Tron founder Justin Sun redeems 10,000 ETH and moves $12.3 M to Poloniex

Tron founder Justin Sun has continued to unwind his position in Lido’s liquid‑staking protocol, unstaking a total of 10,000 ETH since Aug. 26. Approximately $12.3 million worth of the redeemed ether was deposited into Poloniex, an exchange in which Sun holds a majority stake.

Unstaking activity

On Sept. 8 Sun’s wallet cluster requested the release of another 5,000 ETH from Lido, bringing the cumulative redemption amount to 10,000 ETH. The process reverses the earlier conversion of ether into Lido’s receipt token, stETH, allowing the ether to be moved or redeployed.

Destination of the redeemed ether

The $12.3 million of ether was split across two deposits to Poloniex at a price near $2,481 per ETH. Because Sun backs the exchange, the deposits do not constitute a clear sell signal, but they do make the ether liquid and no longer earning staking yield.

Remaining stETH holdings

Sun still controls roughly 238,000 stETH, valued at about $594 million. This represents his second‑largest on‑chain asset and a small fraction of his overall ether‑related holdings.

Market context

Ether is trading in the $2,400‑$2,550 range, while Bitcoin has been stalled below $80,000. The broader market is awaiting U.S. inflation data.

Other recent activities

• Tron now settles more than half of all circulating USDT, a float of roughly $94 billion.
• Sun announced a post‑quantum security roadmap for Tron.
• He remains involved in a public dispute with World Liberty Financial over frozen tokens.