What’s Happening with Curve Finance (CRV) Token? Whale Who Bought Token from Founder via OTC Also Gave Up

Following the recent hack attack on Curve Finance, a whale who had purchased over-the-counter (OTC) $CRV tokens from Curve Finance founder Michael Egorov began selling.

Egorov was faced with the danger of liquidation after the $CRV token price drop in the DeFi loans he received by using $CRV altcoins as collateral.

The whale, known with the address 0xb0b, deposited 609,057 $CRV tokens to Binance at an average price of $ 0.39, and a total of tokens worth approximately 237 thousand dollars. The current number of tokens held by this address is 1,890,943 $CRV and its value is approximately 744 thousand dollars.

$CRV price dropped below the OTC price level of $0.4 on September 13 and is currently trading at $0.4060. So in the current situation, it has made a loss from this OTC trade. Egorov sold a large $CRV via OTC for $0.40 when the $CRV price was around $0.58.

Chart with daily candles showing the decline in $CRV price.

Specifically, address 0xb0b lost an estimated total of $17,400 from $CRV assets. On August 1, they purchased 2.5 million $CRV tokens from Michael Egorov for 0.4 dollars with 1 million USDT.

*This is not investment advice.