{"id":567155,"date":"2023-12-28T03:00:13","date_gmt":"2023-12-28T03:00:13","guid":{"rendered":"https:\/\/wncen.com\/?p=567155"},"modified":"2023-12-27T18:59:01","modified_gmt":"2023-12-27T18:59:01","slug":"curve-founder-moves-over-23-million-crv-to-binance-is-it-time-to-take-profit","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/curve-founder-moves-over-23-million-crv-to-binance-is-it-time-to-take-profit\/","title":{"rendered":"Curve Founder Moves Over 23 Million CRV To Binance, Is It Time To Take Profit?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Curve Finance founder Michael Erogov has\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/OnchainDataNerd\/status\/10293100\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">moved<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0over 23 million CRV, the native governance token of the Curve DAO, to Binance, the world&#8217;s leading cryptocurrency exchange, over the last five days, The Data Nerd, on December 27, shows. The founder moved 2.5 million CRV on December 27. This transfer may ruffle investors, raising concerns because it could indicate that Erogov is likely liquidating.<\/span><\/p>\n<figure id=\"attachment_567156\" aria-describedby=\"caption-attachment-567156\" style=\"width: 949px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-567156\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/GCUwPA8b0AAbb4U.jpg?resize=949%2C309\" alt=\"Curve founder moves coins to Binance | Source: The Data Nerd via X\" width=\"949\" height=\"309\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/GCUwPA8b0AAbb4U.jpg?w=949 949w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/GCUwPA8b0AAbb4U.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/GCUwPA8b0AAbb4U.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/GCUwPA8b0AAbb4U.jpg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/GCUwPA8b0AAbb4U.jpg?w=750 750w\" sizes=\"(max-width: 949px) 100vw, 949px\"><figcaption id=\"caption-attachment-567156\" class=\"wp-caption-text\">Curve founder moves coins to Binance | Source: The Data Nerd via X<\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">CRV Is Firm, Up 60% In The Last 3 Months<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">While the founder&#8217;s sale of CRV could put downward pressure, the token remains firm and is up roughly 60% from September 2023 lows. The token trades above $0.60 at spot rates, rejecting selling pressure as the daily chart shows.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/matic-analysis\/polygon-breaks-symmetrical-triangle-analyst-target\/\" target=\"_blank\" rel=\"noopener \">Polygon Breaks Out Of Symmetrical Triangle, Analyst Puts This Target<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">If bulls press on, it could break above $0.72 to record new 2023 highs. The token is trending higher, rejecting bear attempts amid improving sentiment across the crypto scene. Although Erogov is selling CRV, the market seems to interpret the move as bullish.<\/span><\/p>\n<figure style=\"width: 1147px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/a85gm8gr\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/a85gm8gr\/\" alt=\"Curve price trending upward on the daily chart | Source: CRVUSDT on Binance, TradingView\" width=\"1147\" height=\"848\"><\/a><figcaption class=\"wp-caption-text\">Curve price trending upward on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/a85gm8gr\/\" target=\"_blank\" rel=\"noopener nofollow\">CRVUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The spectacular revival of CRV is net bullish for the protocol, suggesting that investors are still confident despite headwinds in early H2 2023 when several Curve pools were\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/wncen.com\/analysis\/crv\/curve-founder-michael-egorov-clears-aave-loan-reduces-total-debt-to-42-7-million\/\" target=\"_blank\" rel=\"noopener \"><span data-preserver-spaces=\"true\">exploited<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0due to a Vyper compiler issue.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Curve Founder Sold CRV To Prevent Liquidation Of DeFi Loans<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Following the hack in late July 2023, Erogov was forced to liquidate a large chunk to prevent liquidation. On its part, the hack led to over $52 million in crypto assets, including 7.19 million worth of CRV, lost. In the aftermath of the hack, prices crashed.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At the time of this hack, Erogov had over $100 million in DeFi loans backed by 427.5 million CRV as collateral. As CRV prices fell, the health of Egorov&#8217;s loans fell in tandem.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">If the value of Egorov&#8217;s CRV collateral were to fall further, it could face liquidation. This meant that all protocols from where the founder had borrowed using CRV as collateral would have been forced to sell the token at spot rates to repay the loan. As an automated intervention, the event would have likely caused a cascade, even impacting ordinary holders using CRV as collateral.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/crypto-analyst-predicts-bitcoin-to-reach-130000-heres-when\/\" target=\"_blank\" rel=\"noopener \">Crypto Analyst Predicts Bitcoin To Reach $130,000, Here\u2019s When<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">To avoid this and as a form of intervention, Tron founder <a href=\"https:\/\/wncen.com\/news\/ethereum\/justin-sun-unstakes-20000-ethereum-lido-finance\/\" target=\"_blank\" rel=\"noopener \">Justin Sun<\/a> and multiple other parties, including Jeffrey Huang, made deals to buy CRV from the Curve founder, preventing this liquidation from happening.\u00a0<\/span><\/p>\n<figure id=\"attachment_567157\" aria-describedby=\"caption-attachment-567157\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-567157\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Screenshot102.png?resize=1000%2C691\" alt=\"Michael Erogov portfolio | Source: Debank\" width=\"1000\" height=\"691\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Screenshot102.png?w=1000 1000w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Screenshot102.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Screenshot102.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Screenshot102.