Justin Sun Deposits 77.8 Million DAI For 8% APY, DSR Deposit Of DAI Exceeded 1 Billion
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Recently, several notable transactions have taken place in the cryptocurrency community, drawing attention from investors and experts alike. One such transaction involved blockchain entrepreneur Justin Sun, who exchanged 90254 wstETH for 77.8 million DAI and then deposited the DAI into Maker to earn the current 8% APY. As of now, the DSR deposit of DAI has exceeded 1 billion US dollars.
Another transaction involving the wallet address linked to Justin Sun has also stirred attention in the cryptocurrency community. CoinCu reported that the wallet address TT2T17KZhoDu47i2E4FWxfG79zdkEWkU9N was involved in a notable transaction.
This significant transfer has sparked speculation about the motivations behind Sun’s movement of funds from JustLend to Huobi, particularly as Huobi’s USDT reserves have concurrently surged. Records indicate that Huobi’s USDT reserves have witnessed an impressive upswing, rising from approximately $85 million to an impressive $285 million.
In addition, the community has recently questioned the decline of Huobi’s asset reserves and the use of stUSDT’s funds. Huobi responded by showing bank statements for purchasing bonds, stating that as of August 6, they had purchased 432m + 72m of liquid assets.
Recently, the community questioned the decline of Huobi's asset reserves and the use of stUSDT's funds. Huobi responded the data website did not update the stUSDT address and showed the Bank Statements for purchasing bonds, as of Aug 6, Huobi had purchased 432m + 72m of liquid…
— Wu Blockchain (@WuBlockchain) August 10, 2023
The purchase path involved staking USDT in exchange for stUSDT, which eventually flowed to Binance and Bitfinex through JustLend to be traded as TUSD and USDC, and then redeemed for US dollars for treasury bond purchases.
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