Crypto Billionaire Justin Sun Moves $196 Million in Tether To Binance – What is He Buying?
On April 17, blockchain investigator Lookonchain revealed a substantial transfer of USDT to Binance by Tron Founder, Justin Sun. This move follows a pattern of USDT deposits to Binance and ongoing Ether acquisitions by Sun.
Lookonchain’s post on X detailed the transfer of $196 million worth of USDT from Huobi to a Binance wallet address by Justin Sun. This transfer occurred in three separate batches: $40 million, $56 million, and $96 million.
Justin Sun withdrew 196M $USDT from #HTX and deposited it into #Binance 7 hours ago.
What will he do?
Address:
TWRmU53wQZdBqSDjVn34j4VS8k1tt7WcNL pic.twitter.com/SalUczKMjI
— Lookonchain (@lookonchain) April 17, 2024
According to Arkham’s data, Sun owns over $1 billion in assets across various wallets linked to him, with $280 million USDD algorithmic stablecoin being his largest holding.
Justin Sun’s recent transfer coincides with Binance’s suspension of USDC transactions on the Tron blockchain on March 25. This suspension, encompassing both deposits and withdrawals of the stablecoin, is believed by some to be a response to regulatory scrutiny.
Following Circle’s discontinuation of USDC support on the Tron network (TRC20), Binance will cease support for USDC deposits and withdrawals via TRC20 starting from 5 April 2024, 02:00 am UTC.
Users may continue trading USDC on Binance. Deposits and withdrawals of USDC via other…
— Binance (@binance) March 25, 2024
The purpose of this large transfer remains unclear, fueling debate on X. Some view the transfer as insignificant, while others speculate about potential questionable activities between Sun and Binance.
Justin Sun putting his tether fraud bucks to work over at the fraudulent money laundering Binance exchange! https://t.co/AMcCfkDuGh
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