CRV price falls below $0.40 amid transfers of tokens to Binance

CRV price fell below $0.40 amid transfers of tokens from the founder Michael Egorov to Binance.

The holder of 2.5 million CRV (address 0xb0b8) transferred 609,000 CRV to the platform, according to PeckShield.

Egorov reduced his stake in DEX in a series of August trades to mitigate the risk of debt liquidation in DeFi protocols.

To date, the Curve founder has sold a total of 157.6 million CRV worth $47.4 million. His aggregate debt across a number of crypto-lending services amounts to about $107.1 million.

It was anticipated that buyers would not sell CRV over the next six months.

Given the price at the time, they found themselves with unrealized losses.

The price of $CRV has dropped below $0.4, and investors who bought $CRV from Michael Egorov at $0.4 are currently at a loss.

Investor”0xb0b8″ who spent 1M $USDT to buy 2.5M $CRV deposited 609,057 $CRV ($240K) to #Binance an hour ago.https://t.co/cfcSvCPil9 pic.twitter.com/3XjdtSkHuY

— Lookonchain (@lookonchain) September 13, 2023

Within a few hours, the tokens вывели с Binance.

Against this backdrop, CRV rose back above $0.40. According to CoinGecko, in the last 24 hours the asset’s price rose 2.5%.

Earlier, on July 30, a hacker attacked Curve Finance liquidity pools and withdrew more than $50 million, exploiting a vulnerability in the Vyper code.

Shortly after the incident, the Curve founder Michael Egorov began actively selling CRV tokens on the OTC market. Among the buyers were prominent figures in the crypto industry, including co-founder of Tron Justin Sun. Binance allocated $5 million for these purposes.