Justin Sun Transfers 35 Million to Binance During Curve Finance Crisis

Justin Sun has moved $35 million worth of tokens to Binance amidst a decline in Curve Finance’s token value and liquidity issues. The founder of Tron, Sun seems to be preparing to provide liquidity to Curve Finance in an effort to stabilize the DeFi platform.

Sun has transferred a total of $35 million in cryptocurrency to Binance, with $12.05 million in ETHFI and $1.96 million in CRV among others. This strategic move comes as Curve Finance has been struggling to recover from a 34% drop in the value of its CRV token, resulting in the liquidation of $100 million worth of loan collateral from its founder, Michael Egorov.

Egorov’s loan portfolio is on the verge of being liquidated, with $140 million in CRV collateralized against $95.7 million in stablecoins. This has left the Curve ecosystem in a difficult position, with Sun’s recent transfers to Binance indicating that he may be preparing to intervene to support the platform’s liquidity, as he did following last year’s Vyper exploit.

Sun’s recent actions suggest that he is positioning himself to support Curve Finance’s liquidity and reduce the impacts of Egorov’s substantial loan collateralization. While the CRV token has recovered slightly, trading at $0.33 with a market cap of $418 million, it has not yet regained its previous value of $0.40.