Justin Sun Steps in to Support Curve Token Price and Protect a Massive Loan
Justin Sun, the founder of the Tron blockchain, has stepped in to support the curve (CRV) token price in order to protect a massive loan tied to Curve Finance founder Michael Egorov from being liquidated. Sun purchased about 5 million CRV from Egorov’s wallet at an average price of $0.4, amounting to over $2.3 million. This action is aimed at preventing Egorov’s loan from being liquidated at the $0.37 price level. Sun expressed his commitment to providing support whenever needed and announced plans to introduce an stUSDT pool on Curve in partnership with Egorov. The recent exploit on Curve Finance had driven down the price of the CRV token, putting Egorov’s $168 million stash at risk. However, wealthy participants like Sun are stepping up to protect the community and their own token holdings.
Main breakdowns:
– Justin Sun purchases 5 million CRV from Curve Finance founder Michael Egorov’s wallet to support token price.
– Sun’s action aims to protect Egorov’s loan from being liquidated at a lower price level.
– Sun expresses commitment to supporting Curve and announces plans to introduce an stUSDT pool on Curve.
– The recent exploit on Curve Finance had driven down the price of the CRV token, putting Egorov’s $168 million stash at risk.
– Wealthy participants like Sun are stepping up to protect the community and their own token holdings.
Hot Take
Justin Sun’s intervention to support the curve (CRV) token price and protect a massive loan demonstrates his commitment to the community and decentralized finance. By purchasing a significant number of CRV tokens, Sun aims to prevent the liquidation of Egorov’s loan at a lower price level. This action not only safeguards Egorov’s funds but also alleviates concerns of potential market pressure on other DeFi protocols. Sun’s support highlights the importance of collaboration and solidarity within the crypto community, as wealthy participants step up to protect the ecosystem.
By
By
By
