Onchain analytics platform Lookonchain reported that Tron (TRX) founder Justin Sun made a depeg of $3.3 million by performing a depeg.
Developments for stablecoins that have erupted recently continue. Lookonchain, one of the popular onchain platforms, states that as a result of the reports it published, a crypto wallet possibly connected to Justin Sun depegged on March 11. Reporting the data of the transaction, Lookonchain emphasized that the depeg is worth approximately $ 3.3 million.
Data on Justin Sun’s USDC Transactions Shared
Sharing detailed information about the depeg transaction, Lookonchain stated that the address 0xbcb7 attracted 50 million USDC from Aave after the stablecoin became depeg. The address then exchanged this USDC for DAI at par, and also withdrew over 30 million USDC from Binance to exchange it for DAI.
As the process progresses, it is seen that the same address has withdrawn 214.9 million USDT from Binance and exchanged 100 million of it for 103.3 million USDC. The address also exchanged 75 million USDT for 75.5 million DAI before swapping USDC for DAI. With the revaluation of USDC, the address bought 30 million USDT with 20 million USDC while exchanging 30 million DAI for 30 million USDC. All 50 million USDC was then sent to a new address 0x30Dff.
Also, address 0x30Dff received 100 million USDC from Justin Sun and transferred 150 million USDC to Coinbase, possibly for conversion to USD.
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