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Justin Sun’s Wallet Made over $3 Mln on Loss of USDC Peg to Dollar

Lookonchain reported that a wallet “possibly” linked to Tron founder Justin SUN made $3.3 mln from the loss of the USD Coin (USDC) peg on March 11. According to Lookonchain, address 0xbcb7 withdrew 50 mln USDC from Aave after the stablecoin lost its peg. The address then exchanged those USDC for DAI at a 1:1 ratio and also withdrew over 30 mln USDC from Binance to be exchanged for DAI.

This same address later withdrew 214.9 mln USDT from Binance and swapped 100 mln of it for 103.3 mln USDC. The address also exchanged 75 mln USDT for 75.5 mln DAI before swapping USDC for DAI. As USDC recovers its peg, the address exchanged 30 mln DAI for 30 mln USDC while buying 20 mln USDC for 20 mln USDT. Then all 50 mln USDC were sent to the new address 0x30Dff. 100 mln USDC was transferred to address 0x30Dff and 150 mln USDC was transferred to Coinbase, most likely to be converted into USD.

The vitalik.eth wallet spent 500 Ethereum (ETH) to mint the RAI stablecoin and then used the funds to buy the USDC dip. Blockchain analytics firm Peckshield added that the address also “swapped 17,500 RAI for 50,000 DAI.” Arkham Intelligence has confirmed that the wallet belonged to Vitalik Buterin.

Image: Forbes



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