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Screenshot102.png?w=750 750w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-567157\" class=\"wp-caption-text\">Michael Erogov portfolio | Source: DeBank<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">According to\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/debank.com\/profile\/0x7a16ff8270133f063aab6c9977183d9e72835428?chain=eth\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">DeBank<\/span><\/a><span data-preserver-spaces=\"true\"> on December 27, Erogov&#8217;s crypto portfolio was north of $136 million. Out of this, the founder owns over $38.9 million of CRV.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Curve Finance founder Michael Erogov has\u00a0moved\u00a0over 23 million CRV, the native governance token of the Curve DAO, to Binance, the world&#8217;s leading cryptocurrency exchange, over the last five days, The Data Nerd, on December 27, shows. The founder moved 2.5 million CRV on December 27. This transfer may ruffle investors, raising concerns because it could indicate that Erogov is likely liquidating. CRV Is Firm, Up 60% In The Last 3 Months While the founder&#8217;s sale of CRV could put downward pressure, the token remains firm and is up roughly 60% from September 2023 lows. The token trades above $0.60 at spot rates, rejecting selling pressure as the daily chart shows. Related Reading: Polygon Breaks Out Of Symmetrical Triangle, Analyst Puts This Target If bulls press on, it could break above $0.72 to record new 2023 highs. The token is trending higher, rejecting bear attempts amid improving sentiment across the crypto scene. Although Erogov is selling CRV, the market seems to interpret the move as bullish. The spectacular revival of CRV is net bullish for the protocol, suggesting that investors are still confident despite headwinds in early H2 2023 when several Curve pools were\u00a0exploited\u00a0due to a Vyper compiler issue. Curve Founder Sold CRV To Prevent Liquidation Of DeFi Loans Following the hack in late July 2023, Erogov was forced to liquidate a large chunk to prevent liquidation. On its part, the hack led to over $52 million in crypto assets, including 7.19 million worth of CRV, lost. In the aftermath of the hack, prices crashed. At the time of this hack, Erogov had over $100 million in DeFi loans backed by 427.5 million CRV as collateral. As CRV prices fell, the health of Egorov&#8217;s loans fell in tandem.\u00a0 If the value of Egorov&#8217;s CRV collateral were to fall further, it could face liquidation. This meant that all protocols from where the founder had borrowed using CRV as collateral would have been forced to sell the token at spot rates to repay the loan. As an automated intervention, the event would have likely caused a cascade, even impacting ordinary holders using CRV as collateral.\u00a0 Related Reading: Crypto Analyst Predicts Bitcoin To Reach $130,000, Here\u2019s When To avoid this and as a form of intervention, Tron founder Justin Sun and multiple other parties, including Jeffrey Huang, made deals to buy CRV from the Curve founder, preventing this liquidation from happening.\u00a0 According to\u00a0DeBank on December 27, Erogov&#8217;s crypto portfolio was north of $136 million. Out of this, the founder owns over $38.9 million of CRV. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":567159,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[83432,86416,81092,89367,12098,89027,14463],"class_list":["post-567155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crv","tag-crvusdt","tag-curve","tag-curve-price","tag-justin-sun","tag-michael-erogov","tag-tron-price"],"acf":[],"yoast_head":"\n<title>Curve Founder Moves Over 23 Million CRV To Binance, Is It Time To Take Profit?<\/title>\n<meta name=\"description\" content=\"Curve founder, Michael Erogov, is sending CRV to Binance. However, the token is firm, up by over 60% in three months.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/curve-founder-moves-over-23-million-crv-to-binance-is-it-time-to-take-profit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Curve Founder Moves Over 23 Million CRV To Binance, Is It Time To Take Profit?\" \/>\n<meta property=\"og:description\" content=\"Curve founder, Michael Erogov, is sending CRV to Binance. However, the token is firm, up by over 60% in three months.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/curve-founder-moves-over-23-million-crv-to-binance-is-it-time-to-take-profit\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-28T03:00:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-27T18:59:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Crypto-news-Template13.jpg?fit=1380%2C780\" \/>\n\t<meta property=\"og:image:width\" content=\"1380\" \/>\n\t<meta property=\"og:image:height\" content=\"780\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dalmas Ngetich\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Dalmas_Ngetich\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dalmas Ngetich\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/curve-founder-moves-over-23-million-crv-to-binance-is-it-time-to-take-profit\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/curve-founder-moves-over-23-million-crv-to-binance-is-it-time-to-take-profit\/\"},\"author\":{\"name\":\"Dalmas Ngetich\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/08a2c46e8c02b51b9464d6e0bf2b1586\"},\"headline\":\"Curve Founder Moves Over 23 Million CRV To Binance, Is It Time To Take Profit?\",\"datePublished\":\"2023-12-28T03:00:13+00:00\",\"dateModified\":\"2023-12-27T18:59:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/curve-founder-moves-over-23-million-crv-to-binance-is-it-time-to-take-profit\/\"},\"wordCount\":482,\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/curve-founder-moves-over-23-million-crv-to-binance-is-it-time-to-take-profit\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Crypto-news-Template13.jpg?fit=1380%2C780\",\"keywords\":[\"CRV\",\"CRVUSDT\",\"Curve\",\"Curve price\",\"Justin Sun\",\"Michael Erogov\",\"tron price\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wncen.com\/news\/curve-founder-moves-over-23-million-crv-to-binance-is-it-time-to-take-profit\/\",\"url\":\"https:\/\/wncen.com\/news\/curve-founder-moves-over-23-million-crv-to-binance-is-it-time-to-take-profit\/\",\"name\":\"Curve Founder Moves Over 23 Million CRV To Binance, Is It Time To Take Profit?\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/curve-founder-moves-over-23-million-crv-to-binance-is-it-time-to-take-profit\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/curve-founder-moves-over-23-million-crv-to-binance-is-it-time-to-take-profit\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Crypto-news-Template13.jpg?fit=1380%2C780\",\"datePublished\":\"2023-12-28T03:00:13+00:00\",\"dateModified\":\"2023-12-27T18:59:01+00:00\",\"description\":\"Curve founder, Michael Erogov, is sending CRV to Binance. 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