Ethereum co-founder and Tron creator Justin Sun moves $150m BUSD to Tron

Justin Sun — the creator of Tron (TRX) and one of Ethereum’s (ETH) co-founders — moved $150 million in Binance USD (BUSD) from Ethereum to Tron.

On-chain data provided by Arkham Intelligence show that on Dec. 14, Sun withdrew 150 million BUSD from Binance and deposited it in wallets managed by stablecoin manager Paxos shortly after. This is most likely part of the ongoing operation to move part of the BUSD supply from the Ethereum blockchain to Tron.

On Dec. 13, Sun announced that he deposited 100 million dollars in USD Coin (USDC) to Binance. Changpeng Zhao, the exchange’s CEO, explained that this was a part of deploying BUSD on TRON:

This is part of deploying BUSD on TRON, I think. Cross-chain swaps. Not sure of the details. Not directly handling it myself. https://t.co/DF32yAFxpI

— CZ 🔶 Binance (@cz_binance) December 13, 2022

This activity generated multiple transactions, with on-chain data provider Lookonchain reporting that Justin Sun also withdrew 100 million BUSD from Binance.

Some Twitter users feared that Sun knew something they were unaware of and decided to move his funds off of Binance. Still, Arkham Intelligence’s data shows that Binance is still Sun’s favorite exchange and that it holds 45% of his deposits — $6.15 billion out of $13.74 billion.

Ethereum co-founder and Tron creator Justin Sun moves $150m BUSD to Tron - 1 — Justin Sun’s exchange deposits | Courtesy of Arkham Intelligence

Following a worrying report on an alleged investigation against the crypto exchange in the United States, the number of withdrawals from Binance on Dec. 13 comprised at least $1.9 billion.