Justin Sun Transferred $156 Million Worth of Bitcoin to Binance – Here’s Why

It's being reported that Tron (TRX) founder Justin Sun is likely exchanging BTC for WBTC.

Amid the ongoing controversy surrounding “wrapped Bitcoin” (WBTC) and the entrepreneur, a mysterious crypto whale has amassed a significant amount of WBTC.

According to Spot on Chain,this whale purchased 347 WBTC worth $20 million in one day and accumulated a total of 1,953 WBTC worth $118 million from Binance last week at an average price of $58,853.

EmberCN reported that while this unknown whale was accumulating WBTC, Justin Sun’s address transferred 2,590 BTC totaling $156.41 million to Binance.

These significant transactions have caught the attention of the crypto community, sparking speculation that the billionaire’s team may be involved in the BTC for WBTC exchange.

Earlier in August, BitGo, the company behind WBTC, announced plans to transfer control of the token to a joint venture involving it, Hong Kong-based investment manager BiT Global and the Tron ecosystem led by Justin Sun.