Legendary cryptocurrency entrepreneur and investor Justin Sun, founder of Tron (TRX) and CEO of BitTorrent (BTT), is one of those who decided to "buy the dip" and benefit from the painful plunge of the Curve Finance (CRV) price.
Curve's Michael Egorov mass-sells CRV, Justin Sun to the rescue
Tron's founder Justin Sun purchased five million CRV tokens from Curve Finance (CRV) founder Michael Egorov. Sun acquired this massive stake via "over-the-counter" platform at $0.4 per token. As such, he spent $2 million in U.S. Dollar Tether (USDT) and enjoyed a 20% discount.
Amidst the #DeFi turmoil, a surprising twist emerges! @justinsuntron acquires 5M CRV from @newmichwill on OTC at $0.4/CRV, securing a remarkable ~20% discount. Also, @Rewkang tweeted his support for Curve, sharing his $CRV trade. The DeFi saga continues! pic.twitter.com/If7z9Jae6E— Etherdrops Bot (@etherdrops_bot) August 1, 2023
This suprising deal was registered by Etherdrops, an automated monitoring service for cryptocurrency tokens. As confirmed by Etherscan, Sun transferred his money today, on Aug. 1, 2023, at 8:13 a.m. (UTC).
As covered by U.Today previously, Curve Finance (CRV), one of the largest and most popular DeFi protocols in the Web3 segment, suffered a $70 million exploit thanks to the vulnerability in programming tools.
Namely, alETH/msETH/pETH liquidity pools utilizing Vyper 0.2.15 have been drained due to a "reentrancy" design flaw. The price of the CRV token lost 31.5% of its price in less than two days and dropped to levels unseen since November 2022.
Mechanism Capital's Andrew Kang also onboard?
At the same time, the market is generally optimistic about the future of Curve Finance (CRV), its token and DAO. Seasoned investor Andrew Kang, cofounder and partner on the Mechanism Capital VC team, showed his support to the Curve ecosystem.
He attached the screenshot of his November deal, hinting at potentially purchasing CRV token.
It should be noted that, despite the exhausting attack on Curve Finance (CRV), overall market sentiment targets the "Greed" zone again. Alternative's "Fear and Greed" index added three points in the fastest move in two weeks.
By printing time, it is sitting at 53/100.