Tokens Bought from Founder Sent Temporarily to Binance Cause CRV to Drop Below $0.40

CRV Tokens Bought Over-the-Counter and Transferred to Binance

Earlier today, CRV tokens purchased over-the-counter (OTC) from the founder of the DeFi project, Michael Egorov, were transferred. One of Egorov’s counterparties, known as “0xb0b8,” received 2.5 million CRV for one million USDT in August and subsequently transferred 609,000 CRV tokens to Binance. This has resulted in investors who bought CRV from Egorov at $0.40 experiencing losses.

It remains uncertain why the transfer was made, but a few hours later, the OTC counterparty returned the 609,000 CRV tokens. The current trading price for CRV is $0.40, indicating a 3% decrease over the past 24 hours.

Egorov’s OTC Deals

In early August, Egorov sold 106 million CRV for $46 million in order to reduce potential liquidation risks associated with his outstanding debt across various DeFi platforms. These token sales involved transactions with entities such as Wintermute, Justin Sun (founder of Tron), and Jeffrey Huang (Machi Big Brother). The largest OTC deal was made with an anonymous entity that purchased 17.5 million CRV tokens.

These sales followed a 30% decline in the price of CRV to $0.50 after a security exploit impacted Curve Finance liquidity pools on July 30.

Hot Take: CRV Tokens Transferred to Binance from OTC Deal, Causing Losses for Investors

Recent transfers of CRV tokens bought over-the-counter (OTC) from Michael Egorov, the founder of a DeFi project, have caused losses for investors who purchased these tokens at $0.40. One of Egorov’s counterparties transferred a significant number of CRV tokens to Binance, but later returned them. Egorov conducted these OTC deals to reduce potential liquidation risks associated with his outstanding debt across various DeFi platforms.

The token sales involved transactions with various entities, including Wintermute, Justin Sun, and Jeffrey Huang. The price of CRV had previously experienced a decline following a security exploit affecting Curve Finance liquidity pools. Despite this recent transfer incident, the current trading price for CRV remains at $0.40.