In light of the recent news regarding the liquidation of Curve founder Mikhail Egorov's positions, there has been growing interest in tracking the movements of the wallets to which he sold CRV last year. I analyzed the entire situation in detail at the beginning of August 2023 in the first part of a series of articles about Curve with exploit and OTC deals analysis. In the second part, I examined the development of the ecosystem around Curve, which led to interesting conclusions and the creation of a framework for assessing the potential development of ecosystems and narratives: "The Saga of Curve Finance 2: Curve Ecosystem as a Template for LSDFi"
According to the terms of the deal, the tokens were sold at $0.4 with a 6-month lock-up period, but there was no enforced lock-up; these were more verbal agreements rather than vesting schedules or direct locks through smart contracts.
The transactions took place on August 1-2, 2023, when the market price was in the range of $0.58-0.616. As of the publication date, June 13, 2024, the price of $CRV is $0.299, with the minimum on June 13 being $0.228.
Note: In the following text, the movement of CRV to exchange wallets does not necessarily indicate sales, as in the case of Wintermute, it could have been used for market making. Therefore, the diagram below shows the relevant transactions and price movements. From this data, the following conclusions can be drawn:
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Transfers of large amounts of $CRV from various participants did not lead to price drops; \
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The sharp decline starting in April 2024 coincided with increased activity from Wintermute, involving a large number of transactions on CEXes.
- 0x3DdfA - the wallet belongs to Justin Sun, who has not sold any CRV and, moreover, has even made additional purchases:
- 0x4D3e45 - a wallet that is presumably owned by Wintermute, received 2.5 million CRV on August 1st. On November 1st, these tokens were directed to Voting Escrow, and on March 8, 2024, 2.5 million CRV were sent to Coinbase. Interestingly, after March 8th, there was a slight price increase (as seen in the chart at the beginning with the timestamps):
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0xFa4FC4, a wallet belonging to DCF GOD, received 4.25 million $CRV on August 1st and currently holds a balance of 181k $CRV. On the same day, August 1st, 1.25 million $CRV were sent to wallet 0xa9c8E0, where they were immediately staked in Convex. Then, on August 3rd, 1.313 million $CVXCRV were sent from 0xa9c8E0 to wallet 0x8a6C24, where they were unwrapped into 1.144 million $CRV on March 3, 2024. Subsequently, 1.15 million CRV were transferred to the Wintermute OTC wallet on March 3rd. From there, 1.15 million CRV were moved to another Wintermute wallet, 0xDBF5E.
Additionally, it is worth noting that Wintermute 0xDBF5E has been very actively selling $CRV over the past few days across various platforms, and there was a significant series of movements to exchange wallets from March 30th to April 12th:
Also interesting is that after receiving 1.15m $CRV the Wintermute 0xDBF5E wallet made 3 transfers on 4 March for 459k, 447k and 432k to Binance Deposit and 239k to Coinbase. In total, this wallet has 2.418m $CRV in its balance as of 13 June:
- 0xD4B69e DWF Labs received 2.5m $CRV (TXID 1) and shortly after, also on August 1st, another 10m $CRV (TXID 2). Currently, 0xD4B69e DWF Labs has a balance of 2m $CRV. Interestingly, on August 18, 2023, 12.5m $CRV were sent to the intermediary wallet 0x951E33, from which 2m $CRV were sent to Binance on August 19, 2023. As of now, 0x951E33 holds 10.5m $CRV:
- 0x6D5a75 Cream Finance Multisig received 2.5m $CRV on August 1, 2023, and as of June 13, 2024, has no $CRV remaining. On August 2, 2023, all 2.5m CRV were sent to creamcrvlocker. These tokens were unlocked on February 1, 2024, and on the same day were sold through CoW Protocol in exchange for USDC and USDT:
- 0x020cA6 Machi Big Brother (Jeffrey Huang) received 3.75 million $CRV and immediately sent them to Curve Voting Escrow. Like Cream Finance, these tokens were unlocked on February 1 and were then promptly sent to Binance.
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0xf510Dc - this wallet received 7 transactions of 2.5m $CRV each, after which 17.5m $CRV were sent to wallet 0x23f79D, from which they were immediately sent on August 1, 2023, to 0x00fb4c.
This last wallet, in turn, sent 7.5m $CRV on August 8 to 0x17a00A, from which all tokens were sent in two transactions on August 9 and 16 to 0x583921. This wallet, in turn, sent 5m $CRV on August 10, 2023, back to 0x00fb4c, which was mentioned earlier, and from which 15m $CRV were transferred to 0xce50eb, where they were sent to Curve Voting Escrow on August 15. On February 21, 2024, 15m $CRV were unlocked, with 10m returning to Curve Voting Escrow on February 22, and 5m sent to Binance on February 24.
2.5m $CRV from 0x583921 were sent on August 17 to 0x993054, from which they were immediately locked in Curve Voting Escrow, where they remain to this day.
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0xAAc0aa (c2tp) received 2.5m $CRV on August 1, 2023, and this wallet immediately sent them to Convex, periodically locking the received $CRV back in Convex. This wallet has not sold the received $CRV.
- 0xcb5a9d received 1.25m $CRV on August 1. On August 22, 2023, this wallet sent 2.5m $CRV to the LST-backed CDP Prisma Finance address.
- 0xb0b851 erwwer received 2.5m $CRV, but currently has no $CRV balance. On September 13, 2023, approximately 610k $CRV were sent to Binance, and immediately returned to the wallet—possibly for liquidity testing purposes. Then, like Cream Finance and Machi Big Brother, on February 1, 2024, the tokens were sent to the exchange - Binance:
Regarding the transactions and wallets that purchased $CRV over-the-counter (OTC), the observations are somewhat ambiguous. Some OTC buyers sold tokens immediately on February 1, exactly six months later, while others did so in March. Justin Sun not only refrains from selling but also continues to accumulate relatively small amounts. DWF currently holds the majority of tokens. Another interesting observation is that apparently, DCF GOD sold part of the tokens to Wintermute OTC. However, overall, all participants in these transactions adhered to verbal agreements.
Note: This material represents the author's thoughts, subjective opinions, and conclusions based on observations and does not reflect the position of any company on this issue.
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