coinedition.com
Justin Sun, the entrepreneur behind the Tron network, reportedly made a massive profit over the past week as the turmoil in the traditional banking system hit the crypto market. Sun profited more than $3.3 million by avoiding the loss from USD Coin’s de peg. He tweeted earlier this week that he was concerned to see the depegging of Circle’s $USDC.
Concerned to see @Circle's #$USDC depegging, but as a partner of Circle, we're closely monitoring the situation. Our team at #TRON stands ready to offer assistance if needed.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 12, 2023
According to data gathered by blockchain analytics firm Lookonchain, a wallet associated with Justin Sun withdrew 50 million $USDC from Aave and another 50 million $USDC from Binance. These withdrawals were made after the stablecoin lost its peg to the U.S. Dollar. These USD Coins were then exchanged for $DAI at a 1:1 ratio.
This was followed by a withdrawal of 214.9 million $USDT from Binance, of which 100 million $USDT was exchanged for 103.3 million $USDC, and 75 million $USDT was exchanged for 75.5 million $DAI. All the USD Coins accumulated by the wallet were eventually exchanged for $DAI stablecoins.
Once USD Coin regained its peg, the wallet exchanged 30 million $DAI for 30 million $USDC and bought another 20 million $USDC with $USDT. The total 50 million $USDC was then transferred to a different address. As per Lookonchain, this address also received 100 million $USDC from Justin Sun. A total of 150 million $USDC were transferred to Coinbase.
According to Etherscan, the wallet in question currently contains over $369 million worth of crypto assets. This includes 254 million $DAI, 67 million $USDT, 45 million USD Coins, and 1.7 million TUSD.