Justin Sun’s recent large-scale Bitcoin transactions have sparked significant attention following the announcement of changes to BitGo’s WBTC custody model. According to blockchain source EmberCN, an address linked to Sun transferred approximately 2,590 Bitcoins ($156.4 million) to Binance, raising concerns across the crypto community. These events unfolded shortly after BitGo revealed its plan to decentralize WBTC’s custody, which drew heightened scrutiny due to Sun’s prior involvement.
Series of Bitcoin Transfers
Blockchain intelligence platform Arkham detected a series of substantial Bitcoin transfers initiated from a wallet associated with Justin Sun. On August 19, 2024, at 17:22 UTC, the address transferred 96.9 BTC worth $5.69 million to Binance. An hour later, the same wallet moved 999.99 BTC, valued at $58.8 million, to another Binance address. This was followed by further transactions, including 107.25 BTC ($6.34 million) and 499.99 BTC ($29.54 million) directed to Binance’s hot wallets. These transactions have caused unease within the crypto community, particularly after the BitGo custody changes involving multiple jurisdictions.
The transfer activity drew further attention due to its timing, coinciding with BitGo’s transition to a decentralized custody model. The model shift is designed to distribute control across different parties and regions, making it harder for any single entity to influence WBTC holdings. Justin Sun’s previously revealed involvement with WBTC led to further speculation within the industry, given the magnitude and timing of the transactions.
Memecoin Surge on SunPump
Alongside these events, Tron’s blockchain, led by Sun, has gained momentum in the memecoin space through its SunPump platform. Earlier reports indicate that over 5,500 memecoins have been created since SunPump’s launch, contributing to a rise in TRX transactions and generating over $257,779 in TRX revenue. The platform has witnessed a surge in activity, with August 17 recording the highest single-day revenue of $133,000, driven by memecoin launches and trading.
China Rumored to Lift Crypto Ban, Justin Sun Sparks DebateSun has attributed Tron’s growing success in the memecoin sector to its robust liquidity pool. With over $60 billion in TRON USDT, Tron holds the largest liquidity pool of any blockchain, enabling swift and cost-effective transactions, which are crucial in the memecoin market. This high liquidity has positioned Tron as a key player in this growing sector, and recent data shows a notable increase in interest from developers and traders alike.
