On August 22, DWF Labs, known as Web3 investors and market makers, deposited 2 million CRV onto the largest crypto exchange, Binance. This event sparked rumors of a possible sell-off in the digital asset market.
Deposit on Binance
DWF Labs made a significant deposit of 2 million CRV tokens, worth $683,000, on the crypto exchange Binance. This was first reported by blockchain analysis firm Spot On Chain.
CRV Purchase from Michael Egorov
According to reports, DWF Labs acquired 12.5 million CRV from Curve DAO founder Michael Egorov through an OTC trade last year during a liquidity crisis. The tokens were purchased at $0.4 each, totaling $5 million. Currently, DWF Labs retains 10.5 million CRV, valued at $3.5 million.
Loss Assessment
Currently, DWF Labs has incurred a total estimated loss of $824,000 (-16.5%) from its CRV purchase.
DWF Labs' activities in the cryptocurrency market are raising many questions and rumors among market participants. Time will tell how these actions will influence the future dynamics of the CRV price.
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