Curve founder Michael Egorov sold 30 million $CRV to Christian OTC in June to avoid liquidation. However, the community questioned Christian for selling a large amount of CRV just one day after locking it, causing a significant price drop for CRV.
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Value of $CRV worth £400,000 reportedly locked for just a day and then sold off
Michael Egorov clarifies in his post
Christian claims misunderstanding
Stablecoin exchange protocol Curve founder Michael Egorov was nearing the liquidation threshold again in mid-June with $140 million worth of $CRV. To avoid liquidation, he sold 30 million $CRV off-market to Christian, co-founder of crypto fund NDV, on the same day.
However, due to subsequent price drops in $CRV, Egorov still faced liquidation on over 50 million $CRV.
Typically, off-market sales involve a lock-up period to prevent price drops. However, on the 30th, community KOL @maid_crypto posted that Egorov had reportedly sold $400,000 worth of $CRV to Christian and unlocked it after just one day, sparking widespread community concern. They stated:
“If @maid_crypto’s description is accurate, then Christian made over three times the profit after just one day of holding.”
Yet on the 29th, Michael Egorov actually posted an explanation regarding the off-market transaction to Christian:
Michael Egorov stated that any $CRV transactions seen from my wallet to christian2022.eth are related to this off-market transaction.
Blockchain analyst Yu Jin further shared this post, stating that Michael Egorov said the 30 million $CRV sold to Christian would be delivered in mid-August, as he still has 24.7 million $CRV to be fully unlocked by August 12. He has already delivered 7.5 million $CRV to Christian, combined with these yet-to-be-unlocked amounts.
At the same time, Christian himself posted on X to clarify:
In terms of timing, according to Binance spot market data, on the 22nd, $CRV saw a daily increase of 4.73%, reaching a high of $0.3457. However, it subsequently fell for several consecutive days, dropping to a low of $0.2717, and is currently back up to $0.2830, showing an approximate 3% increase in the past 24 hours.
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