Curve Finance founder Michael Egorov has intensified his token-selling spree.
Along with the 72 million Curve DAO (CRV) tokens he offered to a number of entities up till yesterday, he offloaded one other 34 million CRV to a various group of buyers in obvious over-the-counter offers. In complete, Egorov has parted with 106 million CRV tokens, bringing in a sum of $42 million, in keeping with on-chain knowledge aggregated by Nansen analyst Sandra Leow.
The current gross sales embody transactions with entities equivalent to Wintermute (12.5 million CRV), a person dealer named Llanero (0.27 million CRV), and a pockets tackle related to the previous xDAI deployer (6.25 million CRV), in keeping with Leow.
Beforehand, Egorov additionally made OTC offers with notable figures within the crypto house. Huobi’s co-founder Jun Du purchased 10 million CRV tokens, whereas Tron founder Justin Solar bought 5 million CRV for $2 million. Different consumers embody crypto dealer DCFGod, who purchased 4.25 million CRV, and NFT investor Jeffrey Huang (alias Machi Huge Brother), who acquired 3.75 million CRV. An nameless entity secured the most important OTC cope with Egorov with a purchase order of 17.5 million CRV tokens.
Decreasing danger of liquidation
The timing of those gross sales aligns with difficult dynamics for the CRV token, which noticed a 23% decline over the previous month following a safety exploit affecting a number of Curve Finance liquidity swimming pools. With the CRV token presently priced round $0.57, market observers are keenly watching Egorov’s subsequent actions.
The offers purpose to cut back potential liquidation dangers related to DeFi platforms. Egorov’s excellent debt throughout numerous DeFi platforms presently stands at $65.3 million, as famous by on-chain analyst Lookonchain. Egorov has been working to repay a few of this debt to mitigate the danger of liquidation. Earlier at the moment, he repaid 7.5 million in MIM stablecoin on Abracadabra, adopted by an extra 6.1 million USDT stablecoin compensation to lending protocol Aave.
Curve Finance has additionally despatched an on-chain message to the exploiter, asking for them to return the stolen funds.
Disclosure: Wintermute co-founder Evgeny Gaevoy sits on The Block’s board.
