Altcoin Team Sells the Project in which it Lost 10 Million Dollars: There is a Decrease in Price!

When a wallet affiliated with the Fantom (FTM) Foundation started selling saltcoin, the price dropped.

A wallet affiliated with the Fantom Foundation, Convex Finance (CVX), has started selling, according to data cited by on-chain analysis platform Spot On Chain.

This wallet spent $12 million to buy 436 thousand CVX at a cost of $28 in March 2022. But in the last 2 years, only 1.49 million were obtained from sales in parts.

There is a loss of 10 million dollars

The purchases made by the Fantom Foundation in recent years at a cost of 28 dollars resulted in great losses. While the CVX price has lost serious value in the last 2 years, it has moved far away from its peak of $30 and dropped to $3.

Due to these declines, Fantom Foundation's total loss from its CVX investment exceeded $10 million. Fantom Foundation did not make a statement regarding the reason behind the sales.

According to CoinGecko data, CVX, which has lost 5% of its value in the last 24 hours, is traded at $ 3.14 at the time of writing.