Crypto News

Curve Founder Michael Egorov Engages In Major OTC Deal Amid CRV Price Drop

Michael Egorov, the founder of Curve, has reportedly transferred another 3.75 million CRV tokens, worth $1.04 million, to christian2022.eth (@Christianeth) in what is believed to be an over-the-counter (OTC) deal.

Previously, christian2022.eth sent 400,000 USDT to Egorov following June’s CRV crisis, receiving 3.75 million CRV tokens in return at an alleged OTC price of $0.107 per token. These tokens were then deposited into Binance at a rate of $0.333, valuing them at approximately $1.25 million.

CRV Price Action To Watch Following Recent Happenings 

The CRV price has dropped by 5% in the past 24 hours, adding to the volatility.

Additionally, a whale has deposited 22 million CRV tokens, valued at $6.2 million, into Binance today. These tokens were acquired post-liquidation at a price of roughly $0.33 per token. If sold now, this whale would incur a loss of approximately $1 million.

These significant movements highlight the turbulent state of the CRV market and the pressures faced by large holders.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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