Justin Sun’s Wallet Address Earns Nearly $3 Million USD After USDC Depeg

Key Points:

• According to Lookonchain statistics, an identified wallet address of Justin Sun gained more than $3 million following USDC depeg.
• The same address then withdrew 214.9 million USDT from Binance and exchanged it for 103.3 million USDC.

Once the USDC was depegged, a recognized wallet address belonging to Justin Sun made a profit of more over $3 million, according to the figures provided by Lookonchain.

According to Lookonchain, Justin Sun’s address 0xbcb7 withdrew 50 million USDC from Aave following the USDC depeg. Following that, this address changed from USDC to DAI at a 1:1 ratio, withdrawing more than $30 million USDC from Binance and purchasing DAI.

The same address then withdrew 214.9 million USDT from Binance and exchanged it for 103.3 million USDC. With USDC reaching a stable level after plummeting to an all-time low of 0.87 USD, Justin Sun’s recognized wallet address exchanged 30 million DAI for 30 million USDC and 20 million USD for 20 million USDC. The full amount of 50 million USDC was then transferred to a new address 0x30Dff.

As a result, after converting from USDC to DAI, Justin Sun was able to avoid losses caused by the devaluation of USDC and made more than 3.3 million USD by acquiring USDC using USDT. Several people in the cryptocurrency industry have praised Justin Sun for his ability to effectively prevent losses when the USDC depegs while still profiting from the drop in the price of the USD.

Vitalik is another well-known person that benefitted from the USDC depeg. There is an address that shows Vitalik paying 500 ETH to create the stablecoin RAI, and then using this money to acquire USDC.

In a recent blog post, Vitalik praised the peculiar dynamics of the stablecoin RAI and praised its use. RAI is a cryptocurrency. In contrast to the vast majority of other stablecoins, RAI from Reflexer Finance is not pegged to any particular fiat currency but rather is supported by Ethereum.

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.

Join us to keep track of news: https://linktr.ee/coincu

Chubbi

Coincu News