Justin Sun Gelontorkan Dana Senilai Rp1,5 Triliun Ke Binance

Justin Sun sent $ 100 million in USDC stablecoins. (Photo; Doc. Global Coin Search)

JAKARTA Justin Sun's founder of TRON (TRX) recently poured funds worth US $ 100 million or equivalent to Rp. 1.5 trillion to Changpeng Zhao's crypto trading company, Binance.

The injection of funds was given to Binance after a massive flow of funds coming out of the stock exchange which reached US$1.8 billion (around Rp26 trillion). The TRON founder's move is one of the efforts to calm concerns about Binance's financial condition.

According to record Etherscan crypto transactions, the delivery to Binance carried out by Sun occurred on December 13, 2022, at 07:42:35 AM. The sending of the funds was made in USDC stablecoin. Transfers are only charged 1.23 US dollars (or equivalent to Rp. 19,209).

"I just deposited 100 million USD into Binance," Justin Sun wrote on his social media announcement.

It is Sun's support for Binance, which is being attacked by FUD (fear, uncertain, doublet) from a number of parties. This condition caused an outflow of IDR 26 trillion from the stock exchange. Another impact is that Binance's BNB token also slumped 8 percent in Asian trade on Tuesday.

Part of market anxiety over Binance's health may come from reports that Sun withdrew a total of 50 million US dollars from the exchange. A tweet from a leading crypto journalist using the name Wu Blockchain reported the recall.

"According to lookonchain, Justin Sun (0x9f84) withdrew 34m BUSD and 15.4m USDT from Binance 9 hours ago and transferred it to Paxos and Circle for alleged disbursement of money. Justin Sun replied that the recent allocation of funds was only a normal business collaboration," wrote Wu Blockchain.

Shortly after, Binance's withdrawal surged as fear traders feared a reduction in Binance's reserve funds. On Monday, net outflows reached $ 902 million within 24 hours, surpassing all other centralized exchanges during that period. Binance's withdrawal wave is roughly nine times larger than the second-largest outflow.

The recent outflow was the highest for Binance since early November, two days after the collapse of FTX. However, analyst Arkham Henry Fisher does not see withdrawals as a cause of concern. According to him, the leading exchange still holds assets worth about $64 billion.

Nansen data shows that Huobi crypto exchange and blockchain technology specialist Paxos is an important recipient of Binance's $1.8 billion outflow. Both platforms grossed a combined $162 million from the net, with Coinbase also seeing a sharp rise of $124 million in inflows.

Amid the development of Justin Sun-Binance, BNB is trading down 8 percent per day to 259 US dollars. In addition, DeFiLlama data reveals that the DeFi Binance Service Chain (BSC) protocol also slipped 4.5 percent in total locked value (TVL).