DWF Labs sells 12.5M CRV at a $875K loss, exits Curve DAO token holdings."
Curve DAO founder seeks $6.3M CRV for protocol development amid market struggles."
DWF Labs to invest $12M in FLOKI, continues strategic crypto partnerships despite CRV losses.
DWF Labs, a prominent cryptocurrency trading firm, recently deposited 12.5 million Curve DAO tokens (CRV) worth approximately $4.12 million to Binance, marking a considerable financial development in the crypto market. According to data from Spot On Chain, the transactions occurred over the past 28 hours, with the final transfer of 10.5 million CRV worth $3.44 million completed just nine hours ago.
https://twitter.com/spotonchain/status/1826795896862114075
DWF Labs lost $875,000 after purchasing CRV tokens at an over-the-counter (OTC) price of $0.40 amid last year's liquidation issue involving Curve Finance founder Michael Egorov. At the time of the deposits, the average CRV price on controlled markets was $0.33, representing a 17.5% fall in value.Â
DWF Labsâ CRV Holdings
Following these transactions, DWF Labs no longer holds any Curve DAO tokens. The firm's move to sell its CRV holdings has sparked interest in cryptocurrency, particularly given the significant financial loss experienced. DWF Labs initially purchased the tokens during a difficult time for Curve Finance, but the drop in CRV's market value has resulted in DWF Labs selling its holding at a loss.
Curve DAOâs Recent Developments
In a related development, Michael Egorov recently submitted a proposal to the Curve DAO's Community Fund, seeking a substantial portion of the fund to support the ongoing development of the Curve protocol. The proposal requests 21 million CRV, valued at approximately $6.3 million, to fund the operations of Swiss Stake AG, the firm behind many of Curveâs components. Egorov stated that the funding would be used to maintain and expand the 25-person team at Swiss Stake and to fuel research and development efforts, with bi-annual spending reports to be published for transparency.
The proposal has sparked debate within the Curve DAO community, with many members requesting more information on how the money would be used and how it fits into Curve's long-term development roadmap. This idea comes as CRV has suffered in the market, selling at $0.3307, following a 0.61% gain over the previous day. However, the token's trading volume has dropped by 43.69%, highlighting the cryptocurrency's broader issues.
DWF Labsâ Broader Crypto Activities
Beyond its involvement with CRV, DWF Labs has been active in other areas of the cryptocurrency market. The firm recently shared plans to invest $12 million in FLOKI tokens as part of its support for the Floki Ecosystem. DWF Labsâ $20 million Cloudbreak Fund, aimed at supporting Web3 projects in Chinese-speaking regions, has received over 90 project submissions.
The firm has also partnered with the SUNDOG memecoin project, further expanding its influence in crypto. Despite the loss incurred from the CRV transactions, DWF Labs continues to engage in strategic investments and partnerships across various cryptocurrency industry sectors.
The post DWF Labs Offloads $4.12 Million in CRV Tokens to Binance at a Loss appeared first on Crypto News Land.
