Coin Edition -
- Tron founder Justin Sun moved $35 million in various tokens, mostly DeFi assets, to Binance in the past week.
- The transfer suggests Sun may be aiming to support Curve Finance’s liquidity.
- Curve Finance’s CRV token plunged due to the liquidation of founder’s loans.
Tron founder Justin Sun transferred a substantial $35 million in cryptocurrency to Binance over the past week, distributed across 12 different tokens. These tokens primarily consisted of DeFi assets, suggesting Sun’s intention to provide liquidity to Curve Finance.
15hrs ago, Justin Sun (@justinsuntron) deposited another $14.3M in 8 assets to #Binance, including:• 3.45M $ETHFI ($12.05M) – claimed from airdrop.• 6.22M $CRV ($1.96M) – of which 5M $CRV was purchased from Curve founder at $0.4 via OTC last Aug.• and $333K in 6 other… https://t.co/HD7MolDzBf pic.twitter.com/5XYZgLO9l4— Spot On Chain (@spotonchain) June 18, 2024
Blockchain data reveals Sun’s latest deposit to Binance included $3.45 million worth of ETHFI ($12.05 million total), reportedly obtained through an airdrop.
Additionally, a transfer of $6.22 million worth of CRV occurred ($1.96 million remaining). Of this, $5 million CRV came from an Over-The-Counter (OTC) deal last August, purchased directly from a wallet linked to Egorov, Founder of Curv Finance, at a discounted price of $0.4 per token.
Lastly, $333,000 in other DeFi tokens, including SCVX, SMATIC, SGAL, SWOO, $PROS, and $TRU, were also transferred.
These transfers follow Sun’s earlier purchase of an additional 5 million CRV tokens directly from Egorov’s wallet. The discounted price suggests Sun might be attempting to prevent the liquidation of a loan tied to the Curve founder, triggered by falling CRV prices.
On Thursday, lending protocol Curve Finance experienced a dramatic plunge in its CRV token price due to the automatic liquidation of loans tied to company founder Michael Egorov.
According to data from blockchain analytics firms Lookonchain and Arkham, Egorov had taken out substantial stablecoin loans (mostly crvUSD) worth nearly $100 million, using $140 million in CRV as collateral.
This triggered a cascade of selling as Egorov’s positions were automatically liquidated to cover the loan amount. The sudden surge in selling pressure drove the CRV token price down by 30% at one point, causing panic in the DeFi market. Egorov later acknowledged the liquidation on social media, stating his intention to repay the remaining debt shortly.
The post Justin Sun’s Crypto Moves Raise Questions Amid Curve Finance Turmoil appeared first on Coin Edition.