CRV First Dropped 30 Percent Then Rise Hard: What Happened? Whales Manipulation Game!

CRV, the native token of decentralized cryptocurrency exchange (DEX) Curve, tumbled close to 30%, then surged close to 80%, accompanied by whale operations. What happened?

Curve’s native token CRV fell sharply, then surged amid a low-volume market. Several whale decentralized finance (DeFi) platforms from aave approximately $52 million USDC with commitment $30 million CRV took a loan. These CRVs of a whale cryptocurrency exchange in two transactions Transferred and sold to OKX has been told.

According to the statement made by Aave 30 million dollars While the loan is liquidated, the platform will also react to this situation.

At the same time as the CRV loan that the whale pulled by selling openly as well as short taking a position plans to profit claimed. Then one of the people who did this operation Left (LEFT) “exploit” by borrowing from the DeFi-based DeFi platform Mango Market Avraham Eisenberg was determined to be.

As a result of what Eisenberg called a “profitable trading strategy,” Mango 114 million dollars won and it 64 million dollars had returned it. Although this is an abuse to many, Eisenberg fully believes that it is not abuse. claimed it was legal.

Blockchain analytics firm BlockanalyticaEisenberg’s entire CRV loan is liquidation and to Aave $1.6 million He said he had a debt. Analyst at another analytics firm Messari Dustun Teander if the attacker sufficient start-up capital because of the lack is liquidation told.

Why Curve (CRV)?

These days when volumes are at their lowest in the cryptocurrency market, exploiters are using CRVs. to the exchanges to sell sent. CRV on exchanges excessive amount of Investors who see it in cryptocurrency take a short trade preferred. Curve platform, which is one of the largest liquidity sources, does not have enough tokens and Most of these tokens are locked or held by long-term investors. It is presumed that this is some of the reasons why attackers chose the CRV. In addition, investors cannot earn an income just by holding CRVs and they can save their assets thanks to different protocols. high returns by locking they are trying to achieve. Therefore, the amount of CRV in circulation at very low levels watching.

Curve’s total value of locked assets (TVL) is quite low compared to other DeFi platforms. Curve TLV currently since February 2021 3.78 billion lowest in dollars level watching. It is thought that with the FTX bankruptcy, too many outflows from the CRV and volatile movements are making the investors nervous.

What Happened in the Price?

CRV, which is already in a period of decline with FTX bankruptcy prior to transactions, 0.7 dollars levels were. Both whales short process took and pulled by selling loans together close to 30% with more decline to the level of 0.4 dollars declined. This price is probably the whales was lower than planned and liquidation of positions came to the brink of being.

Some investors anticipate liquidation of positions in CRV started trading upwards and with the liquidation of positions CRV sharp rise lived. fell 0.4 dollars levels almost 80% rising CRV, at the time of writing at $0.618 is being traded.

Also, some commentators $0.242 He claimed that the attackers, who will be liquidating many positions at the level of the government, are trying to liquidate these positions.

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