Sun Yuchen, the founder of Wave Field, transferred 6.224 million $CRV to the exchange Binance last night, valued at approximately 2.07 million USD at the time. On the same day, Sun Yuchen also transferred 3.45 million $ETHFI received from an airdrop to Binance, valued at a staggering 12.25 million USD. In addition, this 3.45 million $ETHFI accounts for 3% of the token’s circulation, and the community also reminds readers to be cautious of the risk of dumping.
Stablecoin exchange protocol Curve’s founder Michael Egorov previously used 141 million $CRV as collateral in 5 lending protocols to borrow about 95.7 million USD worth of stablecoins (mainly crvUSD).
On the 13th, the price of CRV dropped to 0.219 USD at one point, and Michael Egorov’s borrowing position was liquidated around 11 a.m. on that day.
In this context, data analyst Yin Jin posted yesterday evening that Sun Yuchen transferred 6.224 million $CRV (valued at approximately 2.07 million USD at the time) to Binance at 21:16 on the 17th, and the CRV tokens in Sun Yuchen’s address have been cleared. (Among them, 5 million CRV was purchased by Sun Yuchen from the founder of Curve last August at a price of 0.4 USD per token in an off-exchange transaction).
Based on past experience, transferring large amounts of tokens to large centralized exchanges is likely for the purpose of selling tokens. According to DeBank data calculations, assuming Sun Yuchen sells the $CRV immediately after transferring it to Binance, his accumulated losses on $CRV will reach 676,000 USD. The decision to take advantage of a previous opportunity seems to have been a mistake this time…
In addition, in this token transfer, Sun Yuchen also transferred some altcoins to Binance, including:
106,863 $WOO, valued at 24,578 USD at the time
62,500 $PROS, valued at 21,375 USD at the time
29,331 $GAL, valued at 74,207 USD at the time
17,562 $TRU, valued at 2,902 USD at the time
148,002 $MATIC, valued at 88,623 USD at the time
37,739 $CVX, valued at 141,898 USD at the time
Sun Yuchen transferred 3.45 million $ETHFI received from an airdrop to Binance.
Furthermore, according to previous reports from Doo Wan, on March 13th, Sun Yuchen pledged 120,000 ETH to the liquidity re-pledging protocol ether.fi. On March 16th, ether.fi announced its airdrop query website. According to the website data, Sun Yuchen’s address received up to 3.45 million $ETHFI in airdrops.
Yin Jin also stated in the post yesterday that monitoring shows Sun Yuchen’s address transferred 3.45 million $ETHFI to Binance (3% of the token’s circulation), valued at 12.25 million USD at the time. Doo Wan reminds readers to pay attention to the risk of dumping caused by this large transfer.