Michael Egorov, the founder of Curve Finance, has recently increased his crypto-selling activities. He sold 72 million Curve DAO (CRV) tokens to several entities and then sold an additional 34 million CRV to a diverse group of investors through over-the-counter deals.
In total, Egorov has sold 106 million CRV tokens, earning him $42 million, according to on-chain data analyzed by Nansen analyst Sandra Leow.
Curve Founder sold 106M CRV so far in OTC "handshake" deals, in exchange for $42.4M. pic.twitter.com/EeXoCc0hB3
— Sandra (@sandraaleow) August 4, 2023
The Massive Sell Was Due to Egorov’s Outstanding Debt
The recent sales included transactions with entities such as Wintermute, who purchased 12.5 million CRV, an individual trader named Llanero, who bought 0.27 million CRV, and a wallet address connected to the former xDAI deployer, who acquired 6.25 million CRV, as reported by Leow.
Wintermute Trading has officially joined the Curve OTC deals, acquiring 12.5M CRV ($5m USDT).
To date, Curve Founder has sold 84.5M CRV, in exchange for $33.8M. pic.twitter.com/2zpX0INOgv
— Sandra (@sandraaleow) August 3, 2023
In the past, Egorov has also made over-the-counter deals with well-known individuals in the cryptocurrency industry. Jun Du, the co-founder of Huobi, purchased 10 million CRV tokens from Egorov. Justin Sun, the founder of Tron, bought 5 million CRV for $2 million.
Other buyers include crypto trader DCFGod, who acquired 4.25 million CRV, and NFT investor Jeffrey Huang (also known as Machi Big Brother), who bought 3.75 million CRV. An anonymous entity made the largest OTC deal with Egorov, purchasing 17.5 million CRV tokens.
The timing of Egorov’s sales coincides with a difficult period for the CRV token, which has experienced a 23% decrease in value over the past month due to a security exploit that affected multiple Curve Finance liquidity pools. With the current price of the CRV token at around $0.57, market watchers are closely monitoring Egorov’s next moves.
These sales are intended to reduce the potential risks of liquidation associated with DeFi platforms. Egorov currently has an outstanding debt of $65.3 million across various DeFi platforms, according to on-chain analyst Lookonchain. To mitigate the risk of liquidation, Egorov has been working to repay some of this debt.
Today, Egorov made two repayments to reduce his outstanding debt on DeFi platforms. He repaid 7.5 million in MIM stablecoin on the Abracadabra platform and also made a repayment of 6.1 million USDT stablecoin to the Aave lending protocol. Curve Finance has also sent a message to the exploiter via the blockchain, requesting that they return the stolen funds.
