Curve Finance Founder Michael Egorov Sells 106 Million CRV Tokens
Curve Finance founder Michael Egorov has sold a total of 106 million Curve DAO (CRV) tokens, bringing in $42 million. The recent sales include transactions with Wintermute, Llanero, and the former xDAI deployer. Egorov has also made OTC deals with notable figures in the crypto space, including Huobi’s co-founder Jun Du and Tron founder Justin Sun.
Reducing Risk of Liquidation
The timing of these sales aligns with challenging dynamics for the CRV token, which has seen a 23% decline over the past month. Egorov’s outstanding debt across various DeFi platforms currently stands at $65.3 million. The deals aim to reduce potential liquidation risks associated with DeFi platforms. Egorov has been working to repay some of this debt to mitigate the risk of liquidation.
Market Observers Watching Egorov’s Subsequent Actions
With the CRV token currently priced around $0.57, market observers are closely monitoring Egorov’s actions. The sales of CRV tokens and the repayment of outstanding debt are seen as strategies to reduce risk and stabilize the value of the token.
Curve Finance Asks for Stolen Funds to be Returned
Curve Finance has sent an on-chain message to the exploiter responsible for the security exploit, asking for the stolen funds to be returned. The community is hoping for a resolution to the issue and a return to stability for the CRV token.
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