Crypto News- Curve Tokens from Michael Egorov at 0.4 dollar, the cryptocurrency market has recently witnessed a significant downturn in the value of CRV, the governance token associated with Curve, a decentralized exchange (DEX) for stablecoins. The price of CRV has plummeted below the $0.4 threshold, resulting in losses for early investors, including those who acquired CRV directly from Curve’s CEO, Michael Egorov, at $0.4. Notably, one prominent investor known as “0xb0b8” made headlines by depositing 609,057 CRV on Binance, valued at $1 million in USDT, sparking speculations of an impending sale as CRV has experienced a consistent decline over the past month.
Investors Who Acquired Curve Tokens from Michael Egorov at 0.4 Dollar Are Currently in a Depreciated Position
The trading volume of CRV has also suffered a substantial setback, witnessing a staggering 97% drop. This decline follows a recent hack on the CRV network in late July 2023, which exposed vulnerabilities in Curve’s stablecoin pools due to the use of an outdated version of the Vyper programming language.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 in a continuous downward trend, reaching a new low in 2023, dipping below $0.4.
In a related development, Egorov responded to the pressure of falling prices by selling his CRV holdings. He initially used these holdings as collateral for loans from institutions and individuals, including Justin Sun, engaged in over-the-counter (OTC) transactions, and sought support from platforms like Aave and Frax Finance.