- Michael Egorov, the founder of Curve Finance, is selling CRV tokens under unclear circumstances, with approximately $170 million in decentralized finance credit positions at risk.
- Through over-the-counter sales, Egorov sold 5 million CRV tokens to Justin Sun at a price of $0.4 each, significantly lower than the current market price of $0.59 per token.
- Following the purchase, Sun announced a new partnership between TRON and Curve, suggesting that the discounted sales may have facilitated this agreement.
Michael Egorov, the founder of Curve Finance, is making sales of CRV tokens for reasons that are not entirely clear, with a significant amount of decentralized finance credit positions at risk. He sold a large quantity of these tokens to Justin Sun at a discounted price, which led to the announcement of a new partnership between TRON and Curve.
Unexplained Sales of CRV Tokens
Michael Egorov, the founder of Curve Finance, has been selling CRV tokens in a manner that has raised eyebrows in the cryptocurrency community. Through over-the-counter sales, Egorov sold 5 million CRV tokens to Justin Sun at a price of $0.4 each, a significant discount from the current market price of $0.59 per token. He also made similar sales to seven other wallets at the same price. So far, Egorov has sold 29.25 million CRV tokens through over-the-counter transactions, earning him 11.7 million USDT.
New Partnership Between TRON and Curve
The reason behind these sales remains unclear. However, following his purchase, Justin Sun announced a new partnership between TRON and Curve. Sun expressed his pleasure at supporting Curve and announced that they are now partners, ready to assist when needed. As a result of this partnership, a stUSDT pool will be created on Curve. This suggests that the discounted sales may have facilitated this agreement, providing Egorov with a quick cash inflow and enabling TRON to strike a deal with Curve.
Egorov’s Moves to Protect DeFi Position
Meanwhile, Egorov is making various moves to protect his large DeFi position that is at risk. He repaid a FRAX stablecoin loan of 5.13 million, thereby reclaiming 12.5 million CRV token collateral. He then moved these tokens from Fraxlend to another wallet. Prior to these transfers, various anonymous addresses made USDT transfers to Egorov’s wallets, which did not go unnoticed. As of writing, the CRV token price is trading at approximately $0.59.
Conclusion
In conclusion, the founder of Curve Finance, Michael Egorov, is making significant sales of CRV tokens under unclear circumstances. These sales, made at a significant discount, have led to a new partnership between TRON and Curve. Meanwhile, Egorov is taking steps to protect his large DeFi position that is at risk. The cryptocurrency community will be watching closely to see how these developments unfold.
