DWF Labs dumps 12.5M Curve Dao token at 17% loss

DWF labs offloaded all of its over-the-counter bought Curve DAO Token (CRV) to Binance, booking a loss of 17.5%. The crypto trading firm acquired the CRV tokens it liquidated from Curve’s founder, Michael Egorov, at around $0.40 during last year’s liquidation fiasco.

CRV has been on the decline since the hacking incident it suffered back in 2023. Curve DAO Token price has dropped by over 45% over the year-to-date (YTD) period. The price decline has also led it to lose its spot in the list of the largest 100 cryptos.

DWF Labs offloads its CRV holdings 

According to the data shared by Spotonchain, DWF labs deposited all of its CRV OTC holdings over the past few days. It offloaded all of its 12.5 million CRV, worth approximately $4.12 million, to Binance in the last 28 hours. The last 10.5 million CRV, worth approximately $3.44 million, were transferred out in the past 9 hours.

The crypto trading firm bought these tokens at an OTC price of $0.4, while the average CEX deposit price stood at $0.33. DWF Labs is completely out of CRV tokens now in what could be a strategic exit or damage control for the firm.

DWF Labs has deposited all their OTC-bought $CRV to Binance at a loss!

In the past 28 hours, @DWFLabs deposited all 12.5M $CRV ($4.12M) to #Binance, of which the last 10.5M $CRV ($3.44M) was transferred out 9 hours ago.

With an OTC-buying price of $0.4 and an average… https://t.co/vbpeq1WLaU pic.twitter.com/LbBkxnVY6c

— Spot On Chain (@spotonchain) August 23, 2024

Earlier, crypto trading firm DWF Labs planned to buy $12 million worth of FLOKI tokens from both the open market and Floki’s treasury. This follows the $10 million FLOKI tokens DWF Labs reportedly purchased in February.

The crypto trading firm first partnered with Floki in May 2023 and accumulated $5 million worth of tokens.

Curve DAO founder files a development proposal

Curve DAO token recorded a surge of more than 5% in the last 7 days and a pump of 20% over the past 30 days as Curve’s founder submitted proposals for Community Fund support to secure future funding. He requested 21 million CRV, worth approximately $6.3M, from the Fund for ongoing development.

The request was submitted on August 19, aiming to support continued R&D and the maintenance of Swiss Stake’s 25-person team. Many in the Curve DAO called for more details and transparency. The community seeks information on how these funds will be used and how it fit into Curve’s development roadmap.

CRV is trading at an average price of $0.329 as of press time. Its 24-hour trading volume is down by 40% at $102 million and a market cap of $384 million.