Justin Solar is among the richest and most essential people within the cryptocurrency ecosystem; nonetheless, his tendency to unfold his huge wealth between quite a lot of totally different interconnected entities and addresses could make figuring out the complete extent of his actions very tough.
Protos has reviewed most of the addresses we imagine to be managed by Solar and located quite a lot of totally different property on Tron and Ethereum being quickly moved between protocols and exchanges.
Ethereum
0x176F3DAb24a159341c0509bB36B833E7fdd0a132 is an tackle labeled as ‘Justin Sun 4’ on Etherscan. The tackle holds over 1,000 ether (ETH) value greater than $4 million, in addition to over $50 million every of wrapped staked ether (wstETH) and staked USDT (STUSDT).
It often interacts with Aave, Solar-owned Poloniex, and Binance and remains to be often used, with the newest transactions taking place lower than per week in the past.
0x3ddfa8ec3052539b6c9549f12cea2c295cff5296 is an tackle labeled ‘Justin Sun’ on Etherscan that has over $1 million value of ETH in addition to vital positions on Aave. It has interacted with Binance, Poloniex, and Uniswap and has despatched over 566,000 ETH to the beforehand talked about 0x176F3DAb24a159341c0509bB36B833E7fdd0a132.
0x611f97d450042418e7338cbdd19202711563df01 is an tackle labeled as ‘Justin Sun 3’ on Etherscan and has only a few property nonetheless in it; nearly all of the remaining property had been withdrawn close to the top of final yr. This tackle, like many Solar addresses, interacted with HTX, Binance, Poloniex, and quite a lot of good contracts.
0x621fe33ccf74038db90b18365cb450d677d4b3d8 or ‘Justin Sun 2’ was drained of its remaining property a few yr in the past. It beforehand held large portions of staked ether (stETH) and withdrew funds from Solar-owned Poloniex.
A further tackle believed to be Solar that we recognized utilizing Breadcrumbs appears to have been deserted earlier this yr, with most remaining property moved out in February. This tackle interacts with each Binance and Kraken.
Tron
Solar is the founding father of the Tron blockchain and has his palms in most of the protocols and tasks unfold throughout it.
As a part of our earlier reporting on Solar’s relationship with Tether, we had been in a position to determine a number of addresses that had been managed by him. Nonetheless, most of these addresses are deserted at this level, practically solely drained of property and not often used to transact.
It’s doable to look at thousands and thousands of the USDT issued by Solar flowing to an tackle labeled as Binance by Breadcrumbs. One other tackle, which was deserted in 2023, additionally interacted with then Huobi, now HTX, a Solar-affiliated change.
There’s one tackle that we had been in a position to determine from the Tether Papers investigation that’s extra just lately used, holding practically 24 million TRON (TRX) value practically $3 million. This tackle hasn’t been utilized in a number of months however has seen exercise this yr, and a better overview of its counterparties on Breadcrumbs reveals that it transacts with each Kraken and Binance.
Learn extra: Justin Solar’s empire crumbles as USDD depegs once more
TT2T17KZhoDu47i2E4FWxfG79zdkEWkU9N is an tackle that many people imagine is Solar. It’s an essential redeemer of TrueUSD, a stablecoin deeply related to Solar. Arkham Intelligence additionally lists this tackle as considered one of its ‘AI-identified potential Sun addresses.’ This tackle presently holds over 1 billion TRX value over $138 million.
It additionally holds quite a lot of different property intently related to Solar together with over $225 million value of USD Coin (USDD), over $60 million value of TrueUSD, over $50 million value of BitTorrent, $20 million SUN, over $5 million USDT, and over $40 million of JUST stablecoin (USDJ).
It interacts with entities throughout the crypto ecosystem together with Binance, KuCoin, Bitfinex, Gate, JustLend, HTX, and SunSwap.
In complete, these addresses, which seemingly solely characterize a portion of Solar’s actions on Tron, comprise practically a billion {dollars} value of property.
Bitcoin
Protos had beforehand recognized considered one of Solar’s bitcoin (BTC) addresses that he issued USDT to. This tackle has not been utilized in over 4 years and has no significant property in it.
Earlier reporting has recommended that Solar has saved a good portion of his BTC at Valkyrie Investments, the place in 2022 it was reported that he had stashed roughly $580 million value there, on the time representing over 90% of the property at Valkyrie Digital Property LLC.
Solar additionally has quite a lot of connections to Wrapped Bitcoin (WBTC) on Tron, a Poloniex-offered product that accounts for enormous parts of the reserves at HTX, although it won’t disclose the place it shops the backing property.
Lately, Poloniex delisted this asset, making it unclear if anybody can probably redeem it, a troubling side contemplating the solvency of two exchanges that rely on this product.
Different Justin Solar Initiatives
Many different tasks linked with Solar even have unusual connections or large issues.
USDD, the algorithmic stablecoin (that lacks a real algorithm) based by Solar shops its collateral at Solar-affiliated HTX, together with it within the calculation of HTX’s proof-of-reserves.
TrueUSD, a stablecoin the place Solar is a associate market maker (and sure extra), just lately has seen its market cap collapse as considered one of its banks was compelled out of business.
stUSDT, which Solar typically interacts with, is saved virtually solely in wallets or entities that he’s believed to manage or affect.
The Solar-owned cryptocurrency change Poloniex had beforehand said that it will show a ‘proof-of-reserves’ earlier than ostensibly breaking that promise.
HTX, previously Huobi, the Solar-affiliated change, depends on each stUSDT and WBTC on Tron to take care of its reserves, each property with problematic points tied on to Solar.
These issues collectively current an image of a person desperately flinging cash round whereas hoping the continuing Securities and Alternate Fee lawsuit that alleges he engaged in market manipulation and wash-trading disappears.
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