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Michael Egorov, founder of Curve Finance, sold 72 million CRV tokens, according to on-chain data. Experts see these sales as a move to reduce Egorov's debt and mitigate liquidation risks. Meanwhile, altcoin price is fluctuating.
Altcoin founder Michael Egorov sold 72 million tokens
Curve Finance is going through tough times. According to on-chain analyst firm Lookonchain, Curve Finance founder Michael Egorov appears to have sold 72 million CRV tokens to 15 institutions/investors for $28 million in a series of key over-the-counter deals. Data from the Dune Analytics dashboard by Spotonchain and Nansen analyst Sandra Leow also supports this finding for the altcoin.
Egorov's selling spree comes at a tough time for the CRV token. Its value fell 22% last month after multiple factory pools on the platform exploited the vulnerability. The altcoin is currently trading at $0.58. Market experts say Egorov's decision to sell his CRV tokens is a proactive measure to reduce his debt on DeFi platforms, thereby avoiding the potential liquidation risks associated with extensive loan positions. Lookonchain said, “Michael Egorov, founder of Curve Finance, has sold a total of 72 million CRVs to 15 institutions/investors through OTC at a price of $0.40. He also received $28.8 million to pay off his debts,” he shared.
Who are the counterparties in the transactions?
Among the notable buyers, an anonymous address bought 17.5 million CRVs. Thus, this address had the largest share of altcoin sales. In addition, Justin Sun, the founder of Tron, bought 5 million CRVs for $2 million. Another 4.25 million CRV tokens were sold to crypto trader DCFGod, while 3.75 million CRVs went to NFT owner Jeffrey Huang, known as Machi Big Brother.
In particular, the debt situation at Egorov's DeFi lending platform Aave sheds light on his financial strategies. Just yesterday, there was a $60 million stablecoin loan backed by CRV collateral on Aave. Today, it's down to $49 million. This is how he uses the CRV sale to manage these refunds. According to Lookonchain, Egorov currently owes $79 million across 5 DeFi platforms. However, it holds a total of 374 million CRV tokens worth around $220 million as collateral. In the midst of these developments, the altcoin is trading at $0.589, gaining about 3% on a daily basis.
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