Another Move from Justin Sun to MakerDAO

On-chain security platform PeckShield stated in a post on social media on August 11 that an address tagged in the name of Justin Sun made very high amount of transfers. According to the information provided, Sun transferred 70,290 wstETH worth 147 million dollars, 45 million USDD and 5,008.9 Ethereum (ETH) worth 9 million dollars from its related address to 0xBCb7.

Following these transactions, the address deposited 67,000 wstETHs worth $141 million to MakerDAO and borrowed 59.8 million Dai (DAI) stablecoins. Justin Sun invested $60 million in debt with MakerDAO to take advantage of the 8% return opportunity in the DAI pool.

Earlier this week, MakerDAO increased the rate of return for the DAI stablecoin to 8%, outpacing many US financial institutions in terms of returns. Sun took advantage of this opportunity and invested an average of $80 million in assets in MakerDAO on August 9.