On-chain investigator Lookonchain reported {that a} pockets “presumably” related to Tron founder Justin Solar made $3.3 million from USD Coin (USDC) March 11 depeg.
Lookonchain stated the tackle, 0xbcb7, withdrew 50 million USDC from Aave after the stablecoin depegged. The tackle then swapped this USDC for DAI at a 1:1 ratio whereas additionally withdrawing over $30 million USDC from Binance to swap for DAI.
This identical tackle later withdrew 214.9 million USDT from Binance and swapped 100 million of it for 103.3 million USDC. The tackle additionally exchanged 75 million USDT for 75.5 million DAI earlier than altering the USDC for DAI.
With USDC regaining its peg after a loopy weekend, the tackle has exchanged 30 million DAI for 30 million USDC whereas shopping for 20 million USDC with 20 million USDT. The entire 50 million USDC was then despatched to a brand new tackle 0x30Dff.
The 0x30Dff tackle additionally obtained 100 million USDC from Justin Solar and transferred 150 million USDC to Coinbase, probably to transform it to USD.
The switch from Justin Solar and earlier actions the place he exchanged USDC in his different addresses for DAI after the depeg instructed that he additionally managed the “0xbcb7” tackle.
A number of crypto neighborhood members hailed the transactions on how Solar averted losses and nonetheless profited from the USDC depeg.
Did Vitalik Buterin purchase the USDC dip?
On-chain knowledge recommend that Justin Solar shouldn’t be the one main participant to revenue from the USDC depeg.
A pockets labeled vitalik.eth spent 500 Ethereum (ETH) to mint the RAI stablecoin and later used the funds to purchase the USDC dip. Blockchain analytical agency Peckshield added that the tackle additionally “swapped 17,500 RAI for 50,000 DAI.”
Arkham Intelligence dashboard confirmed that the pockets belonged to Vitalik Buterin.
Buterin beforehand stated the RAI stablecoin “exemplifies the pure “best kind” of a collateralized automated stablecoin, backed by ETH solely.”