The founder of the Tron network, Justin Sun, has moved $6.1 million in stablecoins from the decentralized lending protocol TrueFi, one of Alameda Research’s subsidiaries.
Blockchain transaction data shows Justin Sun cashed out in four transactions on Thursday, moving the 2.4 million USDT, 2.1 million USDC, 1 million TUSD and 673,000 BUSD contained in the lending protocol.
The crypto wallet was identified as owned by Sun by crypto intelligence platform Arkham. Intelligence and Nansen
TrueFi is a decentralized lending protocol. This is an unsecured loan, meaning that the borrower will only guarantee the loan with good financial condition and trust.
Alameda Research has $7.3 million in outstanding debt. TrueFi’s Capital Markets credit facility Managed by TrueTrading, Alameda’s bad debt accounts for nearly half of all current outstanding loans in the protocol. According to the data from the dashboard of TrueFi After Alameda filed for bankruptcy on Friday.
Total value locked on TrueFi was $32 million from $544 million over the past six months. As demand for crypto borrowing has declined, according to data from DefiLlama
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