Justin Sun’s Address Transfers 82 Million USDC From Aave V2 To DAI

Key Points:

• The address of Justin Sun withdraws 82 million USDC from Aave V2 and transfers them all to DAI.
• The USDC depeg has fallen below $0.95 USD, marking the lowest price for this stablecoin since its creation in 2018. 

According to Paidun’s monitoring data, a new transaction on Justin Sun address using USDC was spotted on March 11.

According to Paidun’s monitoring data, Justin Sun’s address withdrew 82 million USDC from Aave V2 and converted them all into DAI before extracting 11.6 million USDC from Aave V2. As previously reported by Coincu, the USDC depeg has fallen below $0.95 USD, marking the lowest price for this stablecoin since its creation in 2018. The cause behind Justin’s trade is unknown.

Justin has lately completed multiple million-dollar transactions. Not only that, but he moved more than 100 million USDC to the Huobi exchange on the preivous day. Justin Sun stated earlier today that Huobi will bear the whole loss of leveraged positions due to HT market volatility and will invest $100 million USD to establish a liquidity fund. Sun apologizes to HT users for the volatility caused by a small number of user-leveraged clearing houses.

To increase the Huobi platform’s multi-currency liquidity, the business intends to invest $100 million in establishing a liquidity fund, as well as continue to improve the primary currency, HT liquidity depth, alerts leverage, and liquidity. Additionally, Justin Sun stated that Huobi hopes to keep the community updated on the next stages for this event.

USDC’s value dropped below $1 when parent firm Circle acknowledged to having communication with Silicon Valley Bank. Following a period of quiet and pressure from the crypto community, stablecoin startup Circle said that the amount affected by Silicon Valley Bank’s failure was $ 3.3 billion, amounting for 8.25% of total assets. USDC will receive $ 40 billion in collateral, well beyond earlier estimates. On Coinbase, the price of USDC/USDT plunged to $0.9364 as investors hurried to change from USDC to USDT once it became unable to transfer directly to USD. This is the lowest price level since the stablecoin’s inception in 2018.

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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