cryptoslate.com
On-chain investigator Lookonchain reported that a wallet “possibly” connected to Tron founder Justin Sun made $3.3 million from USD Coin ($USDC) March 11 depeg.
Lookonchain said the address, 0xbcb7, withdrew 50 million $USDC from Aave after the stablecoin depegged. The address then swapped this $USDC for $DAI at a 1:1 ratio while also withdrawing over $30 million $USDC from Binance to swap for $DAI.
This same address later withdrew 214.9 million $USDT from Binance and swapped 100 million of it for 103.3 million $USDC. The address also exchanged 75 million $USDT for 75.5 million $DAI before changing the $USDC for $DAI.
With $USDC regaining its peg after a crazy weekend, the address has exchanged 30 million $DAI for 30 million $USDC while buying 20 million $USDC with 20 million $USDT. The whole 50 million $USDC was then sent to a new address 0x30Dff.
The 0x30Dff address also received 100 million $USDC from Justin Sun and transferred 150 million $USDC to Coinbase, most likely to convert it to USD.
The transfer from Justin Sun and earlier actions where he exchanged $USDC in his other addresses for $DAI after the depeg suggested that he also controlled the “0xbcb7” address.
Several crypto community members hailed the transactions on how Sun avoided losses and still profited from the $USDC depeg.
Did Vitalik Buterin buy the $USDC dip?
On-chain data suggest that Justin Sun is not the only major player to profit from the $USDC depeg.
A wallet labeled vitalik.eth spent 500 Ethereum ($ETH) to mint the RAI stablecoin and later used the funds to buy the $USDC dip. Blockchain analytical firm Peckshield added that the address also “swapped 17,500 RAI for 50,000 $DAI.”
Arkham Intelligence dashboard confirmed that the wallet belonged to Vitalik Buterin.
Buterin previously said the RAI stablecoin “exemplifies the pure “ideal type” of a collateralized automated stablecoin, backed by $ETH only.”