Blockchain security leader PeckShield has made a striking revelation regarding the CRV cryptocurrency, the governance token of Curve, a prominent decentralized exchange (DEX). The report stated that CRV has plummeted below the $0.4 mark, causing alarm bells within the crypto community.
#PeckShieldAlert $CRV has tanked below $0.4.
Michs #OTC counterparty, address 0xb0b8, who received 2.5M $CRV ~43 days ago (supposedly locked for 6 months), has now transferred 609K $CRV to #Binance pic.twitter.com/mJ2HOIbpMY— PeckShieldAlert (@PeckShieldAlert) September 13, 2023
One of the most concerning aspects of this downturn is the OTC (Over-the-Counter) activity involving CRV. An OTC counterparty with the address 0xb0b8, which had received 2.5 million CRV approximately 43 days ago (with the tokens supposedly locked for six months), has now transferred a substantial portion, 609,000 CRV, to the renowned cryptocurrency exchange Binance. This movement of tokens has raised questions about the intentions behind this transfer and its potential impact on CRV’s market value.
Whale analysis, a specialized entity providing detailed technical analysis and crypto insights, echoed the concerns surrounding CRV’s decline. Their tweet on X (Twitter) pointed out that CRV had crashed below the $0.4 mark, further intensifying the unease in the crypto market.
#CRV has crashed below the $0.4 mark.
The OTC counterparties are sending their tokens to #Binance.
The funding rate is going negative, and shorts are piling up.
If the price continues to go down, be ready for some carnage in the entire DeFi sector. pic.twitter.com/nzuJJr072T
— Whale Analysis (@Whaleanalysis) September 13, 2023
The OTC counterparties sending their tokens to Binance, coupled with a negative funding rate and an increase in short positions, have cast a shadow of uncertainty over CRV’s future. If the downward trajectory of its price persists, it could spell trouble for CRV and the entire decentralized finance (DeFi) sector.
This alarming scenario unfolds against a recent hacking incident severely impacting CRV’s trading volumes. In late July 2023, CRV, the governance token of Curve, fell victim to a hacking attack. According to data from Kaiko, CRV’s trading volume on centralized exchanges, notably Binance, plummeted from nearly $300 million to a mere $7 million by September 12, reflecting a staggering 97% decline.
The price of Curve DAO Token (CRV) currently stands at $0.398712, with a 24-hour trading volume of $44,200,054. CRV has experienced a 3.02% decline in the last 24 hours. It holds the 84th position on CoinMarketCap, boasting a live market cap of $349,308,992. The circulating supply of CRV coins is 876,093,959, with a maximum supply of 3,303,030,299 CRV coins
