Michael Egorov, founder of Curve, confirmed that he had an agreement with the $CRV OTC buyers that they needed to lock the tokens for 6 months. The agreement was not enforced and buyers who break it would not be affected, but Egorov believed that the buyers would keep their word, Blockworks reports.
Previously, Egorov sold a large amount of $CRV at $0.4 per token via OTC to recover funds to repay his debts. According to people familiar with the matter, the deal included a 6-month lockup agreement. The buyers shouldn't sell the tokens within 6 months after the purchase, but the agreement was not enforced by legal terms or smart contracts.
Last week, one of the buyers, DWF Labs, transferred part of the $CRV to Binance. But the firm's head Andrei Grachev said that the transaction was "not for liquidation purposes, but for trading needs". He also said that the $CRV will be withdrawn back onchain once their plan is done.
$CRV suffered a plummet during the last 24 hours. According to TokenInsight data, at around 6:10 pm UTC on August 22, the price of $CRV dropped to around $0.442.
To learn more about the Curve exploit, please read: Curve Crisis
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