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 mentioned the handle, 0xbcb7, withdrew 50 million USDC from Aave after the stablecoin depegged. The handle 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 handle later withdrew 214.9 million USDT from Binance and swapped 100 million of it for 103.3 million USDC. The handle 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 handle 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 handle 0x30Dff.
The 0x30Dff handle additionally obtained 100 million USDC from Justin Solar and transferred 150 million USDC to Coinbase, most certainly 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 prompt that he additionally managed the “0xbcb7” handle.
A number of crypto group members hailed the transactions on how Solar prevented losses and nonetheless profited from the USDC depeg.
Did Vitalik Buterin purchase the USDC dip?
On-chain knowledge recommend that Justin Solar just isn’t 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 handle additionally “swapped 17,500 RAI for 50,000 DAI.”
Arkham Intelligence dashboard confirmed that the pockets belonged to Vitalik Buterin.
Buterin beforehand mentioned the RAI stablecoin “exemplifies the pure “ultimate kind” of a collateralized automated stablecoin, backed by ETH solely.”
