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Justin Sun, the founder of TRON (CRYPTO: TRX), has purchased approximately $2.9 million worth of Curve (CRYPTO: CRV) tokens from Michael Egorov, the founder of Curve Finance.
The transaction was confirmed through a series of tweets and etherscan links shared by PeckShield and Lookonchain.
PeckShield, a blockchain security company, reported that Sun withdrew two million Tether (CRYPTO: USDT) from AAVE (CRYPTO: AAVE) and transferred them to Egorov.
In return, Egorov transferred around five million CRV, equivalent to approximately $2.9 million, to Sun.
Lookonchain, a blockchain data analytics platform, further confirmed that Egorov sold five million CRV to Sun at an average price of $0.4 via an over-the-counter (OTC) transaction.
Also Read: Bitcoin, Ethereum Face Mass Exodus — Will XRP And Dogecoin Follow Suit?
Following the transaction, Sun took to Twitter/X to express his excitement about the partnership with Curve.
He tweeted, "Excited to assist Curve! As steadfast partners, we remain committed to providing support whenever needed. Our joint efforts will introduce an @stusdt pool on Curve, amplifying user benefits. Together, we aim to empower the community and forge a decentralized finance!"
This transaction comes at a time of volatility in the CRV market.
The value of CRV dropped to $0.50 earlier Tuesday, the lowest since November 2022, before bouncing back to $0.59.
Concurrently, open interest in CRV-linked perpetual futures surged to over $124 million, as per data from Coinalyze. The same data source indicates negative funding rates, suggesting traders might be shorting CRV in anticipation of further price drops.
Read Next: SEC's Strong-Arm Demand To Coinbase: A Potential Market Crash Or Boon For Bitcoin?
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