Sun Yuchen’s wallet earns over $3.3M during USDC breakdown

03/15/2023 07:31 • Metaverse & Beyond • 81 views

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.

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

Analysis based on this information:

The message reveals a possible transaction made by Sun Yuchen’s wallet during a period when the USDC (USD Coin) experienced a breakdown. Lookonchain monitoring data reported that the wallet earned more than $3.3 million during that time. This was observed through the removal of an address starting with 0xbcb7 from Aave after the USDC became unstable. Additionally, 50 million USDCs were exchanged for DAI, a stablecoin used as a backing for cryptocurrencies.

Afterward, the USDC was also removed from Coin An and exchanged for DAI. The address then proceeded to withdraw 214.9 million USDT (USD Tether) from Coin An. A conversion was made where 100 million USDTs were converted to 103.3 million USDCs, while 75 million USDTs were converted to 75.5 million DAIs. Lastly, all USDCs were converted into DAIs.

The message suggests that there may be a possibility of foul play with Sun Yuchen’s wallet earning such a significant amount during the USDC instability. However, it is important to note that this is merely a suspicion, and further investigation is required to determine if any fraudulent behavior took place.

The transaction highlights the interconnectedness of cryptocurrencies and the importance of stablecoins such as DAI in maintaining stability during times of volatility. The exchange from USDC to DAI shows a preference towards a more stable asset, especially when one cryptocurrency is going through instability.

In conclusion, the message sheds light on a possible transaction made during the period when the USDC broke down, raising questions about the legality of the earning made by Sun Yuchen’s wallet. The exchange of USDC for DAI indicates a preference for stablecoins during times of volatility. However, further investigation is necessary to determine if any wrongdoing took place.

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