi Protocols To Keep an Eye on in 2024

Should Sun proceed with the sale, the profits could be substantial, particularly from MKR and AAVE. Estimates suggest a profit of $6.74 million, a 276% gain from MKR, and $252,000, a 2.3% increase from AAVE. These two tokens might give him over $7 million in total profits.

However, Spot On Chain has not disclosed the trading history for COMP and LQTY.

Interestingly, the market has not reacted strongly to these developments. The current price movements of the involved DeFi tokens are relatively modest – AAVE has dipped by 0.67%, MKR by 2.09%, COMP by 0.40%, and LQTY by 1.82%.

AAVE, MKR, COMP, and LQTY Price Performance. Source: TradingView

In addition to these tokens, Sun’s cryptocurrency portfolio is expansive. He revealed in February 2024 that his holdings include over 28,000 Bitcoin (BTC), managed through his HTX account, with a market value of about $1.6 billion.

Read more: DeFi Community Building: A Step-by-Step Guide

Furthermore, data from Arkham indicates that his public crypto assets exceed $1.08 billion. Based on publicly available on-chain data, this positions him as one of the wealthiest individuals in the crypto sector.

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