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Justin Sun Transfers $35 Million to Binance During Curve Finance Crisis

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  • Justin Sun sends $35 million to Binance while the value of Curve Finance’s token declines.
  • Justin Sun had already provided cash to Curve Finance during the Vyper exploit of the previous year.
  • The value of the CRV token increases by 11.75%, to $0.33, with a $418 million market cap.

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Justin Sun, the founder of Tron, has sent $35 million worth of tokens to Binance. This move is being made as Curve Finance tries to bounce back from a precipitous drop in the value of its token and liquidity issues.

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Following a recent 34% decline in the Curve (CRV) token, Michael Egorov, the company’s founder, liquidated loan collateral valued at 100 million CRV. Sun may be able to stabilize the massive DeFi company by providing money to Curve Finance, as indicated by his calculated move.

Justin Sun Gives Binance $35 Million in Cryptocurrency

Justin Sun transferred $35 million worth of bitcoin, mostly DeFi assets, over the course of the last week to Binance. The on-chain analytical company SpotOnChain claims that Sun deposited $12.05 million altogether, $3.45 million of which was in ETHFI.

In addition, $6.22 million worth of Curve (CRV) tokens were transferred separately; there are still $1.96 million in CRV available.

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Following a 34% decline in the value of the CRV token, Curve Finance experienced a crisis that resulted in the liquidation of $100 million worth of loan collateral secured by its creator, Michael Egorov.

Due to this decline, the Curve ecosystem is now in crisis, and 371 million CRV loans in Egorov’s loan portfolio are about to mature. $140 million in CRV served as security for the loans, which were mostly backed by stablecoins like crvUSD.

Sun and Curve

Justin Sun has stepped in during a Curve Finance crisis previously. In response to the Vyper exploit from the previous year, Sun supplied a stablecoin liquidity injection to help calm things down. It appears he may be getting ready to provide similar assistance once more based on his recent $35 million transfer to Binance.

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Sun is ready to bolster Curve Finance’s liquidity and lessen the effects of Egorov’s significant loan collateralization by purchasing CRV at a discounted rate and transferring a variety of DeFi tokens to Binance.

Price Recovery Curve

Recent transfers and acquisitions by Sun indicate that he is putting himself in a position to assist Curve Finance’s liquidity. The market for cryptocurrencies has rebounded by 22% after the initial crash, however the value of the CRV token has not returned to $0.40.

The CRV coin now has a market cap of $418 million and is trading at $0.33, representing an increase of 11.75% over the past day. CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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