DWF Labs deposited all 12.5M CRV worth of $4.12 Million to Binance at a loss. Out of this, the last 10.5M $CRV worth of $3.44 Million was transferred out 9 hours ago.
DWF Labs bought those CRV tokens from Curve Finance’s founder, Michael Egorov, at an OTC price of $0.4 during last year’s liquidation crisis. If DWF Labs decides to sell them, it is expected to have lost $875K (amounting to -17.5%).
After these transactions, the DWF labs received 1.7 Million worth of USDT from Gate, around 1 Million each from Binance and KuCoin and 2 Million from Bitfinex.
Currently, DWF Labs no longer holds the Curve DAO token.
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The heavy deposits comes after Founder Michael Egorov had submitted a proposal requesting a significant portion of the Curve DAO’s Community Fund to support the protocol development and further secure funding for Swiss Stake AG, the firm behind many of Curve’s components.
Egorov said that the funding will be used to maintain and expand Swiss Stake’s 25-person team and fuel research and development efforts, with bi-annual spending reports to be published.
CRV is trading at 0.3307 after a jump of 0.61% in the past day. The coin, however, has seen a 43.69% decrease in volume.
In June, DWF Labs had shared plans to invest $12 million in FLOKI tokens as a significant show of support for the Floki Ecosystem. Recently, DWF Labs’s $20M USD Cloudbreak Fund, which was meant to support web3 projects in the Chinese- speaking regions, had successfully received over 90 Project submissions. It has also partnered with the popular SUNDOG memecoin project.
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