Justin Sun-linked wallet parks funds in MakerDAO after Dai yield hike: PeckShield
Quick Take
- A crypto wallet tied to Justin Sun transferred large amounts of crypto into a new address before parking the funds into MakerDAO.
A crypto wallet linked to Tron founder Justin Sun conducted large crypto transactions through an intermediary address, ultimately depositing the funds into stablecoin issuer MakerDAO, with the aim of capitalizing on yield opportunities.
On Thursday, the address, marked as belonging to Justin Sun, executed several transactions on Ethereum, according to security firm PeckShield. These included the transfer of 70,290 wstETH tokens ($147.4 million), $45 million in USDD stablecoin, and 5,008.9 ether (ETH) ($9 million) to the intermediate address 0xBCb7.
Following this, the address deposited 67,000 wstETH ($141 million) into MakerDAO, borrowed $59.8 million in Dai stablecoin and deposited the stablecoin back into MakerDAO in an apparent move to generate yield, PeckShield pointed out.
“[The intermediary wallet] borrowed 59.8M DAI from MakerDAO, and then supplied these DAI into MakerDAO to generate yield,” PeckShield said.
Capital inflows go up on MakerDAO
Sun's move came in response to MakerDAO increasing the savings rate on Dai, the third-largest stablecoin, from 3% to 8%, making it one of the highest rates currently offered by a major stablecoin issuer. This yield is offered through MakerDAO’s lending platform, Spark, and has led to significant capital inflows on the platform.
On August 1, Sun also purchased 5 million CRV tokens worth $2 million from Curve founder Michael Egorov following a hack incident on July 30.
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