Lookonchain: Suspected address of Sun Yuchen earned over 3.3 million USD in the USDC depegging event

2023-03-15 15:34:10

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ChainCatcher news, Lookonchain monitoring data shows that an address suspected to belong to Sun Yuchen earned over 3.3 million dollars during the USDC de-pegging.

Specifically, the address starting with 0xbcb7 withdrew 50 million USDC from Aave after the USDC de-pegging and exchanged it 1:1 for DAI, then withdrew USDC from Binance and similarly exchanged it for DAI. The address then withdrew 214.9 million USDT from Binance, converting 100 million into 103.3 million USDC, 75 million into 75.5 million DAI, and then exchanged all USDC for DAI.

After the USDC price regained its peg, the address exchanged 30 million DAI for 30 million USDC, purchased 20 million USDC with USDT, and transferred a total of 50 million USDC to the address 0x30Dff, which had previously received 100 million USDC from Sun Yuchen.

On-chain data shows that the entire operation not only avoided losses from the USDC de-pegging but also earned over 3.3 million dollars. (source link)

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Lookonchain Sun Yuchen USDC

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