Amid the ongoing controversy surrounding Wrapped Bitcoin and Tron (TRX) founder Justin Sun, an unknown crypto whale has accrued a important quantity of Wrapped Bitcoin (WBTC).
In preserving with the recommendations, the whale, which purchased 347 WBTC (worth $16 million) for the length of the day, accrued a full of 1,953 WBTC (worth $118 million) from Binance at an average tag of 58,853 closing week.
In preserving with EmberCN’s put up, while the unknown whale modified into as soon as accumulating WBTC, Justin Sun’s deal with transferred 2,590 BTC worth a full of $156.41 million to Binance.
While these transfers attracted the eye of the neighborhood, this brought to thoughts the request “Might maybe maybe Justin Sun’s group be swapping BTC for WBTC?”
“Possibly Justin Sun’s group is swapping BTC for WBTC?
Following the announcement of WBTC’s custody commerce, Sun’s deal with transferred a full of two,590 BTC ($156.41 million) to Binance.
Then, a newly created deal with on the Ethereum chain started withdrawing WBTC from Binance, and a full of 1,953 WBTC ($117.78 million) has been withdrawn to this level.
Given the timing and motivation, this may maybe perhaps doubtless indulge in the Sun group swapping BTC for WBTC.”
Tron founder Justin Sun’s inclusion in Wrapped Bitcoin has raised concerns within the crypto neighborhood, with crypto platform Region On Chain suggesting that Justin Sun may maybe maybe very effectively be exchanging Bitcoin for Wrapped Bitcoin in step with transactions keen mountainous amounts of Bitcoin and WBTC.
Earlier in August, BitGo, the group behind WBTC, announced plans to transfer reduction a watch on over the token to a joint project keen itself, Hong Kong-based mostly investment manager BiT Global, and the Tron ecosystem led by Justin Sun.
*Here is now not investment advice.
