United

Bitcoin

Read

Coin

Tron (<a href="https://crypto.news/price/tron/" data-type="link" data-id="https://crypto.news/price/tron/">TRX</a>) founder Justin Sun made several large cryptocurrency deposits totaling $25.5 million to leading exchange Binance over the past day. 
According to transaction <a href="https://platform.arkhamintelligence.com/explorer/entity/justin-sun" target="_blank" rel="noopener">data</a> from blockchain intelligence firm Arkham, the deposits were made in three separate transactions from <a href="https://crypto.news/tag/justin-sun/" data-type="link" data-id="https://crypto.news/tag/justin-sun/">Justin Sun’s</a> known wallet address to a <a href="https://crypto.news/tag/binance/" data-type="link" data-id="https://crypto.news/tag/binance/">Binance</a> deposit address. The first transfer was for $1.7 million of USD Coin (USDC), followed by $2.8 million of True USD (TUSD) and finally $21 million USDT. 
USDC, TUSD, and USDT are all stablecoins whose values are pegged to the United States dollar. By using these dollar-backed cryptocurrencies instead of a volatile coin like Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/">BTC</a>), Sun likely wanted to avoid significant price fluctuations when the tokens were held in the wallets. 
 You might also like: <a href="https://crypto.news/justin-sun-became-largest-individual-eth-staker/"> Justin Sun became largest individual ETH staker </a> 
The decision to hold multiple stablecoins is likely partially motivated by a willingness to limit losses if one stablecoin collapses. 
Sun could plan to take many potential actions with $27 million at his disposal on Binance. So far there, it is not clear what his intentions are. 
 Read more: <a href="https://crypto.news/justin-sun-moves-1-3m-to-binance-and-11m-of-btt-through-smart-contracts/"> Justin Sun moves $1.3M to Binance and $11M of BTT through smart contracts </a>

Justin Sun deposits $25.5m on Binance

crypto.news

Other articles published on Oct 17, 2023

2,832 BTC Transfer Sparks Concern Post ETF Approval Scare

FANG Stock Forecast: Can $200 become Next Goal In (NASDAQ: FANG)?

XRP Price Outlook: Risks of Sharp Drop Below Key Level

BitTorrent 2023: BTT Shows No Bullish Signs Yet, Should You Bet On BTT?

Coinbase to Delist 80 non-USD Trading Pairs - What’s Going On?

FTX Debtors Repay 90% to Customers

Join our free newsletter for daily crypto updates!