BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Sponsored
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Sponsored
Home Blockchain

Tron Co-Founder Prefers Not to Short USDT but Unloading USDC, BUSD

by Chiwuike Owunwa
Dec 31, 2022 - 12:00 am
in Blockchain
Tron Co-Founder Prefers Not to Short USDT but Unloading USDC

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.

Tags: BinanceTronUSDCUSDT
Chiwuike Owunwa

Chiwuike Owunwa

Chiwuike is a frontend programmer and writer with 3 years experience in the Web3. He's meticulous researcher, enthusiastic about Blockchain and the future of crypto, DeFi, and the Metaverse.

Related Posts

Logo of Deutsche Telekom, now a Polygon validator, signaling its strong presence in the blockchain space.

Deutsche Telekom Breaks New Ground, Becomes Polygon Validator

June 1, 2023

In a bold step towards Web3, Deutsche Telekom leverages its infrastructure, operating as a validator for Ethereum's layer-2...

RBI Deputy Governor Mahesh Kumar Jain addresses Indian banking directors, urging the adoption of AI and blockchain technologies.

RBI’s Call to Arms: Indian Banks Urged to Embrace AI and Blockchain for Future Growth

May 31, 2023

The Reserve Bank of India advocates for the integration of AI and blockchain into Indian banking systems to...

Security researchers at dWallet Labs uncover a significant flaw in Tron multisig accounts.

Tron Fixes $500M Multisig Vulnerability Uncovered by dWallet Labs Security Team

May 30, 2023

Security experts at dWallet Labs uncover a critical $500M flaw in Tron's multisig accounts, which was promptly resolved,...

Graph depicting the growth of the North American digital gaming market driven by metaverse and blockchain technology

Metaverse and Blockchain Catalyze Growth in North American Digital Gaming Market

May 30, 2023

Rapid growth in North America's digital gaming market is driven by metaverse and blockchain integration, reshaping the future...

Press Releases

pulse x

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse x

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse x

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

pulse x

Hong Kong Web3 Festival 2023, Hong Kong’s Largest-Ever Premier Digital Asset Event, is here. A Platform for Worldwide Leaders to Discuss the Latest Web3 and Blockchain Trends

May 8, 2023

Join Hong Kong Web3 Festival 2023, the largest-ever digital asset event, co-hosted by Wanxiang Blockchain Labs and HashKey Group.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise