Justin Sun, the prominent entrepreneur who established TRON, seems to be constantly exchanging $BTC tokens for $WBTC. Spot On Chain, a famous on-chain analytics provider revealed that a wallet going by “0xbe6” redeemed 637 WBTC (equaling up to $40.8M) from the popular crypto exchange Binance a few hours back. The analytics platform took to its official X account to provide the details of this event.
Justin Sun Seems to Be Consistently Exchanging His $BTC to $WBTC
In its recent X post, Spot On Chain mentioned that the respective wallet has withdrawn significant amounts of WBTC. According to the analytics, provider, the wallet has been executing these withdrawals since August 11. That was the day when BitGo commenced a deal with Justin Sun for the custody of WBTC. Following that point, the wallet has reportedly redeemed a cumulative amount of almost 2,590 WBTC.
This matches up to 2,590 BTC delivered to Binance through the deposit address “1Fbsir” which Justin Sun allegedly owns. The respective development denotes a conversion pattern between BTC and WBTC. Additionally, the respective address also sent a further 500 Bitcoin tokens (equaling $32.12M) to Binance only six hours back. This indicates that additional WBTC may shortly witness their conversion and withdrawal to the “0xbe6.”
The Popular Entrepreneur Potentially Converts His Assets for DeFi Apps or Other Such Purposes
In some of the recent days, “0xbe6” has extracted 347.5 WBTC, with a value of almost $20.4M from Binance. Apart from that, many wallets have reportedly deposited a cumulative 2,590 BTC (equaling $156.5M) to Binance. This also has a potential link to the activities of Justin Sun. The respective transfers suggest that the well-known entrepreneur is actively exchanging his holdings in BTC for WBTC. He is likely doing this for usage in DeFi apps or some other purposes.
Source: https://blockchainreporter.net/justin-sun-allegedly-swapping-btc-for-wbtc-in-ongoing-conversion-pattern/