According to a previous report by Zombit, Curve founder Michael Egorov faced significant liquidation risks due to his personal position in decentralized finance protocols, leading him to sell a large amount of CRV tokens over-the-counter (OTC) to institutions and individual investors such as Binance Labs, Wintermute, Justin Sun, and Magi Brothers.
According to statistical data shared by online analyst Yu Jin on August 11, 2023, Michael Egorov sold a total of 157.4 million CRV tokens to 33 investors/institutions at a price of $0.4 per token, exchanging them for a total of $62.96 million in funds.
Although there are no strict regulations, according to information disclosed by former CFO of Frog Nation, 0xSifu, at the time, the CRV sold through OTC carries a non-binding condition of not being sold for 6 months, and this deadline is set to expire this week. Based on current prices, investors who participated in the CRV subscription are experiencing a floating profit of around 30%, compared to Bitcoin’s increase of approximately 37.8% from August 1 of last year.