Timeline | Curve founder sells CRV through OTC to repay loans, where does the CRV flow to institutions?

Misaki

23-08-03 15:47

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On July 31st, Curve Finance suffered an attack on some of its stablecoin pools due to a Vyper recursive lock failure. As a result of the attack, the price of CRV began to fall, leading to a decrease in the health rate of on-chain CRV collateralized borrowing and lending. Since the founder of Curve holds a large amount of CRV in on-chain collateralized borrowing and lending, further price drops could potentially lead to a cascade of liquidations. Therefore, he took a series of actions to reduce the risk of liquidation, including selling CRV through OTC to repay the debt. The following is a real-time timeline update of the relevant events:

08-01 16:20

Justin Sun transferred 2 million USDT to the founder of Curve's address, possibly for OTC

On August 1st, according to on-chain information, an address marked as "Justin Sun" transferred 2 million USDT to the address of Curve founder 5 minutes ago. Afterwards, the Curve founder transferred 5 million CRV to Justin Sun's address. Crypto analyst dollar.eth suggests that the Curve founder may be conducting over-the-counter CRV trades at an average price of $0.4.

17:47

0xScope researcher: Wintermute may have purchased 2.5 million CRV over-the-counter at an average price of $0.4

On August 1st, according to 0xScope researcher Bobie, the address labeled as crypto market maker Wintermute Trading transferred a total of 1 million USDT to an address starting with 0x4D3 in two transactions one hour ago. After that, the founder of Curve transferred 2.5 million CRV to the same address starting with 0x4D3.

On August 1st, the founder of Curve sold 4.25 million CRV through OTC to angel investor DCFGod. As of now, the founder of Curve has sold 29.25 million CRV through OTC today in exchange for $11.7 million, with an average price of $0.4 per CRV.

08-01 18:38

0xScope researcher: Prisma Finance may purchase 1.25 million CRV OTC at an average price of $0.4

On August 1st, according to 0xScope researcher Bobie, the address labeled as the LSD stablecoin protocol Prisma Finance transferred 500,000 USDT to the address of Curve founder 55 minutes ago. Subsequently, the Curve founder transferred 1.25 million CRV to that address.

08-01 18:47

0xScope researcher: DWF Labs may purchase $1 million worth of CRV through OTC

On August 1st, according to 0xScope researcher Bobie, the address labeled as market maker DWF Labs has transferred approximately 1 million USDT to the address of Curve founder, but currently the Curve founder has not transferred CRV to the DWF Labs address.

08-01 19:03

派盾：黄立成或通过 OTC 购入 375 万枚 CRV Translation:

08-01 19:03

Paiduin: Huang Licheng may purchase 3.75 million CRV through OTC

On August 1st, Huang Licheng transferred 1.5 million USDT to the address of Curve founder and received 3.75 million CRV.

08-01 19:11

Data: Curve founder has sold a total of 39.25 million CRV through OTC

On August 1st, according to Lookonchain monitoring, as of 19:00 today, Curve founder Michael Egorov has sold a total of 39.25 million CRV through OTC, receiving 15.8 million USDT.

08-01 19:54

Curve founder has sold a total of 54.5 million CRV tokens today, reclaiming $21.8 million

On August 1st, according to the monitoring of Yu Jin, Curve founder Michael Egorov has sold a total of 54.5 million CRV, bringing back $21.8 million in funds. Among them, 12.5 million CRV were sold to DWFLabs; 3.75 million CRV were sold to Huang Licheng; 2.5 million CRV were sold to Cream.Finance; 2.5 million CRV were sold to an address starting with 0xb0b; 2.5 million CRV were sold to another address starting with 0xb0b; 1.25 million CRV were sold to an address starting with 0xcb5; and 250,000 CRV were sold to an address starting with 0x9db.

08-02 20:32

Yearn Finance purchased $1.5 million worth of CRV through OTC 20 minutes ago.

On August 2nd, according to DeBank data, the founder of Curve received 1.5 million USDT from an address marked as YFI: reserve 20 minutes ago. He then exchanged the 1.5 million USDT for 1.51 million MIM and repaid the 1.51 million MIM debt on Abracadabra, redeemed 3.75 million CRV and sent them all to the YFI: reserve address, or conducted OTC transactions again, with an average price of 0.4 USD per CRV.

08-02 21:48

Stake DAO purchased $500,000 worth of CRV through OTC 50 minutes ago

On August 2nd, according to DeBank data, the founder of Curve received 500,000 USDT from an address marked as Stake DAO: Governance 50 minutes ago. He then exchanged the 500,000 USDT for 502,000 MIM and repaid the 502,000 MIM debt on Abracadabra, redeemed 1.25 million CRV and sent them all to the Stake DAO: Governance address, or conducted OTC transactions again, with an average price of 0.4 USD per CRV.

08-03 09:45

Curve founder sells 7.5 million CRV through OTC again and repays 3 million USDT on Aave

Curve founder Egorov sold 7.5 million CRV again through OTC 9 hours ago, and then repaid 3 million USDT on Aave. Currently, his debt has decreased to $82.6 million.