Curve founder Michael Egorov urgently clarifies! US$400,000 CRV is suspected of being sold after being locked up for just one day

Michael Egorov, the founder of the stablecoin exchange protocol Curve, once again approached the liquidation threshold with $140 million worth of $CRV in mid-June. At that time, in order to avoid liquidation, he sold it over the counter to Christian, the co-founder of the crypto fund NDV, on the same day. 30 million $CRV.

However, due to the subsequent further price drop of CRV, Egorov still has more than 50 million $CRV liquidated.

$CRV worth $400,000 is suspected to be locked up for only one day before being sold

Usually over-the-counter sales have a certain lock-up period to avoid triggering a drop in currency prices. However, yesterday (30th), a KOL in the community @maid_crypto posted an article pointing out that Egorov was suspected of selling 400,000 USDT of $CRV to Christian off-site, and only locked the position for one day before selling it, which aroused widespread concern in the community. He said: Some on-chain analysts pointed out that the suspected @Christianeth address purchased $CRV worth 400,000 USDT from Michael Egorov at an over-the-counter price of 0.107 USDT on June 21, and purchased it at a price of 0.333 USDT the next day. All were sold, causing the CRV market to fall by 5%. On June 28, he once again received the same amount of CRV from the founder of Curve.

If @maid_crypto’s description is true, Christian’s profit exceeded 3 times in just one day.

Michael Egorov issued an article to clarify

However, on the 29th, Michael Egorov actually issued an article explaining the over-the-counter transaction to Christian: At that time, the market did not have enough capacity to handle the liquidation of a large number of CRV, especially the liquidation of approximately the circulating supply within half an hour. one third of . Therefore, in order to prevent bad debts, I sold my unvested 30 million CRV to @Christianeth on June 13th. The 30 million CRV will be delivered to him in batches before mid-August.

Michael Egorov said that if you see $CRV transactions from my wallet to christian2022.eth, it is all related to this OTC transaction.

On-chain analyst Ember also forwarded this post and further stated that Michael Egorov said that the 30 million $CRV sold to Christian will be delivered in mid-August, because he still has 24.7 million $CRV until August 12 All unlocks will be completed. At present, he has delivered 7.5 million $CRV to Christian, which is enough if you add those that have not yet been unlocked.

Christian expressed a misunderstanding

At the same time, Christian himself posted on

• There is no smashing, and it can’t be sold that much. The falling price is because other giant whales transferred tens of millions into it, and the transfer into the exchange is to repay the collateral.

• If we look at the time point, according to Binance spot market data, $CRV increased by 4.73% in a single day on the 22nd, reaching a maximum of $0.3457, but then fell for several consecutive days, reaching a minimum of $0.2717, and has now recovered. to $0.2830, up about 3% in the past 24 hours.

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