Tron founder and crypto billionaire Justin Sun recently withdrew a significant amount of over 764,740 Matic, valued at around $750k, from Binance. In addition to Sun, another whale withdrew a massive 1.24 million Matic, worth around $1.14 million, from Binance.
Justin Sun’s and whales’ unusual $Matic withdrawals
Data from Lookonchain on November 14, 2023, reveals that a substantial 3 million Matic, worth approximately $2.8 million, has been withdrawn from the CEX since October 4, 2023. This news is gaining attention, especially considering that Matic has exhibited a remarkable 80% price movement in the last 28 days. The reason behind Sun’s withdrawal remains unknown.
According to Coinglass data, a substantial amount of over $4 million worth of long and short positions of Matic got liquidated. It has also been observed that $Matic has shown a continuous bullish move for the last 4 weeks.
Institutions and whales’ interest in $Matic
However, recent data from IntoTheBlock, an on-chain analytics firm, highlights that institutional investors and whales have shown a significant increase in interest in the cryptocurrency market. Specifically, Polygon, an Ethereum scaling solution, has experienced a massive 3,800% surge in transactions valued at over $100,000 in the past month. At the time of writing, Matic is trading around $0.9443, with a 7% price change in the last 24 hours.
Recently, on November 10, 2023, Justin’s Poloniex, a cryptocurrency exchange, experienced a hack resulting in approximately $114 million in losses from its hot wallets. The incident was detected around 10:55 UTC by security firms PeckShield and Cyvers, as reported by Todayq News.
Poloniex promptly disabled its wallets for maintenance, confirming the hack shortly afterward. Justin Sun, a Poloniex investor, acknowledged the breach in a tweet. The attack targeted wallets across multiple blockchains, with an Ethereum wallet sending $114 million in tokens through 357 transactions and a Tron blockchain wallet sending around $42 million to various destinations.