Amid the ongoing controversy surrounding Wrapped Bitcoin and Tron (TRX) founder Justin Sun, an unknown crypto whale has accumulated a significant amount of Wrapped Bitcoin (WBTC).
According to the data, the whale, which purchased 347 WBTC (worth $16 million) during the day, accumulated a total of 1,953 WBTC (worth $118 million) from Binance at an average price of 58,853 last week.
According to EmberCN’s post, while the unknown whale was accumulating WBTC, Justin Sun’s address transferred 2,590 BTC worth a total of $156.41 million to Binance.
While these transfers attracted the attention of the community, this brought to mind the question “Could Justin Sun’s team be swapping BTC for WBTC?”
“Maybe Justin Sun’s team is swapping BTC for WBTC?
Following the announcement of WBTC’s custody change, Sun’s address transferred a total of 2,590 BTC ($156.41 million) to Binance.
Then, a newly created address on the Ethereum chain started withdrawing WBTC from Binance, and a total of 1,953 WBTC ($117.78 million) has been withdrawn so far.
Given the timing and motivation, this would likely involve the Sun team swapping BTC for WBTC.”
Tron founder Justin Sun’s inclusion in Wrapped Bitcoin has raised concerns in the crypto community, with crypto platform Spot On Chain suggesting that Justin Sun may be exchanging Bitcoin for Wrapped Bitcoin based on transactions involving large amounts of Bitcoin and WBTC.
Earlier in August, BitGo, the team behind WBTC, announced plans to transfer control over the token to a joint venture involving itself, Hong Kong-based investment manager BiT Global, and the Tron ecosystem led by Justin Sun.
*This is not investment advice.