In a significant development in the crypto world, a wallet associated with Justin Sun, the founder of the blockchain network Tron, acquired 5 million CRV tokens for $2 million.
Justin Sun Acquires $2.9 Million CRV from Michael Egorov, Partners with Curve
These tokens, valued at around $2.9 million, were purchased from Curve founder Michael Egorov for $2 million in what appears to be an OTC (over-the-counter) deal. This intriguing transaction was first noted by security firm PeckShield and later confirmed by analysts at Lookonchain.
Sun’s Wallet Acquires 5 Million CRV Tokens speculatively lower than market price
While the exact nature and intent of these transactions remain under speculation, on-chain data hints at a possible off-platform deal with Egorov to purchase CRV tokens at a rate lower than the market price, specifically at $0.40 each.
In addition to this intriguing acquisition, Sun has also announced a partnership between Tron and Curve. In a statement, Sun expressed his excitement about assisting Curve and emphasized the commitment of both parties to provide support whenever needed. This comes as a relief to Curve since Curve has been having financial shortages due to now verified hacking case.
The joint efforts will introduce an stUSDT pool on Curve, aiming to amplify user benefits and empower the community in the realm of decentralized finance. Notably, stUSDT is described as the “first real-world asset protocol on the Tron Network.”
Partnership Between Tron and Curve Announced
This development comes amid turbulence in the CRV market. The value of CRV hit the $0.50 mark earlier today, a low point since November of the prior year, before rebounding to $0.59. At the same time, open interest in CRV-linked perpetual futures grew to over $124 million, according to Coinalyze data. Data on negative funding rates also suggests traders could be shorting CRV in anticipation of further price dips.
Turbulence in the CRV Market
In response to this volatility, Michael Egorov, the founder of Curve, made several key transfers to stabilize his large DeFi position that could be at risk if the CRV price were to drop heavily. He repaid a significant 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.
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