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Founder of Last Summer’s Troubled Altcoin Makes Big Transfer to Binance

source-logo  en.bitcoinsistemi.com 24 February 2024 12:54, UTC

0xce5 wallet, affiliated with Curve Finance (CRV) founder Michael Egorov, deposited 5 million CRV ($2.93 million) to cryptocurrency exchange Binance. The deposit was made when the price of CRV was $0.585.

At the time of writing this article, CRV price is trading at $0.6318.

This development is noteworthy, as the wallet purchased a total of 15 million CRV on August 15, 2023. The CRV came from Egorov's most frequently used wallet during an over-the-counter (OTC) sale through several intermediary wallets on August 1, 2023. This indicates that the wallet may belong to the founder of Curve Finance or to a buyer from an OTC sale.

As of now, 0xce5 Wallet still holds 10 million CRV worth $5.86 million. These funds will be unlocked on August 7, 2024.

The price of CRV has increased by approximately 10% in the last 24 hours.

Curve Finance was the victim of a major hacking attack last August. However, Egorov, who made large purchases from other altcoins by showing CRV collateral, had to sell large amounts of CRV tokens at a low price in order to avoid liquidation.

*This is not investment advice.