{"id":309112,"date":"2023-03-15T09:25:24","date_gmt":"2023-03-15T09:25:24","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=309112"},"modified":"2023-07-22T12:31:51","modified_gmt":"2023-07-22T11:31:51","slug":"justin-sun-related-wallet-made-over-3m-from-usdc-depeg","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/justin-sun-related-wallet-made-over-3m-from-usdc-depeg\/","title":{"rendered":"Justin Sun-related wallet made over $3M from USDC depeg"},"content":{"rendered":"<p>On-chain investigator Lookonchain reported that a wallet &#8220;possibly&#8221; connected to Tron founder Justin Sun made $3.3 million from USD Coin (<a href=\"https:\/\/cryptoslate.com\/coins\/usd-coin\/\">USDC<\/a>) March 11 depeg.<\/p>\n<p>Lookonchain <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1635879630933745666?s=20\">said<\/a> the address, 0xbcb7, withdrew 50 million USDC from Aave after the stablecoin <a href=\"https:\/\/cryptoslate.com\/usdc-depeg-everything-we-know-so-far-as-contagion-spreads-from-tradfi-banking\/\">depegged<\/a>. 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.<\/p>\n<p>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.<\/p>\n<p>With USDC regaining its peg after a crazy weekend, the address has exchanged 30 million <a href=\"https:\/\/cryptoslate.com\/coins\/multi-collateral-dai\/\">DAI<\/a> for 30 million USDC while buying 20 million USDC with 20 million <a href=\"https:\/\/cryptoslate.com\/coins\/tether\/\">USDT<\/a>. The whole 50 million USDC was then sent to a new address 0x30Dff.<\/p>\n<p>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.<\/p>\n<p>The transfer from Justin Sun and <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1634422207039549445?s=20\"><span class=\"s4\">earlier actions <\/span><\/a>where he exchanged USDC in his other addresses for DAI after the depeg suggested that he also controlled the &#8220;0xbcb7&#8221; address.<\/p>\n<p>Several crypto community members <a href=\"https:\/\/twitter.com\/MikybullCrypto\/status\/1635882694776168449?s=20\"><span class=\"s4\">hailed<\/span><\/a> the transactions on how Sun avoided losses and still profited from the USDC depeg.<\/p>\n<h2>Did Vitalik Buterin buy the USDC dip?<\/h2>\n<p>On-chain data suggest that Justin Sun is not the only major player to profit from the USDC depeg.<\/p>\n<p>A wallet labeled\u00a0<a href=\"https:\/\/etherscan.io\/address\/0xd8da6bf26964af9d7eed9e03e53415d37aa96045\">vitalik.eth<\/a> spent 500 Ethereum (<a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">ETH<\/a>) to mint the <a href=\"https:\/\/cryptoslate.com\/coins\/rai-reflex-index\/\">RAI<\/a> stablecoin and later used the funds to buy the USDC dip. Blockchain analytical firm Peckshield <a href=\"https:\/\/twitter.com\/PeckShieldAlert\/status\/1634487662009786375?s=20\">added<\/a> that the address also &#8220;swapped 17,500 RAI for 50,000 DAI.&#8221;<\/p>\n<p>Arkham Intelligence dashboard <a href=\"https:\/\/platform.arkhamintelligence.com\/explorer\/address\/0xd8da6bf26964af9d7eed9e03e53415d37aa96045\">confirmed<\/a> that the wallet belonged to Vitalik Buterin.<\/p>\n<p>Buterin previously <a href=\"https:\/\/vitalik.ca\/general\/2022\/05\/25\/stable.html\">said<\/a> the RAI stablecoin &#8220;exemplifies the pure &#8220;ideal type&#8221; of a collateralized automated stablecoin, backed by ETH only.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On-chain investigator Lookonchain reported that a wallet &#8220;possibly&#8221; 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 [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":307993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32631],"tags":[77811,76824],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Justin Sun-related wallet made over $3M from USDC depeg<\/title>\n<meta name=\"description\" content=\"Peckshield reported that wallet connected to Ethereum co-founder Vitalik Buterin also bought the USDC dip.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/justin-sun-related-wallet-made-over-3m-from-usdc-depeg\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Justin Sun-related wallet made over $3M from USDC depeg\" \/>\n<meta property=\"og:description\" content=\"Peckshield reported that wallet connected to Ethereum co-founder Vitalik Buterin also bought the USDC dip.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/justin-sun-related-wallet-made-over-3m-from-usdc-depeg\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-15T09:25:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-22T11:31:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/usdc.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/justin-sun-related-wallet-made-over-3m-from-usdc-depeg\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/justin-sun-related-wallet-made-over-3m-from-usdc-depeg\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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