Huobi’s Jun Du acquires 10 million CRV tokens to help Curve

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Jun Du, the co-founder of Huobi, has bought 10 million Curve DAO Tokens (CRV) for $4 million from Curve Finance founder Michael Egorov, who’s looking for to lower his uncovered mortgage place.

In a tweet on Aug. 1, Du revealed his intention to accumulate 10 million CRV tokens on the prevailing market fee of $0.40 — a price established by means of numerous over-the-counter transactions involving Egorov and several other members of the crypto group. A report in The Block states that Du confirmed by way of direct message on X (previously Twitter) that he accomplished the buy and determined to lock up the tokens as veCRV, giving him voting rights on the platform.

Screenshot displaying Jun Du’s 10 million CRV token transaction. Supply: Etherscan

The co-founder took to Twitter and expressed his help for Curve, drawing parallels to his earlier help throughout BendDAO’s liquidity disaster. He emphasised that the prevailing challenges have been transitory and that he believed the trade would profit from collective help. Notably, Du holds positions because the CEO of New Huo Tech, a digital belongings service platform and serves as a co-founder and GP on the web3 fund ABCDE.

The Curve founder took out a $100 million DeFi stablecoin mortgage utilizing his personal CRV stash as collateral. Nonetheless, the protocol was exploited on July 30, leading to a 30% crash in CRV costs.

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As per Debank, Egorov has managed to repay over $17 million in stablecoin loans, resulting in a marginal enchancment within the total well being of the loans. Nonetheless, regardless of this progress, the DeFi founder nonetheless faces a major debt burden, with roughly $60 million in stablecoins owed on Aave, $12 million on Abracadabra and round $8 million on Inverse. To mitigate the dangers related to its publicity to Curve DAO (CRV), Abracadabra Cash has instructed elevating the rate of interest on its excellent loans.

The AAVE token, which serves because the governance token for the decentralized finance (DeFi) Aave protocol, noticed a major drop of 17% from July 30 to August 1, bringing its worth right down to $62. This decline was attributed, partly, to issues about cascading liquidations on DeFi protocols triggered by the latest exploit within the Curve Finance pool.

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