TRON founder Justin Sun is in the limelight after a major stablecoin issuer ceased USDC support on the blockchain. As the crypto community speculates over the next course of events, data analysis tool Lookonchain reported that an anonymous whale suspected to belong to the crypto entrepreneur deposited 90 million USDT to Binance. Subsequently, the wallet known as “0x7a95” withdrew 10,136 ETH [$29.76 million] and 40 million USDT from the crypto exchange. So far, the whale has bought 91,316 ETH worth nearly $260 million from Binance and other DEXs.
In the past 32 hours, another unknown wallet named TWGHNc” bought a total of 54,721 ETH ($154.4M) from Binance and DEX. This wallet also withdrew 500 million USDT from HTX a day before. “Maybe no one except Justin Sun can withdraw so much USDT from HTX, a crypto exchange affiliated with him,” Lookonchain stated.
Interestingly, the transactions of wallet “TWGHNc” are highly consistent with “0x7a95.” “This seems like too much of a coincidence,” Lookonchain noted.
TWGHNc deposited 5.41million USDT to HTX on Feb 7 and 0x7a95 withdrew 1,100 ETH from HTX on Feb 8. TWGHNc deposited 50M USDT to Binance on Feb 1 and 0x7a95 withdrew 9,959 ETH from Binance on Feb 12. TWGHNc deposited 200 million USDT into Binance on Feb 18. On the same day, 0x7a95 withdrew 29,875 $ETH ($84.3M) and 100M $USDT from Binance.
While there is a strong possibility that the wallet might be related to the TRON founder based on on-chain data, Lookonchain stated that there is no definitive proof that it belongs to him and that “everyone can have their own opinions.”
TRON On The Verge Of Regulatory Chokehold?
The new developments come after stablecoin issuer Circle announced its decision to withdraw support for its USDC [US Dollar Coin] token on the Tron blockchain network. Users have until Feb 25 to move their USDC tokens on the TRON blockchain to other networks. “Our decision to discontinue support for USDC on TRON is the result of an enterprise-wide approach that involved the business organization, compliance, and other functions across our company,” as per the official statement.
Circle’s decision has sparked speculation that both TRON and Sun are next in line of fire over compliance-related issues. Already battling the SEC, TRON Foundation and its founder filed for dismissal of SEC claims, arguing improper application of securities laws, overstepping jurisdiction, and lack of fair notice.
The regulator filed suit against the defendants in March 2023 for selling unregistered securities and for the sale and promotion of TRX [TRON] and BBT [BitTorrent].