Justin Sun has moved $156.4M worth of BTC days post BitGo’s WBTC custody change announcement, causing an alarm amongst crypto twitteratis.
According to EmberCN and Wu blockchain, the suspected Justin Sun team address transferred a total of 2,590 Bitcoins($156.41Million) to Binance. Then a newly created address began to withdraw WBTC from Binance, 1,953 WBTC ($117.78M) have been withdrawn so far.
可能是孙哥团队在将 BTC 换成 WBTC？
在 WBTC 托管权变更公告后，孙哥地址累计将 2,590 枚 BTC ($156.41M) 转进币安。
随后以太坊链上一个新创建地址开始从币安提出 WBTC，目前共计提出 1,953 枚 WBTC ($117.78M)。从时间和动机上来说，这很可能是孙哥团队在将 BTC 换成 WBTC。
BTC… https://t.co/BoReCO6D08 pic.twitter.com/ieElnQfz2r
— 余烬 (@EmberCN) August 20, 2024
The Blockchain Intelligence platform, Arkham shows a series of transfers being made. On 19 Aug, 2024 17:22 UTC, his address transferred 96.90098697 BTC worth $5.69 Million to a Binance address. Later, again, at 18:18 UTC, he transferred 999.99291572 BTC worth $58.80 Million to the Binance address.
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Around 18:38 UTC, 107.25438819 BTC worth $6.34 Million was transferred to a Binance hot wallet, following which another transfer of 499.9999907 BTC worth $29.54 Million, was made to the hot wallet.
These suspiciously huge transactions have caused a frenzy especially after the BitGo announced changes to WBTC’s existing custody model that involved distributing influence across several parties and geographic jurisdictions. This had already caused an outcry among users since right before the custody change, Justin Sun’s involvement in the project was revealed.
On August 9th, BitGo announced that it would move its WBTC business to the “world’s first multi-jurisdictional and multi-institutional custody” as part of a joint venture with Bit Global, Tron founder Justin Sun, and the Tron ecosystem. MakerDAO, the lending protocol, also passed an executive vote that will disable future borrows against wrapped bitcoin (WBTC) after BitGo’s announcement.
Also Read: 21 North Korea crypto devs make $500K: Crypto Investigator ZachXBT
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