Analysts at Whale Alert have detected a transfer of 115.1 million TrueUSD (TUSD) from Tron founder Justin Sun to Binance.
This caused the TUSD rate, paired with the stablecoin USDT, to spike nearly 20%, though it quickly returned to its previous levels.
This prompted a range of reactions from the crypto community, with some speculating Sun was using these funds to farm native Sui Network (SUI) tokens.
Binance CEO Changpeng Zhao said the exchange team would take action if Sun used these funds for this purpose.
In response, Sun said the TUSD transfer was to offer liquidity, but some errors occurred due to misunderstandings within the company.