EddieJayonCrypto
18 Jun 24
Tron founder Justin Sun transferred $35 million in cryptocurrency, primarily DeFi assets, to Binance over the past week. This includes $3.45 million in ETHFI obtained from an airdrop, $6.22 million in CRV, with $5 million purchased from Curve founder at a discounted price, and $333,000 in other DeFi...
Tron founder Justin Sun recently transferred $35 million in cryptocurrency, primarily comprising DeFi assets, to Binance. This amount included $3.45 million in ETHFI obtained from an airdrop, $6.22 million in CRV, of which $5 million was purchased from Curve founder at a discounted price, and $333,000 in other DeFi tokens. The transfers may be linked to preventing the liquidation of a loan tied to Curve founder, triggered by falling CRV prices.
Curve Finance’s CRV token price plunged due to the automatic liquidation of loans tied to company founder Michael Egorov, leading to a dramatic 30% drop and panic in the DeFi market. Egorov later acknowledged the liquidation and expressed intentions to repay the remaining debt.
Blockchain data also reveals Sun’s transactions included additional transfers of $14.3 million in 8 different assets to Binance.
These developments shed light on the intricate interplay between cryptocurrency transfers, market dynamics, and the delicate balance of liquidity in decentralized finance.