On the 28th of December, 0xScope Protocol, a web3 knowledge graph project, shared details on Justin Sun’s $198 million USDT transaction on Binance.
What's worth noticing is Justin's choice of not cashing out $USDT.
For the past 3 days, he swapped $198M $USDT to $USDC and then cased out.https://t.co/Zm4hzRc7Gy— 0xScope (@ScopeProtocol) December 28, 2022
Justin Sun is the founder of the Tron blockchain and an advisor to the Huobi exchange. He caused a stir in crypto when he transferred $198 million worth of USDT to USDC via the Binance platform. In his tweet, he claimed the transaction was a Christmas gift. But it’s clearly not for the Binance community, as he transferred the funds out of Binance 5 minutes later.
The transactions started on the 7th of November, 2022. Justin moved an accumulated amount of more than $1 billion worth of funds across multiple chains and outlets. The assets comprised $626 million worth of USDC and $501 million worth of BUSD. Most of the transactions would originate on the Tron network, be moved through Binance, and transferred to the Ethereum network to Paxos and Circle.
For the past 3 days, though, Justin has chosen to convert USDT to USDC, which is noteworthy. He also used Binance because of the volume of the transaction. It’s possible that only Binance has the capacity to move that large amount of funds.
Due to the above, crypto participants believed there was an event afoot, and Justin was preparing to take advantage of an impending market event. Users began watching Binance, Paxos, and Circle for noticeable developments.
However, Justin came out to clarify rumors of an upcoming event. He claims that the transactions were stable coin swaps between different chains, and they were working to ensure a sufficient supply of these stablecoins in the market. According to him, they are standard procedures within the industry and do not reflect any speculative actions or market judgment.
Justin’s tweet was also supported by CZ, the CEO of Binance, who claims that Justin’s asset flows were part of a procedure to deploy BUSD on the TRX network or it was a cross-chain swap.
If all the communications are accurate, then the movement of $1 billion worth of funds is a routine affair, and shouldn’t be looked into too deeply. Still, 0xScope Protocol advised users to track Justin’s stablecoin wallet activities utilizing their Watchers platform. Watchers is a Web3 analysis and investigation platform that’s powered by the 0xScope Protocol.
In response to the tweet, some users were skeptical that Justin Sun is allowed to walk away with $1 billion worth of assets.
