Lybra Finance (LBR), a decentralized lending protocol on Ethereum, suffered a major setback when one of its early backers withdrew and sold all his rewards for $389,000.
An early token investor who claimed a total of 337k LBR tokens as a reward since May 1, 2023, disposed of them all for 327k USDC, 14.1 ETH and 37.9 MKR at an average price of $1.15 per LBR.
LBR, which initially lost more than 5% in value after the token sale, recovered at the time of writing and rose to the pre-sale level and is traded at $ 1.36.
Lybra Finance has not made any statement yet as to whether the sale in question was made from the wallet of someone within the team or indeed from the wallet of one of the early investors.
The LBR token, which was launched in the spring of 2023, is listed on the OKX and Gate.io exchanges, but there has been no statement from Binance regarding the listing yet. The token is trading 70% lower than its all-time high price record of $4.64 on May 29.
*This is not investment advice.