Justin Sun, the founder of the Tron blockchain and the Houbi crypto exchange advisor, recently cashed out $198 million in crypto via a stablecoin issuer, Circle. Twitter crypto tracker, Lookonchain, unveiled the transaction, noting that Sun moved the funds across multiple chains and outlets.
Justin Sun transferred 198M $USDC to #Circle to cash out in the past 2 days.He transferred $198M $USDC to #Binance on the TRON network and withdrew $198M $USDT from #Binance to the Ethereum network yesterday.He completed the cash out of all 198M $USDC just now. pic.twitter.com/6U2YEft3Io
— Lookonchain (@lookonchain) December 26, 2022
Some crypto enthusiasts felt skeptical about the cash and concluded that Sun probably knew about an impending market event. The Houbi advisor threw the crypto community in great suspicion early this month when he moved out multiple lumpsum from Binance to stablecoin issuers Paxos and Circle.
Binance CEO Changpeng Zhao had to comment that Sun’s recent inflows were perhaps part of deploying BUSD on the Tron network (TRX) or cross-chain swaps.
However, the founder of TRX later tweeted in Chinese, clarifying that the cash distribution between exchanges was simply standard business collaboration and did not reflect any market judgment or speculation.
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) December 13, 2022
In a related development, Sun’s Tron network would be launching the equivalent of a central bank digital currency (CBDC) on the blockchain with the Chinese currency, TrueCNH (TCNH). He said:
It is anchored one-to-one with the offshore RMB, and there are no restrictions on purchase and exchange. In the future, the Chinese government will be open and optimistic about cryptocurrencies.
Notably, TCNH will be an algorithmic stablecoin pegged 1:1 to the Chinese yuan. The TrueUSD team, which currently administers TUSD stablecoin, will take charge of TCNH issuance.