According to data analyzed by 0xScope, Huobi global advisor Justin Sun transferred USDT 198 million to Binance on Christmas and then cashed out USDT 100 million via Circle.
(Recap:Sun Ge Empire | once deposited “580 million BTC of magnesium” accounted for 90% of the Valkyrie fund, Sun Yuchen was exposed as the largest shareholder and customer）
(basic supplement:Entering the Era of “Public Chain Integration”? Justin Sun: Tron Implementing BNB Contract, Tron DAO in Binance Recovery Fund）
WaveJustin Sun, the founder of Tron and global advisor to Huobi, posted on his personal Twitter on Christmas Day just past that he had transferred USDT 198 million to the Binance exchange. And he leaves a message:
Happy Christmas
Happy Christmas https://t.co/1KyihqbrH8
— HE Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) December 25, 2022
He transferred $100 million to Circle to cash out
At that time, Sun Yuchen did not explain the purpose of such a large amount of fund transfer, but according to blockchain data analysis service provider 0xScope yesterdaytweetsthey found that Justin Sun immediately transferred and cashed out 100 million US dollars. The specific process is as follows:
- Justin Sun transferred 198 million USDT to Binance on the Tron chain
- Five minutes later, 198 million USDT was transferred from Binance to the Ethereum wallet
- Convert 100 million USDT to USDC via the 1 inch DeFi aggregator
- Transfer USDC to Circle to cash out
0xScope finally joked that Sun Yuchen must have had a wonderful vacation after cashing in US$100 million.
🎅Justin made $100 million on Christmas.
HE:
1. Transfer 198M $USDT to #Binance Up #THRONE
2. Withdraw them from #Binance Up #Ethereum after 5 min
3. Trade 100M $USDT for 100M $USDC Of @1 inch
4. Transfer $USDC to @circle cash out.
He’s going to have a nice vacation with $100 million in cash🫡 pic.twitter.com/nL30kLaRyI— 0xScope (🪬 . 🪬) (@ScopeProtocol) December 26, 2022
The purpose of Binance in seconds?
Although 0xScope and Justin Sun did not specify the purpose of transfer to Circle, in general, transferring large amounts to Circle address is usually USDC for USD cash withdrawal, so it is marked as cash out.
At the bottom of the post, some netizens also wondered why they didn’t directly cash out on Binance? Why do I need to transfer to Binance first and then transfer to Circle? 0xScope’s answer to this might be that Binance doesn’t have that large amount of liquidity to cash out, because Binance’s withdrawal is also through Circle.
As for why I bought Binance before, maybe only Sun Ge himself knows, maybe I just want to find a reason to say Merry Christmas to everyone.
Maybe because binance can’t sustain such a large volume and eventually binance will have to do it in a circle
— 0xScope (🪬 . 🪬) (@ScopeProtocol) December 26, 2022
