Curve Finance founder sells 10 million CRV to Huobi co-founder

Huobi co-founder Jun Du purchased 10 million CRV tokens for 4 million USDT from Curve Finance founder Mikhail Egorov, who is looking to reduce his debt position.

He initially announced his intent on X (formerly Twitter). He said that he converted the purchased tokens into veCRV, which confer voting rights on the platform.

“I’ll lock up for at least a year, and I hope Curve keeps getting better and better,” added the Huobi cofounder.

Jun Du noted that the current difficulties of the protocol are temporary, and the crypto market will be healthier if it is supported. He also recalled that in 2022 his Web3-fund ABCDE Labs supported BendDAO with liquidity of 10,000 ETH.

Moreover, on August 1 the Aave community brought to a vote a proposal to acquire Curve tokens with 2 million USDT. If valued at Egorov’s off-exchange price of $0.4 per token, the project would receive 5 million CRV.

“[The deal] will serve as a compelling signal that DeFi supports DeFi, and at the same time will allow DAO Aave to take a strategic position in Curve votes, which will benefit the secondary liquidity of the GHO stablecoin,” said the initiative’s author Mark Zeller.

According to Lookonchain, over the past few days 13 different organizations and investors, including Tron head Justin Sun, bought more than 60 million CRV from Egorov for $24 million.

On August 2, Lookonchain analysts recorded another transaction for 7.5 million CRV. The 3 million USDT received were sent to repay a loan on Aave.

Total debt of the Curve founder across various services stands at $82.6 million, including:

• 51.23 million USDT on Aave;
• 12 million MIM on Abracadabra;
• 9.19 million FRAX on Fraxlend;
• 9.4 million DOLA on Inverse;
• 740,000 XAI on Silo;

According to DeBank, at the time of writing the health factor of Egorov’s position stands at 1.71. This indicates no material risk—liquidation occurs at a value of 1.

On July 30, a hacker attacked Curve Finance’s liquidity pools and drained over $50 million, exploiting a vulnerability in the Vyper code. ForkLog discussed the situation with experts.