Binance Invests $5M in Curve DAO Tokens


The venture division of the largest crypto exchange Binance has invested $5 million in Curve DAO (CRV) tokens.

Data: X.

The head of Binance Labs, Yi He, noted that as part of the cooperation, Curve Finance will also launch on BNB Chain.

Over the past 24 hours, the governance token of the lending platform has grown by 1.2%, according to CoinGecko.

On July 30, a hacker attacked Curve Finance’s liquidity pools and withdrew over $50 million using a vulnerability in Vyper’s code.

Shortly after the incident, the founder of the DeFi protocol, Mikhail Egorov, began actively selling CRV tokens on the OTC market, apparently in order to avoid liquidations on various landing platforms due to the depreciation and volatility of the asset. Among the buyers were well-known participants in the crypto industry, including Tron co-founder Justin Sun.

At the time of writing, Egorov has sold a total of 156 million CRVs worth $46.4 million. His aggregated debt on a number of crypto lending services is around $50 million.

Recall that the hacker who hacked Curve Finance started a refund. On August 4, he sent back over $20 million in assets.

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