Fantom Foundation, one of the important corporate names in the cryptocurrency industry, came to the fore today with the sale of altcoins.
According to Spot on Chain's post, a wallet affiliated with the Fantom Foundation sold 357,108 CVX for 1.15 million USDT today.
This sell-off caused the CVX price to drop approximately 5%.
Reminding that this wallet affiliated with the Fantom Foundation spent $12 million to purchase 436K CVX at approximately $28 in March 2022, Spot on Chain stated that the Fantom Foundation lost $10.7 million, corresponding to approximately 87.8%, from its CVX investment. he stated.
“A wallet affiliated with the Fantom Foundation sold 357,108 CVX for 1.15 million USDT in the last hours, causing the price to drop ~5%.
Remarkably, this wallet spent $12 million to buy 436K CVX at $28 in March 2022 and then sold the tokens at just $3.38 (worth $1.49 million) over the last 2 years.
This means a loss of $10.7 million (-87.8%)!”
CVX price, which fell after the sale of the Fantom Foundation, has made a small recovery and is trading at $3.16 at the time of writing.
*This is not investment advice.