DWF Labs Withdraws 2M $CRV Tokens from Binance for Inventory Management

  • DWF Labs withdrew 2 million $CRV tokens transferred to Binance a week ago.
  • Andrei Grachev, co-founder of DWF Labs, says the withdrawal is for inventory management.
  • DWF Labs was one of the many companies that acquired CRV tokens following Curve Finance’s hack.

Digital asset market marker and Web3 investment firm DWF Labs has transferred 2 million $CRV tokens, worth $972K, from Binance a week after it deposited the tokens in the crypto exchange. On-Chain analytical platform Lookonchain made this revelation today in a recent post on X.

Confirming the news,  Andrei Grachev, co-founder of DWF Labs, said the company has transferred the tokens to its on-chain wallet as part of “some inventory management.” He added further that the company may send the tokens back to Binance in the future. But if it will, he said they will keep the crypto community posted.

Like the initial transfer to Binance, the withdrawal of the tokens has raised speculations within the crypto community. Initially, when the funds were transferred, rumors were circulating that the transfer was a potential market manipulation. Grachev, however, clarified in a post on X that the funds were for trading needs.

DWF Labs was one of the companies that accumulated several $CRV tokens following exploits on the Curve protocol. Grachev was one of the parties involved in an over-the-counter (OTC) agreement with Michael Egorov, the CEO of Curve Finance.

The OTC agreements were made to salvage Egorov’s debt position after the Curve Finance Hack. Since the exploit, the value of CRV has been severely depleted, putting significant pressure on Egorov’s position.

As part of the OTC agreement, DWF Labs, on August 1, amassed 12.5 million CRV tokens from Egorov, acquiring them at $0.4 apiece. The Binance deposit saw the total number of CRV tokens with DWF Labs reduced to 10.5 million. But with the recent transfer, the company is now again in custody of the 12.5 million tokens.

Since the exploit, which resulted in a loss of over $50 million, Curve has been the subject of growing market sentiment. This has also affected the token’s price. Data from CoinMarketCap shows that CRV is trading at $0.4633 at present time. The current price is a 2.22% drop in the past 24 hours.

Comments

Post a Comment

Popular posts from this blog

Manta Network battles DDoS attack after TGE as new Telegram bot steals the show

Manta Network battles DDoS post-MANTA launch; 135M RPC requests flood, causing delays. Bitbot revolutionizes retail trading on Telegram with non-custodial, AI-backed solutions. BITBOT token presale unfolds across 15 stages, offering investors a structured opportunity. In a whirlwind of recent events, Manta Network faced a DDoS attack right after the successful launch of its MANTA token, causing a stir in the crypto community. Meanwhile, Bitbot, a Telegram trading bot, is making waves by empowering retail investors. Jin us as we delve into the challenges Manta Network is facing and explore Bitbot’s mission to put institutional-grade tools in the hands of individual investors. Manta Network DDoS attack Manta Network, a modular blockchain protocol renowned for its focus on zero-knowledge (ZK) application development, encountered a significant setback shortly after the launch of its governance token, $MANTA. The network experienced a Distributed Denial o...
Read more

DOGE price prediction as expert forecasts target above $0.10

Image
With the previous week bringing gains for the cryptocurrency market, some digital assets displayed promising signals that might indicate their future movement. Dogecoin (DOGE) is one of those. The TD Sequential has recently generated a buy signal on the 3-day chart for Dogecoin. The probability of a resurgence to $0.100 or beyond appears favorable, contingent upon the sustained stability of the $0.074 support cluster, per a post on X by crypto analyst Ali Martinez on January 14. TD sequential for Dogecoin on a 3-day price chart. Source: Ali Martinez The TD sequential is a robust tool crafted to pinpoint the precise moment of trend fatigue and subsequent price reversal. As a counter-trend instrument, it addresses the limitations observed in various technical Analysis indicators that prove profitable in trending markets but exhibit suboptimal performance in sideways or ranging markets. Another technical indicator is not so optimistic Many technical indicators should be employed t...
Read more

IRS, Treasury temporarily waive business crypto reporting requirements

IRS and Treasury say businesses do not have to report cryptocurrency receipts until new regulations are issued. In a press release on Jan. 16, the Internal Revenue Service (IRS) said in a joint statement with the U.S. Treasury Department that American business es do not have to report their receipts in crypto currencies the same way they do with cash. However, the regulators noted the exception will only last “until Treasury and IRS issue regulations.” “Treasury and the IRS intend to issue proposed regulations to provide additional information and procedures for reporting the receipt of digital assets, giving the public an opportunity to comment both in writing and, if requested, at a public hearing.” The IRS The announcement does not impact the rules in place before the Infrastructure Investment and Jobs Act for reporting cash received in the course of a trade or business, the IRS said, adding that cash transactions over $10,000 received in a trade or bu...
Read more