TRON CEO Justin Sun sparked speculation that he is cashing out after his recent cryptocurrency transaction.
Address linked to TRON CEO Justin Sun withdrew $50 million in BUSD from Aave V2. according For crypto researcher Colin Wu. Citing Etherscan data, Wu says that Sun then moved 70 million to Paxos. Earlier this week, Sun had already withdrawn $50 million in BUSD from Aave V2.
Wu said that another address withdrew $72 million in USDC from Binance, which was later transferred to Circle. Speculating that it could also be TRON CEO Justin Sun, Wu estimated that the Chinese entrepreneur transferred $236 million to Circle.
TRON CEO Justin Sun Responds to the Allegations
Sun reacted to growing speculation about him cashing out, saying it was “not true.”
in that answerTRON CEO Justin Sun claimed that the USDC Circle transaction was simply an “internal capital deployment with a double count”. He added that he is “overly bullish on cryptocurrencies,” adding that the allocation of related funds is likely to increase as the business develops.
Speculation on Sun’s intentions has intensified as most of these transactions have taken place since he joined Huobi’s advisory committee.
Days after joining the Chinese blockchain ecosystem, TRON CEO Justin Sun revealed that he holds “tens of millions” of native tokens of the platform. Considering HT as the “core value” of the platform, Sun said it will be at the heart of Huboi’s strategy.
From Blockchain to Bond?
A Twitter handle suggested that TRON CEO Justin Sun was actually divesting from decentralized finance. The goal is to put capital in US government bonds.
“Bet Sun is Exiting DeFi and US Treasury Bills in … Higher Yield, Less Risk,” Alex Kruger Told,
Although this statement may sound somewhat outlandish, it is no longer outside the realm of possibility.
Marketwatch reporter Frances Yu highlighted that bond yields have recently outperformed potential gains from cryptocurrencies. For example, the 10-year U.S. Treasury bill yield is now more than 4% annually, “higher than Ether’s current bet rewards.”
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