Crypto Billionaire Justin Sun Moves $196 Million in Tether To Binance
Justin Sun's recent transfer coincides with Binance's suspension of USDC transactions on the Tron blockchain on March 25. This suspension, encompassing both deposits and withdrawals of the stablecoin, is believed by some to be a response to regulatory scrutiny
On April 17, blockchain investigator Lookonchain revealed a large transfer of USDT to Binance by Tron Founder Justin Sun. This move follows a pattern of USDT deposits to Binance and ongoing Ether acquisitions by Sun.
Justin Sun Continues Whale Deposits of Tether's USDT
Lookonchain's post on X detailed the transfer of $196 million worth of USDT from Huobi to a Binance wallet address by Justin Sun. This transfer occurred in three separate batches: $40 million, $56 million, and $96 million.
According to Arkham's data, Sun owns over $1 billion in assets across various wallets linked to him, with $280 million USDD algorithmic stablecoin being his largest holding.
Justin Sun's recent transfer coincides with Binance's suspension of USDC transactions on the Tron blockchain on March 25. This suspension, encompassing both deposits and withdrawals of the stablecoin, is believed by some to be a response to regulatory scrutiny.
The purpose of this large transfer remains unclear, fueling debate on X. Some view the transfer as insignificant, while others speculate about potential questionable activities between Sun and Binance.
Justin Sun has a history of engaging in substantial cryptocurrency transactions. On February 29, he deposited 100 million USDT to Binance, shortly after a wallet associated with him acquired 168,369 ETH at an average price of $2,894, totaling approximately $580.5 million.
Sun's blockchain, the Tron network, has recorded a series of downtrends lately, including the depegging of its affiliated stablecoin, TrueUSD.
Sun's activities are not isolated, as the broader cryptocurrency landscape has seen a surge in large wallet activity.
