Justin Sun redeems another 5,000 ETH, bringing Lido withdrawals to 10,000

  • Justin Sun redeemed another 5,000 ETH from Lido, reaching 10,000 ETH since August 26.
  • Sun transferred $12.3 million of redeemed ETH to Poloniex in two deposits.
  • Sun retains about 238,000 stETH valued at $594 million on-chain.

Justin Sun unstaked another 5,000 ETH from Lido on Sept. 8, bringing his redemptions since Aug. 26 to 10,000 ETH. Ether worth about $12.3 million from an earlier redemption was transferred to Poloniex in two deposits at roughly $2,481 per ETH. The transfers do not by themselves establish that Sun sold the Ether, as he backs Poloniex and the assets could be moved or redeployed from the exchange. Sun retains about 238,000 stETH, Lido's liquid-staking token, worth roughly $594 million. Unstaking converts the liquid staking position into Ether that is no longer earning staking yield but can be transferred, sold or used elsewhere. Ether was trading near $2,484 within a $2,400-to-$2,550 range, while Bitcoin remained below $80,000 as markets awaited U.S. inflation data.

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