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
Wang Chun co-founded F2Pool back in 2013, making it one of the earliest and most enduring mining operations in the Bitcoin ecosystem. F2Pool currently controls roughly 10-11% of the Bitcoin network’s total hashrate.
Chun also founded Stakefish, a major staking service that operates across multiple proof-of-stake networks. He commanded a mission on SpaceX’s Fram2 project.
The DeFi angle
The choice of Spark as the destination is worth examining on its own. The protocol has carved out a significant position in the Ethereum DeFi landscape, with a multi-billion dollar TVL. Spark focuses on lending and savings, meaning Chun’s deposits are likely being used to generate yield through lending out ETH and WBTC to borrowers or through other protocol mechanisms.
The WBTC component adds another layer. Wrapped Bitcoin on Ethereum represents a deliberate choice to keep Bitcoin exposure while accessing Ethereum’s DeFi ecosystem.
No public statement has accompanied any of these moves from either Wang Chun or F2Pool.