New data released by Lookonchain, a blockchain-tracking service, has revealed that Justin Sun, the founder of Tron (TRX), has been acquiring hundreds of millions of dollars worth of Ethereum (ETH) amidst the ongoing correction in the crypto market. According to Lookonchain’s recent findings on the social media platform X, Sun has accumulated a total of 176,117 ETH, equivalent to $559.7 million, since April 8th. The average purchase price per token was approximately $3,170.

Last week, Lookonchain identified a wallet address that is potentially associated with Sun, which withdrew thousands of ETH from the crypto exchange Binance. The platform stated, “0x4359 (possibly Justin Sun) withdrew 7,128 ETH ($22.34 million) from Binance again… and he had bought 154,570 ETH ($492.23 million) at $3,177 since Apr 8th.”

In a previous instance, Lookonchain also noted that another wallet address, potentially linked to Sun, withdrew around $96 million worth of the stablecoin Tether (USDT) and $23.3 million worth of Ethereum from Binance on April 27th. They speculated whether Sun had switched to a new wallet, as a fresh wallet withdrew 95.67 million USDT and 7,402 ETH ($23.3 million) from Binance. This behavior was similar to that of two previous wallets that had withdrawn substantial amounts of ETH and stablecoins from Binance.

As of the time of writing, Ethereum is trading at $3,204, experiencing a 3.4% decrease in the past 24 hours.

In February, Sun addressed critics who claimed that he was not an active user of the crypto exchange HTX, formerly known as Huobi, where he revealed his holdings of 28,613 Bitcoin (BTC) worth over $1.622 billion at the time.

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