- Transfer of Tokens to Binance
- Reaction of the CRV Community
- Potential Losses for DWF Labs
DWF Labs, a Web3 investment firm, recently moved all its Curve Finance (CRV) tokens to Binance, triggering speculation of a sell-off.
Transfer of Tokens to Binance
Blockchain analytics platform Spot On Chain reports that DWF Labs transferred 12.5 million CRV, worth $4.12 million, to the centralized exchange over the past two days.
Reaction of the CRV Community
DWF Labs' actions triggered bearish sentiment among the CRV community. Many users speculate that the firm might be preparing for a sell-off of the tokens.
Potential Losses for DWF Labs
Spot On Chain estimates that if DWF Labs sells these tokens, it would lose around $875,000 on the investment, a 17.5% loss after holding the tokens for about a year. The firm bought the tokens from Curve Finance’s founder, Michael Egorov, at an OTC price of $0.4 per token.
Markets will be closely watching DWF Labs' next moves on Binance to predict potential impacts on the CRV token price.
