Huobi Co-Founder Invests $10M in Curve DAO Tokens From Founder


Jun Du, co-founder of Huobi and general partner of New Huo Tech, has recently announced his purchase of 10 million Curve Dao (CRV) tokens. Egorov, the founder of Curve Finance, had used his own CRV stock to secure a DeFi loan of $100 million, however, hackers recently caused the CRV tokens to drop significantly. In order to reduce the amount of stablecoin loans he has, Michael Egorov has repaid over $17 million of his stablecoin loan, which has improved the health and overall condition of the loans. The DeFi founder still has a large debt load, with about $60 million worth of stablecoins owed to him. Around $8 million is spent on Aave, and $12 million is spent on Abracadabra. In order to reduce its exposure to risks, the company has increased the interest rate on outstanding loans.

Jun Du’s move to buy 10 million CRV tokens at an initial tweet on August 1 for the $0.40 market price, which was established by a number over-the counter transactions involving Egorov, was in support of Curve after the influx of money caused the protocol to experience a liquidity problem as a result of the July 30 exploit. Du drew comparisons to his earlier assistance during BendDAO’s liquidity crisis and noted that the crypto community and the industry will benefit from the support of all parties. By locking up tokens, Jun Du has the right to vote on the Curve platform.

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