{"id":552599,"date":"2023-09-23T00:00:35","date_gmt":"2023-09-23T00:00:35","guid":{"rendered":"https:\/\/wncen.com\/?p=552599"},"modified":"2023-09-22T20:01:14","modified_gmt":"2023-09-22T20:01:14","slug":"curve-finance-crv-spikes-whale-withdraws-from-binance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/defi\/curve-finance-crv-spikes-whale-withdraws-from-binance\/","title":{"rendered":"CRV Spikes 22% In 2 Weeks As Whale Withdraws From Binance"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">CRV, the native currency of Curve Finance, the decentralized exchange focused on stablecoins, is shaking off August&#8217;s weakness and printing higher highs when writing on September 22. Trackers\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.coinlore.com\/coin\/curve-dao-token\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">reveal<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that CRV is up 22% in the past two weeks, adding 10% in the last week alone. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Coincidentally, there has been increased activity from a whale moving CRV from Binance, the world&#8217;s largest crypto exchange by client count.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Whale Offloads CRV From Binance To Curve Finance<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">According to\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/OnchainDataNerd\/status\/53779043\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">The Data Nerd<\/span><\/a><span data-preserver-spaces=\"true\">, a tracker, a whale transferred 1.542 million CRV, worth roughly $684,000, from Binance. Afterward, the whale, only identified as &#8220;0x171,&#8221; added liquidity to Curve Finance. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Over the last week, the whale has been actively supplying liquidity to Curve Finance, providing 5.36 million CRV worth $2.27 million.<\/span><\/p>\n<figure id=\"attachment_552600\" aria-describedby=\"caption-attachment-552600\" style=\"width: 945px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-552600\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/F6oVnHbaoAA9FUb.jpeg?resize=945%2C334\" alt=\"Curve Finance whale moving tokens from Binance| Source: The Data Nerd\" width=\"945\" height=\"334\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/F6oVnHbaoAA9FUb.jpeg?w=945 945w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/F6oVnHbaoAA9FUb.jpeg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/F6oVnHbaoAA9FUb.jpeg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/F6oVnHbaoAA9FUb.jpeg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/F6oVnHbaoAA9FUb.jpeg?w=750 750w\" sizes=\"(max-width: 945px) 100vw, 945px\"><figcaption id=\"caption-attachment-552600\" class=\"wp-caption-text\">Curve Finance whale moving tokens from Binance| Source: The Data Nerd<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">CRV is the governance token in CurveDAO, the decentralized autonomous organization (DAO) behind Curve Finance. Since the exchange is decentralized, CRV holders have voting rights. Moreover, they can receive rewards whenever they supply liquidity to any of Curve Finance&#8217;s pools.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/ftx\/ftx-exchange-employees\/\" target=\"_blank\" rel=\"noopener \">Bankrupt FTX Exchange Turns Its Attention To Employees, Here\u2019s How Much It Wants<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Curve Finance used an automated market maker (AMM) model for the trustless swapping of stablecoins, including DAI, USDT, USDC, and other tokens like ETH and wrapped Bitcoin (wBTC). However, to function optimally, Curve Finance relies on liquidity pools where users can supply liquidity and get a share of fees distributed in CRV.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The withdrawal of coins from Binance to a non-custodial wallet is a vote of confidence for CRV. The token has been free-falling in Q3 2023. To illustrate, CRV crashed by 32% in August alone.\u00a0<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/hxaT8XCZ\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/hxaT8XCZ\/\" alt=\"CRV price on September 22| Source: CRVUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">CRV price on September 22| Source: <a href=\"https:\/\/www.tradingview.com\/x\/hxaT8XCZ\/\" target=\"_blank\" rel=\"noopener nofollow\">CRVUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The draw-down was worsened by the broader contraction in crypto occasioned by waning momentum around the approval of several complex derivatives for Bitcoin and Ethereum. At the same time, regulatory actions, especially from the Securities and Exchange Commission (SEC), significantly impacted sentiment and token prices.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">CRV Sold Off After Hack<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The free-fall of CRV can be directly pinned to an exploit of multiple Curve Finance liquidity pools in late July 2023. In a re-entrancy attack, a hacker exploited a vulnerability in the older version of a Vyper compiler, draining over $61 million worth of tokens from Curve Finance&#8217;s pools. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Through the re-entrancy attack, the hacker could infinitely withdraw deposited tokens from Curve Finance&#8217;s pools, resulting in losses.