Justin Solar is likely one of the richest and most vital people within the cryptocurrency ecosystem; nonetheless, his tendency to unfold his huge wealth between a wide range of completely different interconnected entities and addresses could make figuring out the complete extent of his actions very troublesome.
Protos has reviewed lots of the addresses we imagine to be managed by Solar and located a wide range of completely different property on Tron and Ethereum being quickly moved between protocols and exchanges.
Ethereum
0x176F3DAb24a159341c0509bB36B833E7fdd0a132 is an deal with labeled as ‘Justin Sun 4’ on Etherscan. The deal with holds over 1,000 ether (ETH) value greater than $4 million, in addition to over $50 million every of wrapped staked ether (wstETH) and staked USDT (STUSDT).
It repeatedly interacts with Aave, Solar-owned Poloniex, and Binance and remains to be repeatedly used, with the latest transactions occurring lower than per week in the past.
0x3ddfa8ec3052539b6c9549f12cea2c295cff5296 is an deal with labeled ‘Justin Sun’ on Etherscan that has over $1 million value of ETH in addition to important positions on Aave. It has interacted with Binance, Poloniex, and Uniswap and has despatched over 566,000 ETH to the beforehand talked about 0x176F3DAb24a159341c0509bB36B833E7fdd0a132.
0x611f97d450042418e7338cbdd19202711563df01 is an deal with labeled as ‘Justin Sun 3’ on Etherscan and has only a few property nonetheless in it; nearly all of the remaining property have been withdrawn close to the tip of final yr. This deal with, like many Solar addresses, interacted with HTX, Binance, Poloniex, and a wide range of good contracts.
0x621fe33ccf74038db90b18365cb450d677d4b3d8 or ‘Justin Sun 2’ was drained of its remaining property a few yr in the past. It beforehand held huge portions of staked ether (stETH) and withdrew funds from Solar-owned Poloniex.
An extra deal with believed to be Solar that we recognized utilizing Breadcrumbs appears to have been deserted earlier this yr, with most remaining property moved out in February. This deal with interacts with each Binance and Kraken.
Tron
Solar is the founding father of the Tron blockchain and has his fingers in lots of the protocols and initiatives unfold throughout it.
As a part of our earlier reporting on Solar’s relationship with Tether, we have been in a position to determine a number of addresses that have been managed by him. Nonetheless, most of these addresses are deserted at this level, practically totally drained of property and now not repeatedly used to transact.
It’s attainable to watch tens of millions of the USDT issued by Solar flowing to an deal with labeled as Binance by Breadcrumbs. One other deal with, which was deserted in 2023, additionally interacted with then Huobi, now HTX, a Solar-affiliated trade.
There’s one deal with that we have been in a position to determine from the Tether Papers investigation that’s extra just lately used, holding practically 24 million TRON (TRX) value practically $3 million. This deal with hasn’t been utilized in a number of months however has seen exercise this yr, and a more in-depth assessment of its counterparties on Breadcrumbs reveals that it transacts with each Kraken and Binance.
Learn extra: Justin Solar’s empire crumbles as USDD depegs once more
TT2T17KZhoDu47i2E4FWxfG79zdkEWkU9N is an deal with that many of us imagine is Solar. It’s an vital redeemer of TrueUSD, a stablecoin deeply related to Solar. Arkham Intelligence additionally lists this deal with as certainly one of its ‘AI-identified potential Sun addresses.’ This deal with at present holds over 1 billion TRX value over $138 million.
It additionally holds a wide range of different property intently related to Solar together with over $225 million value of USD Coin (USDD), over $60 million value of TrueUSD, over $50 million value of BitTorrent, $20 million SUN, over $5 million USDT, and over $40 million of JUST stablecoin (USDJ).
It interacts with entities throughout the crypto ecosystem together with Binance, KuCoin, Bitfinex, Gate, JustLend, HTX, and SunSwap.
In whole, these addresses, which probably solely symbolize a portion of Solar’s actions on Tron, comprise practically a billion {dollars} value of property.
Bitcoin
Protos had beforehand recognized certainly one of Solar’s bitcoin (BTC) addresses that he issued USDT to. This deal with has not been utilized in over 4 years and has no significant property in it.
Earlier reporting has instructed that Solar has saved a good portion of his BTC at Valkyrie Investments, the place in 2022 it was reported that he had stashed roughly $580 million value there, on the time representing over 90% of the property at Valkyrie Digital Belongings LLC.
Solar additionally has a wide range of connections to Wrapped Bitcoin (WBTC) on Tron, a Poloniex-offered product that accounts for enormous parts of the reserves at HTX, even if it is not going to disclose the place it shops the backing property.
Not too long ago, Poloniex delisted this asset, making it unclear if anybody can presumably redeem it, a troubling facet contemplating the solvency of two exchanges that rely on this product.
Different Justin Solar Tasks
Many different initiatives linked with Solar even have unusual connections or huge issues.
USDD, the algorithmic stablecoin (that lacks a real algorithm) based by Solar shops its collateral at Solar-affiliated HTX, together with it within the calculation of HTX’s proof-of-reserves.
TrueUSD, a stablecoin the place Solar is a associate market maker (and sure extra), just lately has seen its market cap collapse as certainly one of its banks was compelled into chapter 11.
stUSDT, which Solar typically interacts with, is saved virtually totally in wallets or entities that he’s believed to manage or affect.
The Solar-owned cryptocurrency trade Poloniex had beforehand said that it might reveal a ‘proof-of-reserves’ earlier than ostensibly breaking that promise.
HTX, previously Huobi, the Solar-affiliated trade, depends on each stUSDT and WBTC on Tron to take care of its reserves, each property with problematic points tied on to Solar.
These issues collectively current an image of a person desperately flinging cash round whereas hoping the continuing Securities and Trade Fee lawsuit that alleges he engaged in market manipulation and wash-trading disappears.
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