CRV, the native token of stablecoin lending platform CurveDAO, is back nearing all-time lows as the ecosystem attempts to recover from a massive liquidation event this month.
Blockchain tracking firm Lookonchain reported that a whale had deposited $6 million worth of CRV into Binance, presumably intending to sell it at a loss.
“$22 million worth of CRV was purchased for approximately $0.33 after CRV was liquidated.
“If we sell now, we will incur a loss of about $1 million.”
On June 13, Curve founder Michael Egorov announced that he had liquidated all of his loans, worth about $156 million. He also said that he had sold millions of CRV tokens in a structured transaction to one of his partners at NextGen Digital Ventures, a crypto asset investment firm.
“The CRV liquidation volume was too large for the market to process in 30 minutes (about 1/3 of the circulating supply). So, to prevent bad loans, we sold 30 million shares of CRV that had not yet been vested. @Christianeth June 13. The 30 million CRV will be received by him in batches by mid-August.
If I see a CRV transaction to christian2022.eth in my wallet, it is related to that transaction… ”
On the same day that Egorov was liquidated, CRV fell to an all-time low of $0.239. CRV is currently trading at $0.28, down 98.3% from its all-time high of $15.37.
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