On-chain researcher Lookonchain reported that a wallet “probably” connected to Tron founder Justin Sun earned $3.3 million from USD Coin (USDC) on March 11 depeg.
look on chain Said Address 0xbcb7 withdrew 50 million USDC from Aave after the stablecoin was unpegged. This address then swapped this USDC into DAI at a 1:1 ratio, withdrew over $30 million USDC from Binance and swapped into DAI.
This same address later withdrew 214.9 million USDT from Binance, of which 100 million was exchanged for 103.3 million USDC. This address exchanged 75 million USDT for 75.5 million DAI before converting USDC to DAI.
After a crazy weekend with USDC regaining its peg, addresses exchanged 30 million DAI for 30 million USDC and bought 20 million USDC for 20 million USDT. The entire 50 million USDC was then sent to the new address 0x30Dff.
The 0x30Dff address received 100 million USDC from Justin Sun and transferred 150 million USDC to Coinbase.
Transfer from Justin Sun and previous action After Depeg suggested that he also controlled the “0xbcb7” address, he swapped USDC for DAI on other addresses.
some crypto community members welcomed A deal on how Sun avoided loss and profited from USDC depeg.
Did Vitalik Buterin Buy the USDC Fall?
On-chain data suggests that Justin Sun is not the only major player profiting from USDC depeg.
purse with vitalik.eth I spent 500 Ethereum (ETH) to mint the RAI stablecoin and then used the funds to buy the USDC dip. Blockchain analytics company Peckshield Added The address also states that it “exchanged 17,500 RAI for 50,000 DAI.”
Arkham Intelligence Dashboard Confirmed The purse belonged to Vitalik Buterin.
Before buterin Said The RAI stablecoin exemplifies a pure “ideal type” of collateralized automated stablecoin, backed solely by ETH. “
