Curve Token Investors at $0.4 Loss

Curve Token Investors at $0.4 Loss

Early investors, including those who bought from Curve CEO Michael Egorov at $0.4, loss as CRV, Curve’s governance token, fell below the $0.4 mark.

According to data from Lookonchain, a notable investor known as “0xb0b8” recently garnered attention for depositing 609,057 CRV tokens into Binance, with a total value of $1 million in USDT.

This action has sparked speculation regarding a potential impending sale, as CRV has been steadily decreasing in value over the past month.

Furthermore, the trading volume of CRV has experienced a significant decline, plummeting by an astounding 97%.

This decline occurred two months after the CRV network suffered a hack in late July 2023.

According to data from Kaiko, the trading volume on centralized exchanges, with Binance being a prominent player, dropped from approximately $300 million in late July to a mere $7 million as of September 12.

The hack in July exposed vulnerabilities in the Curve stablecoin pools, which were utilizing an outdated version of the Vyper programming language.

The automated nature of Curve pools made them susceptible to re-entrancy attacks.

In response to the security breach, CRV prices have been continuously downward, reaching a new low in 2023 and falling below $0.4.

In a related development, Egorov responded to the declining prices by divesting his CRV holdings.

Initially, he had used these holdings as collateral for loans from various institutions and individuals, including Justin Sun.

He also engaged in over-the-counter (OTC) transactions and sought assistance from platforms such as Aave and Frax Finance.

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