Tron Founder Justin Sun Received Another $14.1M Worth of EIGEN Tokens, Despite Scrutiny Surrounding the DeFi Project

Tron founder Justin Sun received yet another big chunk of EIGEN tokens—3.62 million, worth about $14.1 million. This comes after he already received an $8.75 million airdrop from EigenLayer.

Tron founder Justin Sun received another large portion of EIGEN tokens, amounting to 3.62 million tokens, which were valued at approximately $14.1 million at the time. This development follows Sun’s earlier receipt of an $8.75 million airdrop from EigenLayer.

Sun received the tokens as part of EigenLayer's 9.93 million token unlock program. He proceeded to deposit the tokens into Binance at a price of around $3.89. The $8.75 million that Sun received through the airdrop was also swiftly transferred to the HTX crypto exchange.

However, details about Sun's involvement with the EigenLayer crypto project emerged amidst scrutiny surrounding the DeFi project. EIGEN ranks 83rd among cryptocurrencies globally.

EigenLayer's market capitalization stood at about $763.5 million at the time of writing, reflecting an 11% surge. An analysis chart from TradingView showed that EIGEN's price had surged significantly after a massive decline over the previous few days. The crypto token rose by 37% over the past four days, bouncing off a $3.036 low from last Sunday to reach $4.160 in the early hours of Wednesday. At the time of press, EIGEN traded for $4.063, following a slight retracement from the day's high.

Sun's involvement with EigenLayer sparked speculation among many in the crypto community. Last week, a market observer named Karl claimed on X that 40% of staked EIGEN tokens came from 13 addresses. He noted that such a development could potentially mislead the public into believing that the tokens were in circulation, which might lead to uninformed investment decisions.

Nevertheless, the observer highlighted the minimal staking activities by investors. He noted that all the addresses had initiated their unstaking process and would not receive any staking rewards. He went on to commend the EigenLayer team for promptly addressing the issues and advocate for transparency in the token distribution.

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