Curve founder Michael Egorov sold 30 million $CRV tokens to Christian in June, but the community questioned the fact that Christian sold a large amount of CRV just one day after the lock-up period, leading to a significant drop in the price of CRV.
(Summary:
CRV plummets 40% in one hour! Curve founder faces liquidation with over 50 million tokens sold, whales take advantage of arbitrage opportunities.)
(Background:
Curve founder’s collateralized 140 million pounds CRV approaches liquidation, Arkham: Only 10% decrease remains..)
Table of Contents:
$CRV tokens worth 400,000 pounds suspected to be sold after just one day of lock-up
Michael Egorov clarifies the situation
Christian expresses misunderstanding
Michael Egorov, the founder of stablecoin exchange protocol Curve, approached the liquidation threshold again in mid-June with $140 million worth of $CRV tokens. To avoid liquidation, he sold 30 million $CRV tokens off-exchange to Christian, co-founder of the crypto fund NDV, on the same day. However, due to further price declines in CRV, Egorov’s remaining 50 million $CRV tokens were liquidated.
Usually, there is a lock-up period for off-exchange sales to prevent price drops. However, on the 30th, a community Key Opinion Leader (@maid_crypto) posted that Egorov seemed to have sold $400,000 worth of $CRV tokens to Christian off-exchange and only locked them up for one day before selling, which sparked widespread community attention. He stated:
If @maid_crypto’s description is true, then Christian made over triple the profit in just one day.
However, on the 29th, Michael Egorov actually posted an explanation of the off-exchange transaction with Christian:
Michael Egorov stated that any $CRV transactions from my wallet to christian2022.eth are related to this off-exchange transaction.
Chain analyst Yu Yin further reposted this post to clarify that Michael Egorov said that the 30 million $CRV tokens sold to Christian will be delivered in mid-August, as he still has 24.7 million $CRV tokens that will be fully unlocked on August 12. He has already delivered 7.5 million $CRV tokens to Christian, which, combined with the remaining locked tokens, is enough in quantity.
At the same time, Christian himself posted on X, expressing a misunderstanding:
If we look at the timing, according to Binance spot market data, on the 22nd, $CRV had a daily increase of 4.73%, reaching a high of $0.3457. However, it subsequently declined for several days, reaching a low of $0.2717. It has now risen to $0.2830, an increase of about 3% in the past 24 hours.
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