Justin Sun transfers over $280m in sudden spike

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Blockchain
Justin Sun transfers over $280m in sudden spike

Justin Sun — co-founder tron (TRX) — likely moved over $281 million worth of tokens since Jan. 16.

Data gathered from blockchain analytics service Arkham Intelligence show that transactions sent from or to Justin Sun’s known wallets since Jan. 16 are worth a total of nearly $282 million.

When examining this data, it must be kept in mind that much of that is the same assets being moved into Sun’s wallets and immediately out. As of press time, there is no explanation for this on-chain activity.

Those transfers include a swap on decentralized exchange (DeFi) aggregator 1inch Network (1INCH), several interactions with decentralized finance (DeFi) protocol Aave (AAVEI), top crypto exchange Binance, decentralized lending protocol Compound (COMP) and to a null address — an inaccessible address usually used for burning tokens.

Justin Sun transfers over $280m in sudden spike - 1
Visualization of Justin Sun’s transactions since Jan. 16. | Courtesy of Arkham Intelligence

The most notable transactions are those sent to stablecoin manager Circle. The three transactions sent to Circle alone are worth a total of nearly $113 million, all of those were processed on Jan. 18 and sent USD Coin (USDC) back to its issuer: one moved nearly $94 million, one $10 million and the last one nearly $9 million.

Other major transactions include $10 million of USDC being moved to Sun’s wallet from Compound, $94 million coming in from Binance, and over $5 million of TrueUSD (TUSD) coming in, and immediately being deposited on Compound.

Lastly, the account also moved $2 million of Binance USD (BUSD) and $2 of TUSD to Binance.

The findings follow mid-December reports that Sun moved $150 million in Binance USD (BUSD) from ethereum to tron in a single transaction. In a tweet at the time he explained that this was necessary to move part of the stablecoin’s supply onto the Tron blockchain.

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Adrian Zmudzinski

Adrian Zmudzinski is a cryptocurrency journalist with over 3,000 articles under his belt. He is passionate about cryptocurrencies, digital rights, information technology and futurology — the things that he likes to cover the most. Adrian previously reported for Cointelegraph and Benzinga.