Justin Sun is the Largest ETH Staker
Justin Sun, the founder of Tron, holds the largest individual Ethereum stake of 282,796 ETH, worth $447 million.
According to reports by journalist Colin Wu, an Ethereum address associated with Justin Sun has been identified as the largest individual ETH staker. This particular wallet has a staggering 282,796 ETH, which equates to approximately $447 million at the time of the report.
The address tagged Justin Sun is probably the largest individual ETH staker. The two address tagged Justin Sun currently has 282,796 ETH ($439M) staked on Lido. According to @EmberCN
- 0x176f3dab24a159341c0509bb36b833e7fdd0a132 (192,656 ETH)… — Wu Blockchain (@WuBlockchain) October 15, 2023
Earlier in the month, Sun made notable transactions involving Ethereum. He unstaked a substantial amount of $32.4 million worth of ETH. Specifically, on October 4, Sun withdrew 19,999 staked ETH from the Lido Finance platform, transferring them to the Binance exchange. This has led to speculations about Sun's intentions, with some suggesting that he might have sold these digital assets or is planning to do so soon.
Lido Finance, where Sun has staked a significant portion of his Ethereum, introduced a security feature in early 2023 called the Staking Rate Limit. This decision was made after the platform witnessed its most substantial daily inflow of 150,000 ETH. The Staking Rate Limit essentially caps the amount of Staked Ether (StETH) that can be mined based on deposits made in the previous 24 hours. Interestingly, at the time this cap was introduced, Sun had already staked more than 150,000 ETH on Lido.
Lido protocol has registered its largest daily stake inflow so far with over 150,000 ETH staked. ????
Upon reaching this number, a curious (but important) protocol safety feature called Staking Rate Limit was activated.
Here’s how it works???????? pic.twitter.com/ngBtWz7q18 — Lido (@LidoFinance) February 25, 2023
While Sun's Ethereum staking has been the talk of the town, it's worth noting his position in the world of Bitcoin (BTC) as well. Sun has been transparent about where he stores his bitcoins. For a decade, since the inception of the Huobi cryptocurrency exchange, Sun has kept all his BTC on the platform. He once mentioned that he held control over more than 100,000 bitcoins.