Justin Sun earns $3.3 million by buying USDC with USDT during depegging
In a recent turn of events, Lookonchain has reported that a wallet, suspected to belong to JustinSun, has made a profit of over $3.3 million by buying USDC with USDT during the USDC depegging. The wallet reportedly transferred 150 million USDC to Coinbase on March 15, 2023, possibly to exchange for USD cash.
The wallet, identified as “0xbcb7,” withdrew 50 million USDC stored on Aave and exchanged it for 50 million DAI at a 1:1 ratio after the USDC depegging. Then, the wallet withdrew USDC from Binance and exchanged it for DAI, before withdrawing 214.9 million USDT from Binance. Out of this amount, 100 million USDT was exchanged for 103.3 million USDC, while 75 million USDT was exchanged for 75.5 million DAI.
A wallet (possibly #JustinSun) bought $USDC with $USDT during the $USDC depegging, making more than $3.3M.
And he transferred 150M $USDC to #Coinbase today, possibly to exchange for USD cash.
— Lookonchain (@lookonchain) March 15, 2023
The wallet then exchanged all USDC for DAI before exchanging 30 million DAI for 30 million USDC. The wallet also bought 20 million USDC with USDT before transferring 50 million USDC to the address “0x30Dff”. Interestingly, the same address also received 100 million USDC from JustinSun and transferred all 150 million USDC to Coinbase.
According to Lookonchain’s report, JustinSun exchanged all 82 million USDC from Aave and exchanged it for 82 million DAI during the USDC depegging. This move reportedly helped him avoid losses during the depegging and earn more than $3.3 million by buying USDC with USDT.
The news has generated a lot of interest and speculation in the crypto community, with some questioning whether JustinSun was indeed behind the wallet’s activity. Others have praised the move as a smart investment strategy that helped JustinSun make a significant profit.
The USDC depegging occurred on March 14, 2023, and saw the stablecoin’s price fall below the US dollar. This resulted in a lot of market activity, with traders looking for opportunities to profit from the situation. While some traders may have suffered losses, JustinSun’s reported strategy seems to have paid off, generating significant profits.
As the crypto market continues to experience fluctuations, it remains to be seen how investors will respond and adapt to these changes. However, JustinSun’s reported strategy could serve as a blueprint for other investors looking to capitalize on such opportunities in the future.
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