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

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

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

$400,000 worth of $CRV is suspected of being sold after being locked for just one day

Over-the-counter sales usually have a certain lock-up period to avoid triggering a drop in currency prices. However, community KOL @maid_crypto posted an article pointing out that Egorov was suspected of selling $400,000 worth of $CRV to Christian off-site and locking it up for only one day before selling it, which attracted attention.

@maid_crypto stated that the address suspected of being @Christianeth purchased $400,000 worth of $CRV from Michael Egorov at an off-market price of 0.107USDT on June 21, and sold it all at a price of 0.333USDT the next day. This triggered a 5% drop in the CRV market. On June 28, he again received an equal 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

Michael Egorov issued an article on June 29 to explain his OTC transaction with Christian:

“The market cannot handle the large amount of CRV liquidation, especially about one third of the circulation is liquidated within half an hour. supply. Therefore, to prevent bad debts, I sold 30 million CRVs that I had not yet vested to @Christianeth on June 13. These 30 million CRVs will be delivered to him in batches before mid-August.”

Michael Egorov stated that the $CRV transactions from his wallet to christian2022.eth are related to this OTC transaction.

On-chain analyst Ember forwarded this post and further stated that the 30 million $CRV sold by Egorov will be delivered in mid-August, because there are still 24.7 million $CRV that will be fully unlocked and vested on August 12 . 7.5 million $CRV have been delivered so far, plus the amount that has not yet been unlocked.

Christian expresses misunderstanding

Christian himself posted on social platform You can't get that much out of the market. The decline is because other giant whales transferred tens of millions into the exchange. The transfer into the exchange is to repay the collateral

• According to Binance spot market data, $CRV rose by 4.73% in a single day on the 22nd, the highest Coming to $0.3457. It then fell for several consecutive days, with the lowest reaching $0.2717. It has now risen to $0.2830, up about 3% in the past 24 hours.

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