Justin Solar is without doubt one of the richest and most necessary people within the cryptocurrency ecosystem; nonetheless, his tendency to unfold his huge wealth between a wide range of completely different interconnected entities and addresses could make figuring out the total extent of his actions very troublesome.
Protos has reviewed lots of the addresses we imagine to be managed by Solar and located a wide range of completely different property on Tron and Ethereum being quickly moved between protocols and exchanges.
Ethereum
0x176F3DAb24a159341c0509bB36B833E7fdd0a132 is an handle labeled as ‘Justin Solar 4’ on Etherscan. The handle holds over 1,000 ether (ETH) price 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 latest transactions occurring lower than per week in the past.
0x3ddfa8ec3052539b6c9549f12cea2c295cff5296 is an handle labeled ‘Justin Solar’ on Etherscan that has over $1 million price 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 handle labeled as ‘Justin Solar 3’ on Etherscan and has only a few property nonetheless in it; nearly all of the remaining property had been withdrawn close to the tip of final yr. This handle, like many Solar addresses, interacted with HTX, Binance, Poloniex, and a wide range of sensible contracts.
0x621fe33ccf74038db90b18365cb450d677d4b3d8 or ‘Justin Solar 2’ was drained of its remaining property a few yr in the past. It beforehand held huge portions of staked ether (stETH) and withdrew funds from Solar-owned Poloniex.
An extra handle 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 handle interacts with each Binance and Kraken.
Tron
Solar is the founding father of the Tron blockchain and has his palms in lots of the protocols and initiatives unfold throughout it.
As a part of our earlier reporting on Solar’s relationship with Tether, we had been capable of establish a number of addresses that had been managed by him. Nevertheless, most of these addresses are deserted at this level, practically solely drained of property and not often used to transact.
It’s potential to watch hundreds of thousands of the USDT issued by Solar flowing to an handle labeled as Binance by Breadcrumbs. One other handle, which was deserted in 2023, additionally interacted with then Huobi, now HTX, a Solar-affiliated trade.
There’s one handle that we had been capable of establish from the Tether Papers investigation that’s extra lately used, holding practically 24 million TRON (TRX) price practically $3 million. This handle hasn’t been utilized in a number of months however has seen exercise this yr, and a more in-depth assessment of its counterparties on Breadcrumbs reveals that it transacts with each Kraken and Binance.
A pattern of some Tron transactions from Solar addresses, created utilizing Breadcrumbs.
Learn extra: Justin Solar’s empire crumbles as USDD depegs once more
TT2T17KZhoDu47i2E4FWxfG79zdkEWkU9N is an handle that many of us imagine is Solar. It’s an necessary redeemer of TrueUSD, a stablecoin deeply linked to Solar. Arkham Intelligence additionally lists this handle as one among its ‘AI-identified potential Solar addresses.’ This handle at present holds over 1 billion TRX price over $138 million.
It additionally holds a wide range of different property carefully linked to Solar together with over $225 million price of USD Coin (USDD), over $60 million price of TrueUSD, over $50 million price 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 whole, these addresses, which possible solely symbolize a portion of Solar’s actions on Tron, comprise practically a billion {dollars} price of property.
Bitcoin
Protos had beforehand recognized one among Solar’s bitcoin (BTC) addresses that he issued USDT to. This handle has not been utilized in over 4 years and has no significant property in it.
Earlier reporting has instructed 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 price there, on the time representing over 90% of the property at Valkyrie Digital Belongings LLC.
Solar additionally has a wide range of connections to Wrapped Bitcoin (WBTC) on Tron, a Poloniex-offered product that accounts for enormous parts of the reserves at HTX, even if it is not going to disclose the place it shops the backing property.
Just lately, Poloniex delisted this asset, making it unclear if anybody can presumably redeem it, a troubling side contemplating the solvency of two exchanges that rely on this product.
Different Justin Solar Initiatives
Many different initiatives linked with Solar even have unusual connections or huge 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 accomplice market maker (and certain extra), lately has seen its market cap collapse as one among its banks was pressured out of business.
stUSDT, which Solar typically interacts with, is saved nearly solely in wallets or entities that he’s believed to regulate or affect.
The Solar-owned cryptocurrency trade Poloniex had beforehand said that it could display a ‘proof-of-reserves’ earlier than ostensibly breaking that promise.
HTX, previously Huobi, the Solar-affiliated trade, depends on each stUSDT and WBTC on Tron to keep up 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 continued Securities and Alternate Fee lawsuit that alleges he engaged in market manipulation and wash-trading disappears.
