The founder of Curve was forced to "sell coins to repay debts". Who is giving generously outside the market?
By: Babywhale, Foresight News
In the early hours of yesterday, Beijing time, because the Vyper 0.2.15, 0.2.16, and 0.3.0 versions of the Ethereum programming language were affected by reentry lock failures, projects written in this language were attacked, and hackers circulated these projects on Curve The funds in the sex pool were stolen, making Curve's TVL almost "cut in half" within 24 hours. What followed was a drop in the price of CRV tokens. Since nearly half of the CRV circulation is in the hands of founder Michael Egorov, and these tokens have been used almost entirely for mortgage lending, if the CRV price continues to fall and reaches the liquidation line , The selling pressure of hundreds of millions of dollars will be unbearable for the current market liquidity.
Today, with the price of CRV still falling, Michael Egorov launched a self-rescue operation, began to repay part of the loan and get back the CRV as collateral, and then sold the CRV to return the funds, and so on. Perhaps because of the lack of liquidity in the market and the fear of extreme impact on the price, Michael Egorov chose to conduct over-the-counter transactions, and the price was 0.4 US dollars, which was about 30% lower than the price of CRV at the time of publication. Faced with this piece of fat delivered to the door, a large number of investors and institutions participated in this "discount season". It is worth mentioning that 0xsifu, the former CFO of Frog Nation, tweeted that the CRV sold by Michael Egorov through OTC has a six-month lock-up period, so although it is sold at a discount, it may not have much impact on the secondary market in the short term. Influence.
Justin Sun
Justin Sun spent $2 million to purchase 5 million CRVs, and later expressed plans to set up a stUSDT liquidity pool on Curve.
Wintermute
0xScope researcher Bobie disclosed that the address marked as an encrypted market maker Wintermute Trading transferred a total of 1 million USDT to the address starting with 0x4D3, and then the founder of Curve transferred 2.5 million CRV to this address.
DCF GOD
According to Lookonchain monitoring, an investor named DCF GOD on Twitter bought 4.25 million CRV. DCF GOD participated in the investment in the liquidity incentive protocol Fluidity and the full-chain money market protocol TapiocaDAO this year and last year.
DWF Labs
DWF Labs, which has been selling frequently this year and seems to have unlimited funds, spent $5 million to purchase 12.5 million CRVs.
Huang Licheng
According to PeckShield monitoring, Huang Licheng spent 1.5 million USDT to purchase 3.75 million CRV.
In addition to the above-mentioned buyers, participating institutions and projects also include Prisma Finance (purchased 1.25 million CRVs), Cream Finance (purchased 2.5 million CRVs). As of around 20:00 Beijing time today, Curve founder Michael Egorov has sold 54.5 million CRV and returned 21.8 million USDT.
