The address Justin Sun allegedly moved 80 million USDC to Binance before putting 88 million BUSD into Paxos Treasury, per a tweet from Lookonchain. It was earlier rejected by Sun Yuchen on the grounds that it was only a cross-chain conversion. The underlying reason behind Justin Sun's trade is still unknown.
Justin Sun cash out 88M $BUSD again.
— Lookonchain (@lookonchain) December 31, 2022
He transferred 80M $USDC to #Binance on #TRON and withdrew ~88M $BUSD from #Binance to #Ethereum 20 mins ago.
Then he deposited 88M $BUSD to Paxos Treasury.https://t.co/bES1MmA7E7https://t.co/IzlaRctp82https://t.co/O5UtMq1ZLr pic.twitter.com/zIx1CYmVQw
Justin Sun has previously sent significant quantities of money to Binance. Lookonchain also noted that Justin Sun sent 198 million USDC to Circle on December 27 in order to withdraw funds from the previous two days. On the TRON network, he transferred Binance $198 million USDC, and on the Ethereum network, he received $198 million USDT from Binance. He cashed out the entire USDC 198 million.
The CEO's activities have captured the attention of users. On December 12, the CEO, who had just withdrawn 34 million BUSD and 15.4 million USDT from the exchange nine hours earlier, sparked a large panic sale on Binance. Despite the FUD assault, Binance's withdrawal volume has significantly increased over the past 24 hours. Large user withdrawals occurred after this transaction since Binance had been the target of recent FUD campaigns. The market's top exchange has been charged with money laundering by Reuters since 2018 in addition to being accused of erasing user accounts.
However, a few of users pointed out that this behavior shows the CEO has a sizable pool of money and a solid financial foundation. Additionally, the neighborhood is confident that Huobi's CEO would help the business maintain its strength despite the market's downward trajectory.
