Wang Chun, co-founder of one of the world’s largest Bitcoin mining pools, just pulled roughly $20.67 million in crypto off Binance. The assets, a mix of 7,650 ETH and 124.18 WBTC, were transferred to Spark, an Ethereum-based lending and savings protocol.
A pattern of major off-exchange moves
Wallets associated with Chun executed a separate withdrawal of approximately $28.67 million in ETH during early June. Before that, roughly 7,461 ETH were transferred to Spark in May.
Add it all up and you’re looking at well north of $50 million in assets moved off centralized platforms and into DeFi over a span of weeks. The destination keeps being the same: Spark, a protocol focused on lending and yield generation with a multi-billion dollar total value locked.
Who is Wang Chun and why does this matter
