It is suspected that Justin Sun's team is converting BTC into WBTC
According to on-chain analyst Yu Jin, after the announcement of WBTC custody rights change, Justin Sun's address has transferred a total of 2,590 BTC (156.41 million USD) into CEX. Subsequently, a newly created address on the Ethereum chain began to withdraw WBTC from CEX, currently totaling 1,953 WBTC (117.78 million USD). In terms of timing and motivation, it is very likely that Justin Sun's team is converting BTC into WBTC.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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