Huobi’s Jun Du acquires 10 million CRV tokens to support Curve

Jun Du, the co-founder of Huobi, has acquired 10 million Curve DAO Tokens (CRV) for $4 million from Curve Finance founder Michael Egorov, who is seeking to reduce his exposed loan position.In a tweet on Aug. 1, Du exposed his intention to acquire 10 million CRV tokens at the dominating market rate of $0.40– a value developed through various non-prescription transactions involving Egorov and numerous members of the crypto community. A report in The Block states that Du verified via direct message on X (previously Twitter) that he completed the purchase and decided to lock up the tokens as veCRV, providing him voting rights on the platform.Screenshot revealing Jun Dus 10 million CRV token deal. Source: EtherscanThe Huobi co-founder required to X and revealed his support for Curve, highlighting his previous help during BendDAOs liquidity crisis. Du said the existing difficulties were temporal which he believes the industry would take advantage of collective support. Du is also the CEO of New Huo Tech, a digital possessions service platform, and co-founder of the Web3 fund ABCDE.Egorov got a $100 million stablecoin loan using his own CRV stow away as collateral. The protocol was exploited on July 30, resulting in a 30% crash in CRV prices. Related: Curve emergency DAO ends rewards for hack-related poolsAccording to Debank, Egorov has actually managed to repay over $17 million in stablecoin loans, resulting in a limited improvement in the general health of the loans. However, he still deals with a significant debt problem, with approximately $60 million in stablecoins owed on Aave, $12 million on Abracadabra and around $8 million on Inverse. To alleviate the threats related to its direct exposure to CRV, Abracadabra Money has actually recommended raising the rate of interest on its impressive loans.Aave (AAVE), which serves as the governance token for the decentralized finance (DeFi) protocol, Aave, saw a significant drop of 17% from July 30 to August 1, bringing its worth to $62. This decline was attributed, in part, to issues about cascading liquidations on DeFi procedures triggered by the recent Curve exploit.Magazine: Cryptocurrency trading dependency: What to watch out for and how it is dealt with