TRON inventor Justin Sun’s cryptocurrency address moves millions to USDC. Two of these transactions also caught the attention of whale watching platform Whale Alert. What is behind this development?
TRON founder moves millions to USDC
Cryptocurrency market has entered a volatile period. The leading crypto Bitcoin (BTC) drooped from the $ 22 thousand limit to below $ 21 thousand and rose above it again. In this volatile environment, Justin Sun, the founder of Tron, does not stand still. Crypto analytics platform Lookonchain has identified some notable transactions between the two stablecoins by the founder of Tron in the past 24 hours. Lookonchain revealed that 18.9 million USDC was transferred from Tron founder to Circle. The analytics platform shared the following on the subject on its Twitter account:
Justin Sun transferred 18.9 million USDC to Circle to cash out in the last 30 minutes. Withdrawn 2.74 million USDC and 5.83 million USDT from AAVE, traded 5.83 million USDT for USDC and transferred USDC to Circle. He then withdrew 10M USDC from Compound and transferred it to Circle.
Due to the fact that he is a whale, the transactions made by the founder of TRON also attracted the attention of the whale watching platform Whale Alert. Two of these actions were flagged by Whale Alert. The first was the transfer of 93,885,935 USDC ($94,136,141) from the USDC Treasury to Justin Sun’s address. The second was that 94,036,782 USDC worth $94,207,929 was transferred from Justin Sun’s address to an unknown wallet.
What is Justin Sun planning to do?
However, the reason for the said fund movements is not yet known. cryptocoin.comAs you follow, in the wake of recent developments in the cryptocurrency industry, Justin Sun told Reuters that “based on his assessment of the situation,” $1 billion in assets from Digital Currency Group (DCG), the parent company of troubled crypto lender Genesis. He said he was ready to spend money to buy it. However, the TRON founder did not say which assets he intends to buy.
In November, shortly after FTX, the cryptocurrency exchange where Genesis stores some of its cash, filed for bankruptcy, Genesis halted withdrawals. In the midst of a liquidity crisis, Digital Currency Group’s cryptocurrency lending division is in private conversations with several creditors. He is also considering selling some of his portfolios to raise money. According to reports, DCG has confirmed that it has hired Lazard as a financial advisor to explore its options, including a partial or full sale. According to sources familiar with the situation, Genesis Global Capital is preparing to file for bankruptcy this week.
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