Justin Sun, the founder of the TRON ecosystem, is well-known in the cryptocurrency space. However, his recent activity has raised eyebrows and garnered attention. Sun recently added TUSD (TrueUSD) worth $815 million to the crypto space, revealing some interesting information in the process.
Sun’s journey in the crypto industry began when he joined Ripple Labs in 2013 as chief representative and adviser. The following year, he founded Peiwo, a Chinese voice-based social networking app. In 2017, he founded Tron and launched the TRX token. However, shortly after the ICO launch, China banned cryptocurrency, prompting Sun to move to the US and utilize the $70 million raised during the ICO. Sun’s entrepreneurial skills gained recognition, with CNTV naming him the most noteworthy new entrepreneur in 2015 and Forbes including him in its Under 30 Asia list from 2015 to 2017.
Now, Sun has made headlines for his recent induction of TUSD. On September 15, he minted $815 million worth of TUSD. It was reported that these coins would be replaced by stUSDT (wrapped Tether) as part of a strategic move. These replaced coins were then deposited into JustLend, increasing its total value locked (TVL) by 21.5%. Chinese crypto journalist Colin Wu also shared updates on Sun’s transactions.
According to Wu, Sun claimed that these transactions were personal and unrelated to HTX’s (Huobi Token) business. The details of the transactions were first revealed by the Tronscan network. The transactions were tied to the Tron blockchain and involved in the minting process. After completion, the tokens were immediately sent to the Huobi 2 hot wallet. Notably, this activity occurred seven days after the last TUSD minting activity and involved a massive volume of tokens worth $815 million.
Further investigation revealed that these tokens from the Huobi 2 wallet were routed to another wallet owned by Sun and then to an unlabeled contract code called “Minterproxy.” Eventually, the tokens were burned after Minterproxy sent $865 million worth of TUSD to another unidentified wallet. This series of events has intrigued analysts, especially considering the coinciding minting of $865 million.
The impact of these transactions was felt in the DeFi (Decentralized Finance) space, particularly in JustLend. As a result of the transactions, JustLend’s TVL spiked by 17%, in addition to other funds contributed to the platform in the past 24 hours, according to crypto analytics platform DeFiLlama.
While the nature of these transactions may raise concerns, the spike in JustLend’s TVL has pleased investors. Justin Sun’s recent activity in the crypto space has certainly grabbed attention and sparked curiosity in the industry. As the founder of the TRON ecosystem, Sun’s actions are closely watched, and any developments involving him are bound to make headlines.