In line with Lookonchain knowledge, one notable investor, “0xb0b8,” made headlines by depositing 609,057 CRV to Binance, valued at $1 million in USDT. This transfer has raised hypothesis of a pending sale, as CRV has been on a gradual decline for the previous month.
The buying and selling quantity of CRV has additionally taken a considerable hit, dropping by a staggering 97%. This decline comes simply two months after the CRV community skilled a hack in late July 2023. In line with Kaiko knowledge, the buying and selling quantity on centralized exchanges, with Binance being a key participant, plummeted from roughly $300 million in late July to a mere $7 million as of September 12.
The hack in July uncovered vulnerabilities in Curve stablecoin swimming pools, leveraging an outdated model of the Vyper programming language. The automated nature of Curve swimming pools made them vulnerable to re-entrancy assaults.
In response to the safety breach, CRV costs have been in a downward spiral, reaching a brand new low in 2023, dipping under $0.4.
In a associated improvement, Egorov confronted the stress of falling costs by promoting his CRV holdings. He had initially used these holdings as collateral for loans from establishments and people like Justin Solar, facilitated over-the-counter (OTC) transactions, and sought assist from platforms like Aave and Frax Finance.
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