Key Takeaways:
- F2Pool co-founder Wang Chun withdrew $20.67M in ETH and WBTC from Binance
- The assets were moved to Spark, an Ethereum-based DeFi lending protocol
- Chun has moved over $50M off centralized exchanges in the past several weeks
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Wang Chun shifts $21M in ETH and WBTC from Binance to DeFi
F2Pool co-founder Wang Chun withdrew $20.67 million in Ether and Wrapped Bitcoin from Binance, moving the assets to the Spark DeFi protocol on Ethereum.
"Wallets associated with Chun executed a separate withdrawal of approximately $28.67 million in ETH during early June," Lookonchain data shows, with the same destination protocol.
The transfer included 7,650 Ether and 124.18 Wrapped Bitcoin, valued at roughly $20.67 million at the time of the transaction. Chun has now moved well north of $50 million in assets from Binance to Spark over the past several weeks, including a $28.67 million ETH withdrawal in early June and 7,461 ETH transferred to the protocol in May, according to on-chain data.
The consistent off-exchange flow by one of crypto's most established mining figures shows capital migrating from centralized platforms to DeFi lending protocols, where assets can generate yield. Spark, an Ethereum-based lending and savings protocol, holds billions of dollars in total value locked, making it one of the largest destinations for such transfers.
The withdrawals add to a pattern of large off-exchange moves by Chun, who co-founded F2Pool in 2013 — one of the earliest Bitcoin mining pools that now controls roughly 10 percent to 11 percent of the network's total hashrate. He also founded Stakefish, a major staking service operating across multiple proof-of-stake networks.
The choice of Spark as the destination is notable. The protocol focuses on lending and savings, meaning Chun's deposits are likely being used to generate yield through lending out ETH and WBTC to borrowers. The WBTC component adds another layer: Wrapped Bitcoin on Ethereum represents a deliberate choice to maintain Bitcoin exposure while accessing Ethereum's DeFi ecosystem.
No public statement has accompanied any of these moves from either Wang Chun or F2Pool.
The broader market has seen elevated whale activity in recent days. Separate on-chain data shows whales accumulated 350,000 Ether, worth roughly $617 million, over the past five days. K3 Capital also withdrew 10,000 ETH, valued at about $16.92 million, from Binance in a separate transaction.
This article is for informational purposes only and does not constitute investment advice.
