Crypto Twitter Raises Eyebrows as Justin Sun Moves Funds in 24hrs

• Justin Sun transferred $140 million in and out of Binance.
• TRX Founder claimed the cash distribution was standard business collaboration.
• Previously, Sun deployed nearly one million dollars into the ailing USDD.

The founder of the TRON blockchain, Justin Sun, has been moving huge funds across various crypto businesses. The crypto community has begun raising eyebrows at the unusual transactions.

Today, Sun transferred $100 million to the largest crypto exchange Binance. TRON’s founder moved out $45 million from Binance to stablecoin issuers Paxos and Circle. Chinese reporter, Collin Wu, claimed the $45 million was probably for cash out.

Binance CEO Changpeng Zhao commented that Sun’s recent $100 inflow was perhaps part of deploying BUSD on the Tron network (TRX) or cross-chain swaps.

However, the founder of TRX later tweeted in Chinese, clarifying that the recent distribution of cash between exchanges was simply standard business collaboration and did not reflect any market judgment or speculation.

 Yesterday, Sun deployed nearly one million dollars into the ailing USDD, assuring the crypto community that the Stablecoin is in good condition with a 200% over-collateralized ratio. USDD lost its peg on November 9 and is yet to return to its $1 peg.

However, crypto enthusiasts did not see the recent action as convincing, given that the stablecoin trades at $0.975. Furthermore, there are speculations that the USDD’s supposed over-collateralized reserve comprises of illiquid assets in burning contracts and loans.

According to a prior allegation by Twitter user Lookonchain, 99% of the TRX tokens in the USDD reserve were unavailable, suggesting that the actual collateral ratio was just 50% rather than the 200% over-collateralized claim.