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.