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Tron Founder Justin Sun's Address Moves Millions into USDC, What's Going On

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Thu, 19/01/2023 - 14:15
Tron Founder Justin Sun's Address Moves Millions into USDC, What's Going On
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Lookonchain, a data analytics provider, has spotted some USDC and USDT transactions made by Tron founder Justin Sun in the last 24 hours. It notes a transfer of 18.9 million USDC from the Tron founder to Circle.

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Another 2.74 million USDC and 5.83 million USDT were moved from AAVE, and another 10 million USDC were withdrawn from Compound and transferred to Circle. The Tron founder also exchanged 5.83 million USDT for USDC and transferred it to Circle.

Two of the transactions made by the TRON founder were flagged by Whale Alert: first was the transfer of 93,885,935 USDC ($94,136,141) from the USDC Treasury to Justin Sun's address. Second, 94,036,782 USDC worth $94,207,929 were transferred from Justin Sun's address to an unknown wallet. The reason for the movement of funds remains as yet unknown.

Following recent developments in the cryptocurrency industry, Justin Sun told Reuters that, "depending on their evaluation of the situation," he was prepared to spend $1 billion of his own money to purchase assets from Digital Currency Group (DCG), the parent company of troubled crypto lender Genesis. Sun did not say which assets he was thinking about purchasing.

In November, shortly after the bankruptcy filing of cryptocurrency exchange FTX, where Genesis stored some of its cash, Genesis ceased withdrawals.

Amid a liquidity crisis, the cryptocurrency lending division of Digital Currency Group has been in private discussions with several creditors, and it is also thinking about selling some of its portfolios to raise money.

DCG property CoinDesk, a crypto news site, confirmed in a statement to Bloomberg that it engaged Lazard as a financial adviser to explore its options, including a partial or full sale.

Genesis Global Capital is preparing to file for bankruptcy as soon as this week, according to people with knowledge of the situation.

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