According to a previous report by Zombit, Curve founder Michael Egorov faced significant liquidation risks due to his personal positions in decentralized finance protocols. As a result, he sold a large amount of CRV tokens over-the-counter (OTC) to institutions and individual investors, including Binance Labs, Wintermute, Justin Sun, and Ma Ji Da Ge.
According to statistics shared by on-chain analyst Yu Yin on August 11th, 2023, Michael Egorov sold a total of 157.4 million CRV tokens to 33 investors/institutions at a price of $0.4, generating a total of $62.96 million in funds.
Although there are no strict regulations, information disclosed by former CFO of Frog Nation, 0xSifu, indicated that CRV sold through OTC has a condition of not being sold for 6 months (non-binding), which is set to expire this week. Based on the current price, investors who participated in the CRV subscription have a profit of about 30%, compared to Bitcoin’s price increase of approximately 37.8% since August 1st of last year.
