Giant Market Maker Gives Up on DeFi Project: Started Selling Altcoin at a Loss!
Giant market maker DWF Labs is giving up on DeFi-based altcoin investment at a loss.
According to data provided by on-chain analysis platform Lookonchain, DWF Labs took action on August 23 and started selling Curve (CRV) assets.
The data revealed that the giant market maker deposited all 12.5 million CRV worth $ 4.12 million to Binance. The transfers were made in parts.
DWF Labs acquired these CRV assets from the project's founder Micheal Igarov last year. At that time, the founder, who suffered greatly due to his CRV position and declines, sold CRV at a discounted price of $ 0.40.
DWF Labs' total loss from the $ 0.40 CRV investment has exceeded $ 875 thousand.
According to CoinGecko data, CRV, which has increased by 1% in the last 24 hours, is trading at $0.326 at the time of writing.
Stay tuned for new information.
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