Justin Sun Withdraws 93.41 Million USDT From Spack Deposit Pool

The transfer equaled 9.89% of the single-pool total value locked (crypto deposited in a protocol), and the funds were moved to HTX (crypto exchange) about 30 minutes later.

USDT
USDC

Summary

Justin Sun withdrew 93.41 million USDT from Spack’s deposit pool, an amount equal to 9.89% of the pool’s USDT total value locked (crypto deposited in a protocol). About half an hour later, the funds were transferred to HTX (crypto exchange). The update also states that Sun withdrew 10,417 USDC, while any additional withdrawals remain uncertain. Large withdrawals from a protocol pool can draw attention because they affect available liquidity, though the source does not indicate any further action beyond the transfers described.

Terms & Concepts
  • Total value locked: A metric showing the total value of crypto assets deposited in a blockchain protocol or pool.
  • USDT: A U.S. dollar-pegged stablecoin designed to maintain a value close to one dollar per token.
  • USDC: A U.S. dollar-pegged stablecoin commonly used for trading, payments, and on-chain transfers.