CandleFocus Huge TRON whale withdrew 60K BTC from JustLend
2024-09-20
Author: Content Editor
A powerful TRON whale withdrew 60,000 TRON Bitcoin (BTCT) from JustLend, potentially releasing $3.6 billion in liquidity. The wrapped BTC on JustLend was burned, redeeming the BTC from the smart contract and sending multiple tranches of TRC-20 BTC to a black hole address. The deposit was made in 2022 and was worth $624 million, but upon release, the BTC is now worth $3.77 billion. The sudden withdrawal and burn led to speculation that Justin Sun, co-founder of TRON, was involved. JustLend, which holds 78.16K BTC, has been shedding BTC since March and reports very few transactions and a few hundred daily users. BTC as a TRC-20 token is primarily used within the TRON ecosystem, with limited representation outside. There are concerns about the lack of audits and proof of reserves for BTCT and how this may affect the upcoming launch of WBTC on the TRON network. WBTC is seen as a reliable and audited asset and has not faced exploits or hacks. The launch of TRON-based WBTC is expected to increase liquidity on the TRON network.
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