On-chain investigator Lookonchain reported that a wallet “possibly” connected to Tron founder Justin Sun made $3.3 million from USD Coin (USDC) March 11 depeg.

Lookonchain said the address, 0xbcb7, withdrew 50 million USDC from Aave after the stablecoin depegged. The address then swapped this USDC for DAI at a 1:1 ratio while also withdrawing over $30 million USDC from Binance to swap for DAI.

This same address later withdrew 214.9 million USDT from Binance and swapped 100 million of it for 103.3 million USDC. The address also exchanged 75 million USDT for 75.5 million DAI before changing the USDC for DAI.

With USDC regaining its peg after a crazy weekend, the address has exchanged 30 million DAI for 30 million USDC while buying 20 million USDC with 20 million USDT. The whole 50 million USDC was then sent to a new address 0x30Dff.

The 0x30Dff address also received 100 million USDC from Justin Sun and transferred 150 million USDC to Coinbase, most likely to convert it to USD.

(By Oluwapelumi Adejumo)