Justin Sun-related wallet made over $3M from USDC depeg

On-chain investigator Lookonchain reported that a wallet “possibly” connected to Tron founder Justin Sun made $3.3 million from USD Coin (USDC) March 11 depeg.

Lookonchain said the address, 0xbcb7, withdrew 50 million USDC from Aave after the stablecoin depegged. The address then swapped this USDC for DAI at a 1:1 ratio while also withdrawing over $30 million USDC from Binance to swap for DAI.

This same address later withdrew 214.9 million USDT from Binance and swapped 100 million of it for 103.3 million USDC. The address also exchanged 75 million USDT for 75.5 million DAI before changing the USDC for DAI.

With USDC regaining its peg after a crazy weekend, the address has exchanged 30 million DAI for 30 million USDC while buying 20 million USDC with 20 million USDT. The whole 50 million USDC was then sent to a new address 0x30Dff.

The 0x30Dff address also received 100 million USDC from Justin Sun and transferred 150 million USDC to Coinbase, most likely to convert it to USD.

The transfer from Justin Sun and earlier actions where he exchanged USDC in his other addresses for DAI after the depeg suggested that he also controlled the “0xbcb7” address.

Several crypto community members hailed the transactions on how Sun avoided losses and still profited from the USDC depeg.

Did Vitalik Buterin buy the USDC dip?

On-chain data suggest that Justin Sun is not the only major player to profit from the USDC depeg.

A wallet labeled vitalik.eth spent 500 Ethereum (ETH) to mint the RAI stablecoin and later used the funds to buy the USDC dip. Blockchain analytical firm Peckshield added that the address also “swapped 17,500 RAI for 50,000 DAI.”

Arkham Intelligence dashboard confirmed that the wallet belonged to Vitalik Buterin.

Buterin previously said the RAI stablecoin “exemplifies the pure “ideal type” of a collateralized automated stablecoin, backed by ETH only.”