Sun Yuchen’s Wallet Earns Millions during USDC Breakdown

03/15/2023 07:31 • AI Insights • 84 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 recent news regarding Sun Yuchen’s wallet has raised eyebrows of many cryptocurrency enthusiasts. According to Lookonchain monitoring data, it was suspected that Sun Yuchen’s wallet had earned more than 3.3 million dollars during the period when USDC broke down. This has led many to question how this could have happened.

Further investigation reveals that an address starting with 0xbcb7 was removed from Aave after the USDC was anchored. Additionally, 50 million USDCs were exchanged 1:1 for DAI. This was followed by the removal of USDC from Coin An, which was also exchanged for DAI. These actions suggest that individuals were quickly reacting to the USDC breakdown and attempting to safeguard their assets.

However, the most interesting part is the withdrawal of 214.9 million USDTs from Coin An by the aforementioned address. This was then followed by the conversion of 100 million USDTs into 103.3 million USDCs and 75 million USDTs into 75.5 million DAIs. Finally, all USDCs were converted into DAIs. Such activities suggest that individuals may be attempting to exploit the USDC breakdown.

It is important to note that Lookonchain data only shows suspected activity in Sun Yuchen’s wallet, and it is unclear if he is indeed involved in these activities. Nonetheless, the data points to individuals quickly reacting to the USDC breakdown and attempting to profit from the situation.

In conclusion, the recent issue with USDC has raised important questions about security and the actions people take during times of crisis. While it is unclear if Sun Yuchen was involved in any wrongdoing, the data still raises some eyebrows. As the world becomes more and more reliant on cryptocurrency, it will be crucial to ensure that security measures are in place to protect individuals and their assets.

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