TRON inventor Justin Sun is back on the agenda today with nearly $200 million in crypto money transfers. The crypto community suggests that Sun is making the move before a big event is coming.
Tron founder withdraws $200 million in crypto from Binance
Tron founder and Houbi advisor Justin Sun recently cashed out $198 million in crypto through Circle. On-chain researcher Lookonchain notes that Sun moves funds across multiple blockchains and points of sale. cryptocoin.com As we reported, the Tron founder recently announced on Twitter the large amount of funds he sent to his Binance wallet. Lookonchain reported on Dec. 26 that Sun pulled this fund in USDT:
Justin Sun transferred 198 million USDC to Circle to cash out in the last 2 days. On December 25, he transferred 198 million USDC to Binance on the TRON network, and on the same day, 198 million USDT was withdrawn from Binance to the Ethereum network. Just completed all 198 million USDC in cash.
The transactions cause suspicion and concern in the crypto community. Some speculated that Sun was probably aware of an upcoming market event. The Houbi advisor worried the crypto community earlier this month when he made multiple batches of payments from Binance to Paxos and Circle.
Binance CEO CZ commented that Sun’s recent transactions are part of pulling BUSD into the Tron network (TRX). However, the founder of TRX later tweeted in Chinese, explaining that the distribution of cash between exchanges is just standard business cooperation and does not reflect any market judgment or speculation.
In a related development, Sun’s Tron network will launch a Blockchain-based CBDC with the Chinese currency TrueCNH (TCNH). Specifically, TCNH will be an algorithmic stablecoin pegged 1:1 to the Chinese yuan. The TrueUSD team, which currently manages the TUSD stablecoin, will be responsible for the TCNH issuance.