Justin Sun, the famous founder of the Tron (TRX) network, has taken action to relieve the pain of the Curve Finance hacking attempt. Sun and 5 big whales have collected millions of dollars worth of altcoins from the market today.
Justin Sun and famous whales joint effort for CRV
Tron founder Sun has stepped in to bolster the CRV price in a move that could prevent the liquidation of a major loan tied to Curve Finance founder Michael Egorov. The liquidation in question contains potential dangers for USDT broadcast on the Tron network.
Aware of the danger, Sun took action today to prevent the liquidation of a major loan tied to Michael Egorov, the founder of Curve Finance. According to Blockchain data on Tuesday, an average of 5 million CRVs were purchased via OTC transaction from a wallet labeled “Curve.fi Founder”. The average price of the purchase was $0.4. CRV is currently trading slightly above this price.
This transaction equates to a little over $2.3 million. To support the CRV price, Sun paid over $0.37, from which Egorov’s loan could be liquidated. The Tron founder wrote on Twitter after his sacrifice:
I’m excited to help Curve! As committed partners, we are committed to providing support when needed. Our joint efforts will provide a stusdt pool on Curve that increases user benefits. Together we aim to empower the community and create decentralized finance.
Famous corporate whales supporting CRV purchases
wintermute
Meanwhile, according to on-chain data, Wintermute Trading recently transferred a total of 1 million USDT to the address starting with 0x4D3 in two transactions. He then collected 2.5 million CRVs with them.
Wintermute joined $CRV (OTC) war? pic.twitter.com/F1f8GwIuFp
— Bobie (@0xBobie) August 1, 2023
Prisma Finance
The data also shows that an address labeled Prisma Finance transferred 500,000 USDT to Curve’s founder’s address.
https://twitter.com/0xBobie/status/1686320006387453952
DWF Labs
Another whale, DWF Labs, transferred about 1 million USDT to Curve’s founder’s address. However, Curve’s founder has not yet transferred to DWF’s address.
https://twitter.com/0xBobie/status/16863232166951136256
Huang Licheng
According to Paidun report, on August 1, Huang Licheng’s address transferred 1.5 million USDT to Curve founder’s address and received 3.75 million CRV.
#PeckShieldAlert machibigbrother.eth @machibigbrother has transferred 1.5M $USDT to Michael Egorov https://t.co/Rc0WUMKJ4p and received 3.75M $CRV from Michael Egorovhttps://t.co/njLvaJkNW1 pic.twitter.com/eH3lovLcsG
— PeckShieldAlert (@PeckShieldAlert) August 1, 2023
Finally, an account named Dollar.eth shared the following on social media regarding Fraxlend’s acquisitions:
Michael Egorov, founder of Curve Finance, has so far refunded and received 7.5 million CRVs from Fraxlend and sent it to a new EOA wallet address and then received USDT.
What happened in Curve Finance, where Justin Sun made a move?
On Monday, Curve was the victim of a hack with an estimated value of over $30 million. Autopsy reports, which we have transferred as Kriptokoin.com, draw attention to security vulnerabilities in smart contracts.
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