Justin Sun Has Transferred Another 88 Million BUSD To Binance

Key Points:

• Justin Sun sent 80 million USDC to Binance before depositing 88 million BUSD in the Paxos Treasury.
• The underlying reason behind Justin Sun’s transaction remains unknown.

On January 1, an address that was listed as belonging to Justin Sun cashed out $80 million USDC and moved it to the Binance cryptocurrency exchange.

According to a Lookonchain tweet, the address Justin Sun transferred 80 million USDC to Binance before depositing 88 million BUSD into Paxos Treasury. Sun Yuchen previously rejected it, claiming that it was simply a cross-chain conversion. The fundamental cause behind Justin Sun’s transaction has yet to be determined.

This is not the first time Justin Sun has sent large sums of money to Binance. Lookonchain also noted that on December 27, Justin Sun moved 198 million $USDC to Circle in order to cash out in the previous two days. He sent $198 million $USDC to Binance on the TRON network and received $198 million $USDT from Binance on the Ethereum network. He cashed out all 198 million $USDC.

Users have been captivated by the CEO’s actions. Previously, on December 12, the CEO caused a massive panic sale on Binance after withdrawing 34 million BUSD and 15.4 million USDT from the exchange 9 hours earlier. Binance’s withdrawal volume has surged considerably in the last 24 hours, despite the FUD siege. Following this transaction, huge user withdrawals happened as Binance had been bombarded with FUD in recent days. In addition to being accused of deleting user accounts, the leading exchange in the market has been accused of money laundering by Reuters since 2018.

Nevertheless, several users observed that this action demonstrates that the CEO has a strong financial base and a significant store of resources. In addition, the community has the belief that Huobi’s CEO will assist the company in remaining robust despite the downward trend in the market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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