Curve Finance Founder Sells Another 8 Million CRVs Before Liquidation Concerns

August 5, 2023 - Around 2 mins mins to read

Key Points:

Curve founder is credited with continuing to sell 8 million CRVs to 5 investors/institutions.
Michael Egorov, in total, sold 114.025 million CRV to 24 investors/institutions in exchange for $45.61 million.
The fact that hackers are refunding hacked projects eases concerns about Curve’s liquidated positions.

Following Ember, a chain analyst, from last night to this morning, Curve Finance founder, Michael Egorov, continued to sell 8 million CRVs to 5 investors/institutions.

Curve Finance Founder Sells Another 8 Million CRVs Before Liquidation Concerns — Curve Finance founder, Michael Egorov

Since the OTC sale began on August 1, Curve founders have sold 114.025 million CRV to 24 investors/institutions in exchange for $45.61 million in funds. Michael held too much CRV and was criticized by many. Although this OTC sale of CRV tokens will speed up CRV decentralization, it could also pave the way for future problems.

今日份 Curve 创始人卖币信息更新：
昨晚至今早，Curve 创始人继续向 5 家投资者/机构出售 800 万 $CRV 。

• 375 万 CRV → 237.eth
• 125 万 CRV → 0xB97
• 125 万 CRV → @cryptogle
• 125 万 CRV → 0x73F
• 50 万 CRV → 0x73E

推文由 @LionDEX_CN 赞助 pic.twitter.com/AHpqeQf5ku
— 余烬 (@EmberCN) August 5, 2023

The OTC trading price of CRV this time is $0.4, about 30% lower than the current market price. Despite the half-year lockup period, the tokens given to investors are fully unlocked.

These positions will not be sold immediately, but some investors can hedge their risk through centralized exchange perpetual contracts proportional to the CRV/USDT perpetual contract trading pair continuing to be negative, meaning the bearish sentiment is dominating.

One of the reasons pioneering projects are more attractive to finance is that they are more likely to pay compensation if an accident occurs.

While it’s not Curve’s fault, the loss happened to Curve, and it hurt some of the users who trusted Curve. Discord has discussions about compensation, but there is no clear official statement.

The ideal end is for the hacker to repay all of the loans or most of them, and the rest could be covered by Curve or related projects. For CRV holders, the rights and benefits will not be greatly reduced, for users with losses, the money can also be recovered to restore confidence. Currently it is actually developing along this route and projects like Alchemix, JPEG’d have recovered some money after trying to contact the hackers.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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