Justin Sun Moves Millions in TUSD, Sparking Sell-Off Speculation

Justin Sun, the founder of the Tron blockchain, moved millions in TUSD, a stablecoin pegged to the US dollar (USD), to various addresses, leading to speculation in the digital asset community about these transactions.

Blockchain analysis platform Arkham Intelligence data showed, the wallet 0x9FC…c19Fe sent a total of 72 million TUSD to four different addresses, but Sun still holds 175.7 million TUSD tokens and $10 million in other cryptocurrencies like USDC, ETH, XCN, and HT.

PeckShield, another blockchain analysis firm, was among the first to report the transactions. X user @EmberCN noted that Sun’s team had sent a total of 216.6 million TUSD to HTX on the Tron and Ethereum chains, suggesting a possible sell-off.

Read also: TRON’s Daily Active Accounts Surge 0.56%, Justin Sun Announces TRX Airdrop

The current supply of TUSD is 495.5 million, and @EmberCN pointed out that the relevant address associated with Sun’s team holds 394.3 million TUSD, including the tokens transferred to HTX. Only 177.7 million tokens remain in the address.

Is Sun Dumping TUSD?

All the facts combined, it is possible that Sun might be dumping the stablecoin by taking a short position. According to CoinMarketCap data, TUSD has lost its peg to the $1 price level and is trading at $0.9983 while dropping to a low of $0.998 in the past 24 hours. However, it is possible that the cryptocurrency might reclaim the peg.

It was earlier reported on Coin Edition that TrustToken and TrueCoin settled their case with the U.S. SEC after the firms were accused by the regulators of defrauding investors.

Interestingly, the settlement does not include TrueCoin and TrustToken accepting or denying the charges mentioned in the complaint filed by the SEC.