Eigenlayer skyrockets 20%, Justin Sun Cashes in

EigenLayer (EIGEN) regained the crucial $4 mark on Wednesday backed by a massive price surge. EIGEN turned out to be the biggest gainer of the day with a 20% upward swing while the biggest of the crypto failed to print greens under high selling pressure.

The digital assets market recorded a marginal surge over the last day as Bitcoin (BTC) traded in the $62,000 zone. The cumulative crypto market cap stood at $2.17 trillion with a 13% drop in the 24 hour trading volume (approx. $68 billion).

Justin Sun cashes in another $14M on Binance

EIGEN price saw recovery after witnessing the major token unlocking event. The ongoing surge has helped the token reclaim the upward momentum after falling back to the $3.01 zone. However, crypto mogul Justin Sun grabbed the opportunity in order to cash in the gains.

As per the data provided by SpotOnChain, Justin Sun received another 3.62 million EIGEN (approx. worth $14 million) from EigenLayer’s recent 9.93 million token unlock event. Sun has reportedly deposited all of the funds on the crypto exchange Binance for $3.89 per token.

Back on October 1, Sun dumped 5.2 million EIGEN (approx. worth $21.5 million) to HTX. These tokens were claimed via 5 addresses by the TRON founder.

It added that since the listing of EigenLayer on October 1, the TRON founder has claimed and deposited more than 8.8 million EIGEN tokens (approx. worth $35.61 million) on Binance only. The deposits have been made at an average price of $4.02.

EIGEN price is now up by 4% in the last 7 days backed by the massive surge seen over the last day. EigenLayer is trading at an average price of $4.08, at press time. Its 24-hour trading volume is up by 116%, standing at $483.6 million.

EigenLayer investigates $5.5M token theft

EigenLayer, earlier addressed concerns over the suspicious $5.5 million EIGEN token sale , stating that an “erroneous transfer” led tokens to fall into the hands of a malicious attacker. The token sale has sparked theories of an insider breach. Many are speculating that someone bypassed token lockup rules but EigenLayer’s investigation uncovered a much different story.

According to EigenLayer, a compromised email thread allowed the attacker to hijack 1.67 million tokens meant for an investor. The hacker quickly swapped them for stablecoins. The platform has already frozen part of the funds and is working with centralized exchanges and law enforcement to recover the stolen assets.