Tron’s Justin Sun Withdrew $240 Million from Exchanges, Here’s Why

Founder Justin Song tron network, is actively withdrawing funds from various platforms and moving to Circle. In recent weeks, Sun has transferred more than $236 million of his total to Circle.

The main reason

According to Tron’s founders themselves, this is not a cashout and all Circle operations involve only the screening and allocation of internal funds. As the business further develops, the allocation and distribution of funds will increase. This means that we will see more deals in the future.

According to Justin Sun, the deal with Circle, rather than cashing out, is only the sorting and allocation of internal funds, with a lot of repetitive calculations. As the business develops, the relevant funding allocation will increase.

Wu Blockchain (@WuBlockchain) October 21, 2022

Sun’s wallet activity has caused a lot of speculation in the industry. transaction It came after Tron’s founder announced it would join the Huobi exchange as part of its advisory board. He will reportedly focus on the Huobi tokens he has amassed since that outbreak.

The exchange’s utility token price performance fueled speculation that Sun would move funds from Aave to a centralized exchange to accumulate more tokens and push HT’s price to new highs. .

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nothing suspicious

Allocation and movement of stablecoins should not be a concern for users given the size of the companies Sun operates or trades with. In the past few weeks, the cryptocurrency industry has witnessed a surge in CEX and DEX outflows, creating anxiety among investors.

However, since the inflow of the cryptocurrency market always swings from positive to negative, a slight deviation is not a problem. Investor You should worry. It is important to note that Sun’s business is likely planned and relates only to internal planning and not to current market structure.