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-crash-to-8000\/\" target=\"_blank\" rel=\"noopener \">How An \u2018Inconsequential\u2019 Mistake Saw Bitcoin Crash To $8,000<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Curve Finance has since patched the vulnerability, but CRV prices are yet to recover despite the recent pump. Also, its co-founder and CEO, Michael Egorov, had to liquidate a big chunk of CRV that he had used to secure loans on multiple platforms, including Aave.\u00a0<\/span><\/p>\n<figure id=\"attachment_552603\" aria-describedby=\"caption-attachment-552603\" style=\"width: 680px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-552603\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/F2q2S0XbkAAGF4M.png?resize=680%2C581\" alt=\"List of CRV buyers| Source: Nansen\" width=\"680\" height=\"581\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/F2q2S0XbkAAGF4M.png?w=680 680w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/F2q2S0XbkAAGF4M.png?w=460 460w\" sizes=\"(max-width: 680px) 100vw, 680px\"><figcaption id=\"caption-attachment-552603\" class=\"wp-caption-text\">List of CRV buyers| Source: Nansen<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">By early August, Egorov\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/sandraaleow\/status\/28653312\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">had<\/span><\/a><span data-preserver-spaces=\"true\"> sold 106 million CRV via over-the-counter (OTC) trades at a discount to multiple entities. Top buyers included Justin Sun, the co-founder of Tron, who bought 2 million CRV, and Jeffrey Huang, who acquired 3.75 million CRV.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>CRV, the native currency of Curve Finance, the decentralized exchange focused on stablecoins, is shaking off August&#8217;s weakness and printing higher highs when writing on September 22. Trackers\u00a0reveal\u00a0that CRV is up 22% in the past two weeks, adding 10% in the last week alone. Coincidentally, there has been increased activity from a whale moving CRV from Binance, the world&#8217;s largest crypto exchange by client count. Whale Offloads CRV From Binance To Curve Finance According to\u00a0The Data Nerd, a tracker, a whale transferred 1.542 million CRV, worth roughly $684,000, from Binance. Afterward, the whale, only identified as &#8220;0x171,&#8221; added liquidity to Curve Finance. Over the last week, the whale has been actively supplying liquidity to Curve Finance, providing 5.36 million CRV worth $2.27 million. CRV is the governance token in CurveDAO, the decentralized autonomous organization (DAO) behind Curve Finance. Since the exchange is decentralized, CRV holders have voting rights. Moreover, they can receive rewards whenever they supply liquidity to any of Curve Finance&#8217;s pools.\u00a0 Related Reading: Bankrupt FTX Exchange Turns Its Attention To Employees, Here\u2019s How Much It Wants Curve Finance used an automated market maker (AMM) model for the trustless swapping of stablecoins, including DAI, USDT, USDC, and other tokens like ETH and wrapped Bitcoin (wBTC). However, to function optimally, Curve Finance relies on liquidity pools where users can supply liquidity and get a share of fees distributed in CRV.\u00a0 The withdrawal of coins from Binance to a non-custodial wallet is a vote of confidence for CRV. The token has been free-falling in Q3 2023. To illustrate, CRV crashed by 32% in August alone.\u00a0 The draw-down was worsened by the broader contraction in crypto occasioned by waning momentum around the approval of several complex derivatives for Bitcoin and Ethereum. At the same time, regulatory actions, especially from the Securities and Exchange Commission (SEC), significantly impacted sentiment and token prices. CRV Sold Off After Hack The free-fall of CRV can be directly pinned to an exploit of multiple Curve Finance liquidity pools in late July 2023. In a re-entrancy attack, a hacker exploited a vulnerability in the older version of a Vyper compiler, draining over $61 million worth of tokens from Curve Finance&#8217;s pools. Through the re-entrancy attack, the hacker could infinitely withdraw deposited tokens from Curve Finance&#8217;s pools, resulting in losses. Related Reading: How An \u2018Inconsequential\u2019 Mistake Saw Bitcoin Crash To $8,000 Curve Finance has since patched the vulnerability, but CRV prices are yet to recover despite the recent pump. Also, its co-founder and CEO, Michael Egorov, had to liquidate a big chunk of CRV that he had used to secure loans on multiple platforms, including Aave.\u00a0 By early August, Egorov\u00a0had sold 106 million CRV via over-the-counter (OTC) trades at a discount to multiple entities. Top buyers included Justin Sun, the co-founder of Tron, who bought 2 million CRV, and Jeffrey Huang, who acquired 3.75 million CRV. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":552601,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[10768,83432,83460,89466],"class_list":["post-552599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-binance","tag-crv","tag-curve-finance","tag-curve-finance-hack"],"acf":[],"yoast_head":"\n<title>CRV Spikes 22% In 2 Weeks As Whale Withdraws From Binance<\/title>\n<meta name=\"description\" content=\"CRV prices are recovering and a whale is actively supplying liquidity on Curve Finance, moving tokens from Binance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Ngetich\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g\",\"caption\":\"Dalmas Ngetich\"},\"description\":\"Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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