Cryptocurrency onchain data has identified Justin Sun, one of the industry's wealthiest executives, shorting an altcoin.
According to Onchain data, Justin Sun moved 6.22 million Curve Finance (CRV) tokens to the cryptocurrency exchange Binance. The current value of these tokens is at $2.07 million. 5 million of these tokens were purchased from the embattled Curve founder in August last year at a price of $0.4 per token.
Curve's founder is currently facing a liquidation threat again, which led to a sudden drop in the CRV token price. At the time of writing this article, CRV price is trading at $0.31. In other words, Justin Sun sold the tokens, which he had previously purchased at a price of $0.4 in an over-the-counter (OTC) transaction, at a loss.
Onchain data found that Justin Sun moved very small amounts of MATIC, TRU, GAL, PROS, and WOO tokens to Binance along with CRV tokens. The largest among them was the MATIC transfer of $88 thousand.
At the time of this writing, Sun still has $1.05 billion worth of altcoins in his cryptocurrency wallets.
*This is not investment advice.
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