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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Curve Founder Moves Over 23 Million CRV To Binance, Is It Time To Take Profit?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
Curve CRV

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Curve Finance founder Michael Erogov has moved over 23 million CRV, the native governance token of the Curve DAO, to Binance, the world’s leading cryptocurrency exchange, over the last five days, The Data Nerd, on December 27, shows. The founder moved 2.5 million CRV on December 27. This transfer may ruffle investors, raising concerns because it could indicate that Erogov is likely liquidating.

Curve founder moves coins to Binance | Source: The Data Nerd via X
Curve founder moves coins to Binance | Source: The Data Nerd via X

CRV Is Firm, Up 60% In The Last 3 Months

While the founder’s sale of CRV could put downward pressure, the token remains firm and is up roughly 60% from September 2023 lows. The token trades above $0.60 at spot rates, rejecting selling pressure as the daily chart shows.

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If bulls press on, it could break above $0.72 to record new 2023 highs. The token is trending higher, rejecting bear attempts amid improving sentiment across the crypto scene. Although Erogov is selling CRV, the market seems to interpret the move as bullish.

Curve price trending upward on the daily chart | Source: CRVUSDT on Binance, TradingView
Curve price trending upward on the daily chart | Source: CRVUSDT on Binance, TradingView

The spectacular revival of CRV is net bullish for the protocol, suggesting that investors are still confident despite headwinds in early H2 2023 when several Curve pools were exploited due to a Vyper compiler issue.

Curve Founder Sold CRV To Prevent Liquidation Of DeFi Loans

Following the hack in late July 2023, Erogov was forced to liquidate a large chunk to prevent liquidation. On its part, the hack led to over $52 million in crypto assets, including 7.19 million worth of CRV, lost. In the aftermath of the hack, prices crashed.

At the time of this hack, Erogov had over $100 million in DeFi loans backed by 427.5 million CRV as collateral. As CRV prices fell, the health of Egorov’s loans fell in tandem. 

If the value of Egorov’s CRV collateral were to fall further, it could face liquidation. This meant that all protocols from where the founder had borrowed using CRV as collateral would have been forced to sell the token at spot rates to repay the loan. As an automated intervention, the event would have likely caused a cascade, even impacting ordinary holders using CRV as collateral. 

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To avoid this and as a form of intervention, Tron founder Justin Sun and multiple other parties, including Jeffrey Huang, made deals to buy CRV from the Curve founder, preventing this liquidation from happening. 

Michael Erogov portfolio | Source: Debank
Michael Erogov portfolio | Source: DeBank

According to DeBank on December 27, Erogov’s crypto portfolio was north of $136 million. Out of this, the founder owns over $38.9 million of CRV.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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How Our News is Made

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