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- 1 Justin Sun is the founder of TRON blockchain and is behind other initiatives like JustLend.
- 2 Recently, he made a chain of transactions that drew the attention of some blockchain analysts.
- 3 These transactions resulted in a 21% hike in JustLend’s TVL.
Justin Sun is a renowned personality in the crypto space. He is the founder of the TRON ecosystem. He also represented Grenada at the World Trade Organization in Geneva once. Sun is making news this time for something not so impressive.
He recently added TUSD worth $815 Million to the crypto space. The transactions revealed some other information too.
Justin Lin’s Journey So Far
Sun’s career began when he joined Ripple Labs in 2013 as chief representative and adviser. The very next year, he founded a Chinese voice-based social networking app called Peiwo. He founded Tron and launched the TRX token in 2017. Soon after the ICO launch, China banned cryptocurrency. Therefore, Sun moved to the US and made use of the $70 Million that the ICO raised. CNTV named him the most noteworthy new entrepreneur in 2015. Forbes included him in its Under 30 Asia list from 2015 to 2017.
Sun’s Recent Induction of TUSD
On September 15, Justin Sun minted $815 Million TUSD. Reportedly, these coins were to be replaced by stUSDT under a strategic move. The replaced coins were deposited into JustLend raising its total value locked (TVL) by 21.5%. Recently, Chinese crypto journalist Colin Wu also shared an update regarding Sun’s transactions.
In an X post, he said that Sun reported the transactions were personal. According to the Grenadian entrepreneur, they had nothing to do with HTX’s business. The Tronscan network was the first to show the transaction details. It released the information at 11:45 a.m. Eastern Time last Friday. It also showed ten different transactions tied to the Tron blockchain.
The transactions were involved in the minting process. After completion, they were sent immediately to Huobi 2 hot wallet. Notably, this activity has surfaced after a seven-day gap of the last TUSD minting activity. It took less than 15 minutes and executed a massive volume of tokens that cost $815 Million.
Transcon dug deeper into the transactions and unveiled some more interesting facts. From the Huobi 2 wallet, these tokens were routed to another renowned wallet that Sun owns. After that, they were moved to an unlabeled contract code known as “Minterproxy”. Eventually, the tokens were burnt once Minterproxy sent $865 Million in TUSD to another unidentified wallet.
Upshot
Analysts couldn’t help but notice the coinciding of these events with the minting of $865 Million. It should be noted that Sun executed six transactions of stUSDT to the JustLend platform. On the other hand, minting was performed with ten transactions. DeFiLlama, a crypto analytics platform reports how JustLend TVL spiked by 17% following these transactions which was in addition to other funds made to the JustLend platform in the last 24 hours.
While the nature of the transaction may concern some, the spike has made the investors happy.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
