Suspicion of Illicit Crypto Transactions by Sun Yuchen’s Wallet
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:
According to the Lookonchain monitoring data report on March 15, Sun Yuchen’s wallet is facing suspicion of earning over $3.3 million during the period when the USDC broke down. The report highlights that an address starting with ‘0xbcb7’ was removed from Aave, a decentralized finance (DeFi) platform, after the USDC was anchored. Furthermore, 50 million USDCs were exchanged 1:1 for DAI, a stablecoin associated with the MakerDAO protocol. Additionally, USDC was also removed from Coin An, a crypto exchange, and exchanged for DAI.
More intriguingly, the report indicates that subsequent to the above events, the address withdrew 214.9 million USDTs from Coin An. They then converted 100 million USDTs into 103.3 million USDCs, 75 million USDTs into 75.5 million DAIs, and then traded all USDCs into DAIs. The series of conversions points to a potential attempted cover-up of illicit activities.
Sun Yuchen is a well-known figure in the crypto world, having founded TRON, a blockchain-based platform for entertainment content-sharing. Given the report’s assertion that his wallet is involved in these potentially illicit crypto activities, there could be a significant impact on his reputation within the industry. It could also have legal implications if it is found that the transactions violated any regulations or laws.
The report’s mention of Aave and Coin An suggests that there might be regulatory compliance concerns with these DeFi platforms and crypto exchanges. As more institutional investors and mainstream users enter the crypto sphere, regulatory compliance will be a critical issue for the industry to ensure trust and transparency.
In conclusion, the Lookonchain monitoring data report outlines a suspicious sequence of activities on Sun Yuchen’s wallet during the USDC breakdown, including transactions on both Aave and Coin An. The potential illicit activity and attempted cover-up could have significant consequences for Sun Yuchen’s reputation and legal obligations. This report highlights the importance of regulatory compliance for crypto platforms and exchanges.
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