Just-In: Justin Sun Pulls Out Millions Of USDT From Aave Pool

Ashish Kumar
October 17, 2022
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TRON Will Rank With Bitcoin And ETH In Next 2 Years, Justin Sun Claims

Justin Sun, founder of Tron recently took over as an advisor to the Huobi crypto exchange, has been spotted moving millions of USDT tokens. Data suggests that Sun has moved these millions of USDT, a stable to his wallet amid increasing volatile market conditions.

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Is Justin Sun planning anything new?

PeckShieldAlert reported that the address labeled as Justin Sun has withdrawn more than $100 million worth of USDT tokens from Aave Protocol V2 in multiple transactions. The transfer has been made to address funded by poloniex.

Justin Sun withdraws $100 million worth of USDT from the Aave Protocol V2 in 2 batches of $50 million each. While it also mentioned that the Tron founder has transferred $100k of TUSD to the same address funded by poloniex.

Meanwhile, Whale Alert reported that Justin Sun has moved more than $50 million of USDT from its flagged wallet to an unknown wallet. This transaction was registered just after Tron’s founder shifted the USDTs from Aave.

The USDT in the Aave Protocol V2 pool TVL has dropped drastically to stand at $200 million after Sun’s withdrawal. However, Aave V2 TVL now stands at $4.07 billion.

However, Aave prices are up by more than 4% in the last 24 hours. it is trading at an average price of $77.03, at the press time. Aave’s 24 hour trading volume has jumped by 40% to stand at $102 million.

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Tron Chief takes over Huobi?

Earlier, Tron’s founder announced that he holds tens of millions of Huobi Tokens (HT). While he will be boosting the HT tokens as he officially took over as the advisor of the Huobi crypto exchange. This led to the HT price surge of over 90% over the past few weeks.

As per reports, 74 million Huobi Tokens were transferred from Huobi’s two official wallets on October 13. While it is hinted that this accumulation might be the part of acquisition deal between Huobi and Justin Sun.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.