According to 0xScope analysis data, Justin Sun, Huobi’s global advisor, transferred USD 198 million USDT to Binance at Christmas, and then cashed out USD 100 million USDT through Circle.
(Recap:Sun Ge Empire | once deposited “580 million magnesium BTC” accounted for 90% of the Valkyrie fund, Sun Yuchen was exposed as the largest shareholder and customer）
(background supplement:Entering the era of “public chain integration”?Justin Sun: Tron is deploying BNB contract, Tron DAO into Binance Recovery Fund）
WaveJustin Sun, the founder of Tron and Huobi’s global advisor, posted on his personal Twitter on Christmas Day just past that he had transferred USD 198 million in USDT to the Binance exchange. And leave a message:
Merry Christmas
Merry Christmas https://t.co/1KyihqbrH8
— H.E. Justin Sun???????????????????????? (@justinsuntron) December 25, 2022
Wired $100 million to Circle to cash out
At that time, Sun Yuchen did not explain the purpose of such a large amount of funds transfer, but according to the blockchain data analysis service provider 0xScope yesterdaytweetsthey found that Justin Sun immediately transferred out and cashed out 100 million U.S. 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 through the DeFi aggregator 1inch
- Transfer USDC to Circle for cash out
0xScope finally joked that Sun Yuchen must have spent a wonderful vacation following cashing out 100 million US dollars.
????Justin cashed out $100M on Christmas.
H.E:
1. Transfer 198M $USDT to #Binance on #TRON
2. Withdraw them from #Binance on #Ethereum following 5min
3. Swap 100M $USDT for 100M $USDC by @1inch
4. Transfer $USDC to @circle to cash out.
H.E. gonna have a nice holiday with $100M 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 transferring to Circle, generally speaking, the transfer of large amounts to the 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 questioned why they didn’t cash out directly in Binance? Why do I need to transfer into Binance first and then transfer out to Circle? 0xScope’s reply to this may be that Binance does not have such a large amount of liquidity for 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 cuz binance can’t take such a big volume and ultimately binance will have to do it on circle
— 0xScope (???? . ????) (@ScopeProtocol) December 26, 2022
