{"id":82573,"date":"2023-08-03T15:17:41","date_gmt":"2023-08-03T12:17:41","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82573"},"modified":"2025-09-12T05:53:30","modified_gmt":"2025-09-12T02:53:30","slug":"curve-finance-founder-sells-10-million-crv-to-huobi-co-founder","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/curve-finance-founder-sells-10-million-crv-to-huobi-co-founder\/","title":{"rendered":"Curve Finance founder sells 10 million CRV to Huobi co-founder"},"content":{"rendered":"<p>Huobi co-founder Jun Du <a href=\\\"https:\/\/etherscan.io\/address\/0x003027594360084811f99e3f751de580e3b2086e#tokentxns\\\">purchased 10 million CRV tokens<\/a> for 4 million USDT from Curve Finance founder Mikhail Egorov, who is looking to reduce his debt position.<\/p>\n<p>He initially <a href=\\\"https:\/\/twitter.com\/DujunX\/status\/1686296439876648960\\\">announced<\/a> his intent on X (formerly Twitter). He said that he converted the purchased tokens into veCRV, which confer voting rights on the platform.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cI&#8217;ll lock up for at least a year, and I hope Curve keeps getting better and better,\u201d added the Huobi cofounder.<\/p>\n<\/blockquote>\n<p>Jun Du <a href=\\\"https:\/\/twitter.com\/DujunX\/status\/1686751264200343552\\\">noted<\/a> 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 <a href=\"https:\/\/forklog.com\/en\/news\/what-is-web3\">Web3<\/a>-fund ABCDE Labs supported BendDAO with liquidity of 10,000 ETH.<\/p>\n<p>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&#8217;s off-exchange price of $0.4 per token, the project would receive 5 million CRV.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201c[The deal] will serve as a compelling signal that DeFi supports DeFi, and at the same time will allow <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-dao-decentralised-autonomous-organisation\">DAO<\/a> Aave to take a strategic position in Curve votes, which will benefit the secondary liquidity of the GHO stablecoin,\u201d said the initiative&#8217;s author Mark Zeller.<\/p>\n<\/blockquote>\n<p>According to Lookonchain, over the past few days 13 different organizations and investors, including Tron head <a href=\"https:\/\/forklog.com\/en\/news\/justin-sun-buys-2-9-million-worth-of-crv-tokens\">Justin Sun<\/a>, bought more than 60 million CRV from Egorov for $24 million.<\/p>\n<p>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.<\/p>\n<p>Total debt of the Curve founder across various services stands at $82.6 million, including:<\/p>\n<ul class=\\\"wp-block-list\\\">\n<li>51.23 million USDT on Aave;<\/li>\n<li>12 million MIM on Abracadabra;<\/li>\n<li>9.19 million FRAX on Fraxlend;<\/li>\n<li>9.4 million DOLA on Inverse;<\/li>\n<li>740,000 XAI on Silo;<\/li>\n<\/ul>\n<p>According to DeBank, at the time of writing the health factor of Egorov&#8217;s position stands at 1.71. This indicates no material risk\u2014liquidation occurs at a value of 1.<\/p>\n<p>On July 30, a hacker <a href=\"https:\/\/forklog.com\/en\/news\/hacker-drains-curve-finance-liquidity-pools-of-47-million\">attacked<\/a> Curve Finance&#8217;s liquidity pools and drained over $50 million, exploiting a vulnerability in the Vyper code. ForkLog <a href=\"https:\/\/forklog.com\/en\/news\/expert-curve-hack-a-minor-incident-compared-with-secs-actions\">discussed<\/a> the situation with experts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":1,"featured_media":82574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1426,1378],"class_list":["post-82573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-curve-crv","tag-token-sales"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/82573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=82573"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/82573\/revisions"}],"predecessor-version":[{"id":82575,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/82573\/revisions\/82575"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/82574"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=82573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=82573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=82573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}