- According to reports, Justin Sun’s wallet made more than $3.3 million.
- After USD Coin’s dollar peg was lost, the profit was made over the course of several exchanges.
- During the depegging, the founder of Tron apparently converted all of his USDC into DAI.
The Tron network’s creator, Justin Sun, reportedly gained enormous profits during the previous week as the chaos in the traditional banking system affected the cryptocurrency market. Sun gained more than $3.3 million by avoiding the loss caused by the de peg of the Dollar Coin. He expressed his alarm about the depegging of Circle’s USDC earlier this week in a tweet.
“Worried by @Circle’s #USDC depegging, but as a Circle partner, we’re keeping a close eye on the situation. At #TRON, our crew is prepared to help out if necessary”.
— Justin Sun, H.E. March 12, 2023 (@justinsuntron)
A wallet connected to Justin Sun reportedly withdrew 50 million USDC from Aave and an additional 50 million USDC from Binance, according to data acquired by blockchain analytics company Lookonchain. These withdrawals were conducted following the stablecoin’s decoupling from the dollar. Then, a 1:1 exchange was made between these USD Coins and DAI.
Following this, 214.9 million USDT were withdrawn from Binance, of which 100 million USDT were converted into 103.3 million USDC and 75 million USDT into 75.5 million DAI.
When USD Coin was able to reclaim its peg, the wallet converted 30 million DAI into 30 million USDC and then used USDT to purchase an additional 20 million USDC. The 50 million USDC in total was then moved to another location. According to Lookonchain, Justin Sun also sent 100 million USDC to this address. 150 million USDC were sent in total to Coinbase.
The wallet in question presently has about $369 million worth of cryptocurrency holdings, according to Etherscan. This consists of 1.7 million TUSD, 254 million DAI, 67 million USDT, and 45 million USD Coins.