Justin Sun, one of the most influential names in the crypto world, has made a new altcoin transaction according to onchain data.
Cryptocurrency on-chain data identified Justin Sun, one of the wealthiest executives in the industry, is selling off an altcoin.
According to Onchain data, Justin Sun has moved 6.22 million Curve Finance (CRV) tokens to the Binance cryptocurrency exchange. The current value of these tokens is 2.07 million USD.
These 5 million tokens were purchased from the founder of Curve last August at a price of 0.4 USD per token.
Curve’s founder is now facing the threat of liquidation again, leading to a sudden drop in CRV prices. At the time of writing, CRV price is trading at $0.31.
In other words, Justin Sun sold the tokens he bought at a loss.
Onchain data shows that Justin Sun transferred a very small amount of tokens MATIC, TRU, GAL, PROS and WOO to Binance with CRV tokens. The largest of those was the $88k MATIC transfer.
At the time of writing, Sun still has $1.05 billion worth of altcoins in his crypto wallet.
This is why Curve DAO (CRV) price dropped sharply during the day
