Tron Founder Justin Sun Withdraws 100M BUSD From Binance, FUD Ending?

Tron founder Justin Sun on Wednesday withdrew 100 million BUSD stablecoins from crypto exchange Binance. The 100 million BUSD withdrawn was then moved to the Paxos Treasury. Binance CEO CZ on Tuesday pointed out that 100 million USDC transferred by Justin Sun to Binance is part of deploying BUSD on Tron through cross-chain swaps.

Justin Sun Transfers 100 Million BUSD

PeckShield Alert in a tweet on December 14 revealed that a wallet address associated with Justin Sun has withdrawn 100 million BUSD stablecoin from Binance. The Etherscan transaction cited showed that 100,000,311.866 in Binance USD (BUSD) was transferred from Binance 15 wallet to 0x9f84 at 08:56 AM UTC.

On-chain platform Lookonchain confirmed that Justin Sun has withdrawn 100 million BUSD again from Binance. Also, Justin Sun had withdrawn almost 33.91 million BUSD and 15.43 million USDT from Binance on December 13. Thereafter, he transferred 33.91 BUSD to Paxos Treasury and 15.43 million USDT to Circle.

It should also be noted that the transfer during the Binance FUD triggered massive withdrawals from Binance. However, Justin Sun later deposited 100 million USDC into Binance to calm the market fears. Binance CEO “CZ” also pointed out that the transfer was indeed part of deploying BUSD on Tron through cross-chain swaps.

PeckShield Alert in a subsequent tweet revealed that 100 million BUSD withdrawn by Justin Sun has been transferred to Paxos Treasury. As CZ earlier suggested, this is likely part of deploying BUSD on Tron.

Binance CEO: “Deposits Are Coming Back In”

The world’s largest crypto exchange Binance on Tuesday witnessed record daily outflows worth $1.14 billion. As per data from CryptoQuant, a net of 40,353 Bitcoins and 278,017 Ethereum tokens were withdrawn.

Binance CEO “CZ” on December 14 asserts that deposits are coming back. Moreover, these are not even the top 5 withdrawals that were processed during the Terra-LUNA or FTX crisis. He assures customers about the financial health of the crypto exchange and customers’ crypto assets.

Also Read: Binance CEO Warns Staff Of Tough Times