CRV, the native token of the stablecoin lending platform CurveDAO, is once again nearing its all-time lows as the ecosystem tries to recover from a significant liquidation event earlier this month. According to blockchain tracking firm Lookonchain, a whale deposited over $6 million worth of CRV to Binance, likely intending to sell at a loss.

“The 22 million CRV was purchased after the CRV liquidation, with a buying price of approximately $0.33. Selling now would result in a loss of around $1 million.”

Source: Lookonchain/X

On June 13th, Curve founder Michael Egorov revealed that all of his loans, valued at around $156 million, had been liquidated. He also mentioned that he sold millions of CRV tokens in an organized transaction to a partner of the crypto asset investment firm NextGen Digital Venture.

“The amount of CRV liquidations was too large for the market to handle in just half an hour (about one-third of the circulating supply), so to avoid any bad debt, I sold 30 million of my not yet vested CRV to @Christianeth on June 13th. Those 30 million CRV will be received by him in portions by mid-August. If you see CRV transactions from my wallet to christian2022.eth, they are related to that deal…”

On the same day as Egorov’s liquidation, CRV plummeted to an all-time low of $0.239. Currently, CRV is trading at $0.28, marking a staggering 98.3% decline from its all-time high of $15.37.

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