“Unlocking of 150 million CRV, sold by Curve founder OTC, results in 30% unrealized gains for subscribers”

"Unlocking of 150 million CRV, sold by Curve founder OTC, results in 30% unrealized gains for subscribers"

"Unlocking of 150 million CRV, sold by Curve founder OTC, results in 30% unrealized gains for subscribers"

According to a previous report by Zombit, Curve founder Michael Egorov faced significant liquidation risk in his personal position in decentralized finance protocols, which led 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 Maji Dage.

According to statistics shared by on-chain analyst Yu Yan 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, exchanging for a total of $62.96 million.

Although not mandatory, according to information disclosed by former CFO of Frog Nation, 0xSifu, at that time, the OTC-sold CRV has a condition of not being sellable for 6 months (non-mandatory), and this deadline is about to expire this week. Based on the current price, investors who participated in the CRV subscription have a profit of approximately 30%, compared to Bitcoin’s price increase of about 37.8% from August 1 last year to now.