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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Jun 19, 2024 13:30 UTC
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Justin Sun Moves $35 Million to Binance Amid Curve Finance Crisis
Justin Sun transfers $35M to Binance amidst Curve Finance's token value drop.
Justin Sun previously supported Curve Finance by injecting liquidity during last year's Vyper exploit.
CRV token recovers 11.75%, now trading at $0.33 with a market cap of $418M.
Tron founder Justin Sun has transferred $35 million worth of tokens to Binance. This action comes as Curve Finance struggles to recover from a sharp decline in its token value and liquidity challenges.
Recently, the Curve (CRV) token dropped by 34%, leading to the liquidation of 100 million CRV worth of loan collateral from its founder Michael Egorov. Sun’s strategic move suggests he might inject liquidity into Curve Finance to help stabilize the DeFi giant.
Justin Sun Transfer $35M Crypto To Binance
In the past week, Justin Sun moved $35 million in cryptocurrency to Binance, spread across 12 different tokens, primarily DeFi assets. According to on-chain analytical firm SpotOnChain, Sun’s deposit included $3.45 million in ETHFI among other tokens, totaling $12.05 million.
Additionally, a separate transfer included $6.22 million worth of Curve (CRV) tokens, with $1.96 million of CRV remaining.
Curve Finance has been in crisis following a 34% drop in the CRV token value, which led to the liquidation of $100 million worth of loan collateral posted by its founder, Michael Egorov.
This plummet has left the Curve ecosystem struggling, with Egorov’s loan portfolio on the verge of liquidation of 371 million CRV loans. The loans, backed primarily by stablecoins like crvUSD, were collateralized by $140 million in CRV.
Sun and Curve
This isn’t the first time Justin Sun has intervened during a Curve Finance crisis. Following last year’s Vyper exploit, Sun provided a stablecoin liquidity injection to stabilize the situation. His recent $35 million transfer to Binance suggests he may be preparing to offer similar support again.
By acquiring CRV at a discounted rate and moving an array of DeFi tokens to Binance, Sun seems poised to support Curve Finance’s liquidity and reduce the impacts of Egorov’s substantial loan collateralization.
Curve Price Recovery
Sun’s recent acquisitions and transfers suggest he is positioning himself to support Curve Finance’s liquidity. While the cryptocurrency market has recovered by 22% since the initial crash, the CRV token has not regained its $0.40 value.
As of now, the CRV token is trading at $0.33, reflecting a surge of 11.75% in the last 24 hours, with a market cap of $418 million.
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