• Bitcoin
  • NFT
  • Binance
  • ETH
  • DeFi
  • Metaverse
  • IDO
  • Coinbase
  • Solana
  • ETF
  • FTX
  • GameFi
Newsletter
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
CoinLive
No Result
View All Result
Home Crypto News

Curve (CRV) fell to the OTC cost of $.four

189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Bitcoin is at $67K but analysis warns BTC price could drop 10% next

Bitcoin is at $67K but analysis warns BTC price could drop 10% next

May 20, 2024
Avalanche (AVAX) price is among the few altcoins that have dropped sharply

Avalanche (AVAX) price tag is amid the couple of altcoins that have dropped sharply – Bitcoin News 2024

April 16, 2024

The Curve token (CRV), following the market’s downtrend, fell to the cost at which founder Michael Egorov opened an OTC sale in an try to sustain his debt place final August.

Curve (CRV) fell to the OTC cost of $.four

As Coinlive reported, in early August, Curve founder Michael Egorov started marketing CRV through OTC increase capital to sustain your lending place on DeFi protocols.

At the time of creating, the founder has offered much more total 160 million CRV to different traders, at the presumed OTC charges $.four/CRVhe collected Mr. Egorov for himself $64 million stablecoin.

Curve Founder CRV OTC Sales Transaction Statistics. Source: @0xramen on Dune Analytics

While the market place cost at that time was about .five – .seven USD. Therefore, following much more than one month, the cost of CRV on the market place progressively decreased to the OTC cost at USD .four, following the common downward trend.

1D chart of CRV/USDT pair on Binance as of ten:25 am on September 13, 2023

The record of traders who have participated in the “CRV rescue” to date contains the Wintermute money, DWF Labs, Binance Labs DeFi tasks contain Gnosis, Yearn Finance, Cream Finance, Reserve Protocol, Stake DAO person traders this kind of as Justin Sun, founder of Huobi Du Jun, DCF GOD, and so forth

List of traders participating in the obtain of CRV OTC. Source: @0xramen on Dune Analytics

The explanation why the Curve founder had to promote CRVs so massively came naturally Attack on Curve Finance on July 31st due to a vulnerability in pools utilizing the Vyper programming language. The consequences are coming $52 million was stolen by hackers.

The DeFi protocol at the time appeared to have entered a crisis as traders withdrew their cash one particular by one particular to avert widespread vulnerabilities, leading to the cost of CRV to plummet by practically twenty%. This equates to the worth of Mr. Egorov’s collateral in the kind of CRV also reducing in correlation, primary to loan liquidation possibility on other DeFi protocols this kind of as Aave, Acadabrada, Fraxlend.

To avert the contagion result from spreading to the whole DeFi ecosystem, Egorov had to promote CRVs cheaply by way of OTC transactions, not only to have cash to repay the debt and prevent loan liquidation, but also to prevent leading to CRV went right to the market place to make The crisis has turn out to be much more severe.

Coinlive compiled

Maybe you happen to be interested:

Join the discussion on the hottest difficulties in the DeFi market place in the chat group Coinlive Chats Let’s join the administrators of Coinlive!!!

Tags: CRVCurvefellOTCPrice
Share76Tweet47

Related Posts

Norway Plans Temporary Ban on Crypto Mining by 2025

by shark
June 22, 2025
0

Norway to impose a temporary ban on new energy-intensive crypto mining operations starting in autumn 2025, focusing on energy conservation...

Tether CEO Introduces PearPass for Enhanced Security

by shark
June 22, 2025
0

Tether's CEO Paolo Ardoino unveils PearPass, a local password manager aimed at improving security after major data breaches.

Aptos, Solana Selected for Wyoming Stablecoin Project

by shark
June 22, 2025
0

The Wyoming Stable Token Commission has selected Aptos and Solana as core platforms for the state-backed stablecoin, impacting blockchain adoption...

TikTok Denies Alleged $300M TRUMP Token Bribe

by shark
June 22, 2025
0

TikTok refutes accusations of purchasing $300M TRUMP tokens as a bribe to Trump, amid ongoing scrutiny.

Ethereum’s Institutional Interest and Potential 2025 Market Growth

by shark
June 22, 2025
0

Ethereum's rising institutional interest suggests strong market growth for ETH in 2025.

Load More

Tags

analysis announces Bank billion Binance Bitcoin Blockchain BTC CEO Coin Coinbase Crypto cryptocurrencies Cryptocurrency DeFi ETH Ethereum Exchange Finance FTX fund game General News Information Investment Latest Launch launches market Metaverse million Network News NFT platform Price project Protocol Review SEC Solana Token trading users wallet

Recent Posts

  • Norway Plans Temporary Ban on Crypto Mining by 2025
  • Tether CEO Introduces PearPass for Enhanced Security
  • Aptos, Solana Selected for Wyoming Stablecoin Project
  • TikTok Denies Alleged $300M TRUMP Token Bribe
  • Ethereum’s Institutional Interest and Potential 2025 Market Growth
  • Fed Holds Rates as Bitcoin Stabilizes Amid Global Tensions
  • Coinbase Secures Pan-EU MiCA License from Luxembourg
  • Coinbase Secures MiCA License in Luxembourg
  • About
  • FAQ
  • Contact Us
  • IGO
  • Altcoin
  • Terra
  • Launchpad
  • P2E
  • META
  • AXS
Email us: [email protected]

© 2021 CoinLive - Crypto News 24/7

No Result
View All Result
  • Home
  • Crypto News
  • Market Analysis
  • Learn

© 2021 CoinLive - Crypto News 24/7