Michael Egorov has made $42 million on the sale of 106 million CRV


More CRV coins have been sold by Curve Finance’s founder Michael Egorov. For a grand total of $42 million, he shifted 106 million CRV tokens.

Since yesterday, he has sold an additional 34 million Curve DAO (CRV) tokens to a wide range of investors in what seem to be off-the-record transactions. According to on-chain statistics compiled by Nansen researcher Sandra Leow, Egorov has sold a total of 106 million CRV tokens, earning $42 million.

Leow claims that recent sales have been made to Wintermute (12.5 million CRV), an individual trader called Llanero (0.27 million CRV), and an address associated with the wallet of the ex-xDAI deployer (6.25 million CRV).

Egorov has a history of engaging in off-exchange transactions with prominent players in the crypto industry. For a total of $2 million, Jun Du, co-founder of Huobi, and Justin Sun, co-founder of Tron, both acquired 5 million CRV tokens. DCFGod, a cryptocurrency trader, purchased 4.25 million CRV, and Jeffrey Huang, an NFT investor (also known as Machi Big Brother), purchased 3.75 million CRV. The biggest OTC trade that Egorov has ever completed has been the acquisition of 17.5 million CRV tokens by an unnamed company.

Due to a security issue impacting various Curve Finance liquidity pools, the CRV token has dropped by 23% over the last month, coinciding with the period of these sales. The market is paying close attention to Egorov as the CRV token is now trading at roughly $0.57.

According to on-chain expert Lookonchain, Egorov has a total of $65.3 million in outstanding debt across all DeFi platforms at the moment. Egorov has been making payments towards this debt in an effort to stave off bankruptcy. He paid 7.5 million MIM via Abracadabra’s stablecoin exchange and then repaid 6.1 million USDT on the Aave lending protocol.

Curve Finance has also requested the restitution of the stolen cash through an on-chain message addressed to the exploiter.

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