DWF Labs Moves 2M CRV to Binance: Sell-Off Fears Rise

• DWF Labs deposited 2 million CRV worth $683,000 on Binance on August 22.
• The Web3 firm bought 12.5 million CRV from Curve DAO founder Michael Egorov.
• DWF Labs has incurred a total estimated loss of $824,000 (-16.5%) on its CRV purchase.

DWF Labs, a Web3 investor and market maker, has deposited a massive 2 million CRV tokens worth $683,000 onto Binance, the world’s largest crypto exchange, igniting sell-off rumors in the digital asset space. Notably, the activity, first pointed out by blockchain analysis firm Spot On Chain, took place on August 22. 

According to a post, DWF Labs acquired a substantial 12.5 million CRV from Curve DAO founder Michael Egorov through an over-the-counter (OTC) trade last year during a liquidity crisis. The tokens were purchased at $0.4 each, totaling $5 million. DWF Labs currently retains 10.5 million CRV, valued at $3.5 million.

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