Tron founder Justin Sun withdrew 100 million BUSD stablecoins from crypto exchange Binance on Wednesday. The withdrawn 100 million BUSD was then moved to the Paxos Treasury. Binance CEO CZ pointed out on Tuesday that 100 million USDC that Justin Sun transferred to Binance is part of BUSD’s stake on Tron through cross-chain swaps.
Justin Sun transfers 100 million BUSD
PeckShield warning in one tweet on December 14 revealed that a wallet address associated with Justin Sun has withdrawn 100 million BUSD stablecoin from Binance. The said Etherscan transaction showed that 100,000,311,866 in Binance USD (BUSD) was transferred from the Binance 15 wallet to 0x9f84 at 08:56 AM UTC.
On chain platform Look at chain confirmed that Justin Sun has again withdrawn 100 million BUSD from Binance. Also, Justin Sun had withdrawn almost 33.91 million BUSD and 15.43 million USDT from Binance by December 13.e transferred 33.91 BUSD to Paxos Treasury and 15.43 million USDT to Circle.
It should also be noted that the transfer during the Binance FUD led to massive withdrawals from Binance. However, Justin Sun later deposited 100 million USDC into Binance to calm market fears. Binance CEO “CZ” also pointed it out that the transfer was indeed part of putting BUSD on Tron via cross-chain swaps.
PeckShield Alert revealed in a subsequent tweet that 100 million BUSD withdrawn by Justin Sun has been transferred to Paxos Treasury. As CZ previously suggested, this is likely part of betting BUSD on Tron.
Binance CEO: “Deposits are coming in again”
The world’s largest crypto exchange Binance witnessed a record daily outflow worth $1.14 billion on Tuesday. According to data from CryptoQuant, a net 40,353 Bitcoins and 278,017 Ethereum tokens were withdrawn.
Binance CEO “CZ” claims on December 14 that deposits are coming back. Moreover, these are not even the top 5 payouts processed during the Terra-LUNA or FTX crisis. He assures clients about the financial health of the crypto exchange and clients’ crypto assets.
Also Read: Binance CEO Warns Staff About Tough Times
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