Justin Sun Moves $156.41M Worth BTC Post BitGo’s WBTC Custody Change

 
Ritu Lavania
Written By 
Ritu Lavania
August 20, 2024

Justin Sun has moved $156.4M worth of BTC days post 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 Bitcoins($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 Then a newly created address began to withdraw WBTC from Binance, 1,953 WBTC ($117.78M) have been withdrawn so far.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 s 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 t venture with Bit Global, Tron founder Justin Sun, and the Tron ecosystem. MakerDAO, the lending protocol, also ed 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

 

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Ritu Lavania
Written by Ritu Lavania

Ritu Lavania is a versatile Web3 content creator with over three years of experience in the crypto space. She is part of the team at CryptoNewsZ, where she writes insightful and engaging content. She has also contributed to TheCryptoTimes and The Coin Edition, where her work has been well received by the crypto community. Skilled in research, creative writing, SEO, and cross-functional collaboration, she creates content tailored to diverse audiences. ionate about education, she dedicates time to teaching kids and expressing herself through poetry. Always eager to learn, she continuously explores new trends in blockchain and digital assets. She believes in the power of storytelling to make complex crypto topics more accessible and engaging for readers worldwide.