Curve’s native token CRV experienced a sharp price decline due to a reentrancy attack, prompting founder Michael Egorov to take measures to stabilize his personal DeFi position.
, also tracked by Coinalyze, suggests traders could be shorting CRV in anticipation of further price dips.Three key transfers
Amid sharp volatility, Egorov made several key transfers. He repaid a noteworthy 5.13 million FRAX stablecoin loan and reclaimed 12.5 million CRV tokens as collateral. Observers also highlighted on-chain data showing that Egorov moved 12.5 million CRV from Fraxlend to a fresh wallet. Before this action, Egorov had received Tether from anonymous wallets, fuelingfrom crypto commentators about potential OTC deals or transactions off the main platform.
In another significant move, a wallet tagged as belonging to Tron founder Justin Sun withdrew $2 million in Tether from the Aave lending platform before redirecting them to Egorov, security firm PeckShield . In exchange, Egorov transferred about 5 million CRV to Sun, possibly indicating another off-platform arrangement.a sizable 176 million CRV on Aave, according to DeBank records. If CRV’s price were to decrease by just 33%, it could instigate a massive liquidation event, reverberating throughout the wider DeFi landscape.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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