Original author: Babywhale, Foresight News
Yesterday morning, Beijing time, projects written in Ethereum programming language Vyper versions 0.2.15, 0.2.16, and 0.3.0 were attacked due to a reentrancy bug. Hackers stole funds from these projects in Curve's liquidity pool, causing Curve's TVL to be nearly halved within 24 hours. This was followed by a drop in the price of the CRV token. As almost half of the circulating supply of CRV is held by the founder, Michael Egorov, and most of these tokens have been used for collateralized borrowing and lending, if the CRV price continues to drop and reaches the liquidation line, the hundreds of millions of dollars in selling pressure will be unbearable for the current market liquidity.
Today, as CRV price continues to plummet, Michael Egorov has taken action to save himself by repaying some loans and reclaiming the CRV used as collateral, and then selling the CRV to regain funds. This process continues in a loop. Perhaps due to inadequate market liquidity and fear of extreme price impact, Michael Egorov has chosen to do this through over-the-counter trading, with a selling price of $0.4, which is approximately 30% lower than the price when the article was written. Faced with this "ripe meat" on the plate, a large number of investors and institutions have participated in this "discount season". It is worth mentioning that 0x sifu, former CFO of Frog Nation, tweeted that the CRV sold by Michael Egorov through OTC has a six-month lock-up period, so although it is discounted, it may not have a significant impact on the secondary market in the short term.
Justin Sun
Justin Sun spent $2 million to buy 5 million CRV tokens and subsequently announced plans to establish an stUSDT liquidity pool on Curve.
Wintermute
Researcher Bobie from 0x Scope revealed that the address associated with the crypto market maker Wintermute Trading received a total of 1 million USDT in transfers from addresses starting with 0x4D3, followed by the Curve founder transferring 2.5 million CRV to that address.
DCF GOD
According to Lookonchain's monitoring, an investor named DCF GOD purchased 4.25 million CRV. DCF GOD has participated in investments in liquidity incentive protocol Fluidity and cross-chain currency market protocol TapiocaDAO in both this year and last year.
DWF Labs
DWF Labs, which frequently takes action this year and seems to have unlimited funds, spent $5 million to purchase 12.5 million CRV.
Huang Licheng
According to monitoring by PeckShield, Huang Licheng spent 1.5 million USDT to purchase 3.75 million CRV.
In addition to the above buyers, participating institutions and projects also include Prisma Finance (purchased 1.25 million CRV), Cream Finance (purchased 2.5 million CRV). As of around 20:00 Beijing time today, Curve founder Michael Egorov has sold 54.5 million CRV and withdrawn 21.8 million USDT.
