Justin Sun moves $156.41M BTC after BitGo’s custody change

Justin Sun has moved $156.4M worth of BTC days after BitGo’s WBTC custody change announcement, causing an alarm amongst crypto twitteratis.

According to EmberCN and Wu blockchain, the suspected Justin Sun team address transferred a total of 2,590 Bitcoina($156.41Million) to Binance. Then a newly created address began to withdraw WBTC from Binance, 1,953 WBTC ($117.78M) have been withdrawn so far.

The Blockchain Intelligence platform, Arkham shows a series of transfers being made. On 19 Aug, 2024 17:22 UTC, his address transferred 96.90098697 BTC worth $5.69 Million to a Binance address. Later, again, at 18:18 UTC, he transferred  999.99291572 BTC worth  $58.80 Million to the Binance address.

Around 18:38 UTC, 107.25438819 BTC worth $6.34 Million was transferred to a Binance hot wallet, following which another transfer of  499.9999907 BTC worth $29.54 Million, was made to the hot wallet.

These suspiciously huge transactions have caused a frenzy especially after the BitGo announced changes to WBTC’s existing custody model that involved distributing influence across several parties and geographic jurisdictions. This had already caused an outcry among users since right before the custody change, Justin Sun’s involvement in the project was revealed.

On August 9th, BitGo announced that it would move its WBTC business to the “world’s first multi-jurisdictional and multi-institutional custody” as part of a joint venture with Bit Global, Tron founder Justin Sun, and the Tron ecosystem. MakerDAO, the lending protocol, also passed an executive vote that will disable future borrows against wrapped bitcoin (WBTC) after BitGo’s announcement.

Also Read: 21 North Korea crypto devs make $500K: Crypto Investigator ZachXBT

 

Source: https://www.cryptonewsz.com/justin-sun-moves-156m-btc-post-wbtc-custody/