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The worth of Curve DAO (CRV) tokens briefly fell beneath $0.40 on Wednesday as over-the-counter (OTC) transfers made by the DeFi venture’s founder, Michael Egorov, had been later transferred to Binance.
- As reported by blockchain safety agency PeckShield, considered one of Egorov’s counterparties from final month. transferred 609,000 CRV tokens to Binance on Wednesday. When buyers ship funds to exchanges, analysts usually view this as reflecting an intention to promote.
- The counterparty purchased 2.5 million CRV from the founder for 1 million USDT final month, as a part of a joint effort to scale back liquidation dangers related to the founder’s $100 million DeFi debt burden. One other investor included Tron founder Justin Sun, who purchased 5 million CRV from the founder.
- “Buyers who purchased CRV from Michael Egorov at $0.40 are presently at a loss,” noted analytics platform Lookonchain. At 3:30 a.m. ET on Wednesday, CRV traded for simply $0.38.
- Nonetheless, the counterparty seems to have returned their 609,000 CRV from Binance only a few hours later, on-chain knowledge reveals. The token’s value has since recovered to $0.404.
- In complete, Ergorov bought $46 million value of CRV to buyers in early August. Alongside Solar, different buyers included buying and selling agency Wintermute and NFT investor Jeffrey Huang.
- The most important counterparty to Ergorov seems to be an nameless OTC entity, which purchased 17.5 million CRV from the founder.
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