Lookonchain: It is suspected that Sun Yuchen’s wallet earned more than 3.3 million US dollars during the period of USDC’s anchor release
On March 15, it was reported that Lookonchain monitoring data showed that it was suspected that Sun Yuchen’s wallet had earned more than 3.3 million dollars during the period when the USDC broke down. The address starting with 0xbcb7 was removed from Aave after the USDC was anchored, and 50 million USDCs were exchanged 1:1 for DAI. Subsequently, the USDC was removed from Coin An and also exchanged for DAI. The address then withdrew 214.9 million USDTs from Coin An, converting 100 million of them into 103.3 million USDCs, 75 million USDTs into 75.5 million DAIs, and then converting all USDCs into DAIs.
Interpretation of this information:
The reported data on March 15 suggests that Sun Yuchen’s wallet may have earned over $3.3 million during the time of the USDC breakdown. The address starting with 0xbcb7 was removed from Aave after the USDC failure, with 50 million USDCs being exchanged for DAI at a 1:1 rate. Subsequently, the USDC was also removed from Coin An and exchanged for DAI. The wallet then withdrew 214.9 million USDTs from Coin An, converting 100 million of them into 103.3 million USDCs, 75 million USDTs to 75.5 million DAIs, and eventually converting all USDCs back into DAIs.
It’s unclear what Sun Yuchen’s intention for acquiring such a large amount of cryptocurrency is; nevertheless, this report implies that an individual or entity has been able to take advantage of the USDC breakdown and make a sizeable profit. Moreover, the fact that the wallet withdrew such a large amount of USDT and converted it to DAI suggests that they value stability over risk, and it may indicate that they are planning for a bear market to transpire.
The three keywords that summarize the content of this report are suspected earnings, stablecoin exchanges, and strategic moves. Sun Yuchen’s wallet’s potential profit, demonstrated by the suspected earnings, can be linked with the events of the USDC breaking down and being exchanged for DAI at a 1:1 rate, indicating stablecoin exchanges. Furthermore, the wallet’s strategic move to take out large sums of USDT and convert them to DAI implies preparation for potential market fluctuations. These keywords suggest that the individuals behind this wallet are making informed decisions and taking calculated risks in the cryptocurrency market.
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