Huobi Co-Founder Jun Du Buys 10 Million CRV Tokens for $4M!

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Huobi co-founder Jun Du has purchased 10 million Curve (CRV) tokens for $4 million from the founder of Curve, Michael Egorov. Egorov is selling CRV tokens to strengthen his at-risk loan positions, mostly for borrowing stablecoins using CRV as collateral. Du confirmed the transaction and said that he has locked up the tokens for at least a year as veCRV. The Aave Chan Initiative has also proposed that the Aave Treasury should buy up to $2 million of CRV, which it may lock up as veCRV for up to four years. So far, Egorov has sold 72 million CRV tokens to various parties, including Tron founder Justin Sun, crypto trader DCFGod, and Mechanism Capital co-founder Andrew Kang.