Strap in friends, here are some updates on Curve

TLDR on Curve Expoloit
https://twitter.com/Delphi_Digital/status/1686187959303708672

Mich's Aave Position
https://aave.blockanalitica.com/v2/ethereum/wallets/0x7a16ff8270133f063aab6c9977183d9e72835428/

Mich's Wallet & DeFi Positions
https://debank.com/profile/0x7a16ff8270133f063aab6c9977183d9e72835428

$CRV OI
https://coinalyze.net/curve-dao-token/open-interest/

Mich repaid $2M of his loan on Frax, marking bottoms for $CRV and $FXS (for now)
https://debank.com/profile/0x7a16ff8270133f063aab6c9977183d9e72835428/history

Looks like Mich is selling his CRV OTC at price of $0.4.
https://twitter.com/etheraltog/status/1686262939236364288
https://twitter.com/ivangbi_/status/1686263567975063552

Looks like OTC is with a 6-month lockup.

https://twitter.com/0xSifu/status/1686294119167967232?s=20

Update: Looks like Wintermute did an OTC deal as well and received the $CRV directly to their freshly funded address.

https://twitter.com/cryptoian/status/1686307750509453313

OTC deal with Justin is part of stUSDT x Curve partnership

https://twitter.com/justinsuntron/status/1686308662363697152

Latest OTC deal of $1.7M for 4.25M CRV is with DCF God. DCF God also receives the CRV directly to his address, no lockup.

https://platform.arkhamintelligence.com/explorer/address/0xFa4FC4ec2F81A4897743C5b4f45907c02ce06199

DWF Labs enters the fray: $1M USDT <> 2.5M CRV, no lockup.

Mich
From: Machi Big Brother: machibigbrother.eth (0x020)
To: Michael Egorov (Curve.fi): curvefi.eth (0x7a1)
Value: 1,500,000.000000 Tether USD ($1,500,000.00)
Network: Ethereum
Time: 2023-08-01 10:42:23 UTC

View on Arkham | View on Etherscan | Pause Alert

Correction: Wintermute was not a counterparty in the OTC deal. Instead, they were facilitating an onchain RFQ.

https://twitter.com/TheBlock__/status/1686353812754137089?s=20

Summary of $CRV OTC deals so far...

Michael Egorov has sold 54,500,000 $CRV for $21,800,000 at a price of $0.4.

According to the Block, the deals involve handshake agreements for lockups of 3-6 months, with option to sell at $0.80 on the open market.

https://twitter.com/cryptoian/status/1686391306988437506

Machi locks his CRV for 6 months 🫡
https://twitter.com/machibigbrother/status/1686402015461597184

Verified onchain: https://etherscan.io/tx/0xc001a52860ee915958c3243f0b5948bf5b5e706243920a76d00d87e1acab7b7b

Worldcoin ($WLD) investors selling OTC at price of $1/token, or $10b FDV.

Current price of $WLD is $2.39 ($23.9B FDV).

GM, new day new Curve drama 🫡

1. Abracadabra gov proposal to raise interest rates for CRV markets likely to pass
Snapshot | Forum Post

TL;DR
Abracadabra are raising rates such that Michael Egorov is forced to pay back his loan within the next 1-2 months due to the increase base interest rate (200% at $10-$18M principal) and interest rate multiplier (5x at current CR). This results in an interest rate of 1000% APR for Michael.

2. This now kickstarts a race between lending protocols to avoid being the last one standing with toxic debt.
https://twitter.com/THORmaximalist/status/1686603976169385984

$CRV $0.56 (-7.97%)
$FXS $5.84 (-4.90%)

CRV OTC Counterparty Movements

• 0xf51, which received funds from 6 different addresses, moved their CRV to this address (likely custodied by Matrixport)
• machibigbrother.eth locked their 3,750,000 CRV for 6 months - txn
• c2tp.eth deposited and staked their 2,500,000 CRV on Convex - txn
• DCF God split their CRV between two wallets and deposited and staked on Convex - Wallet 1 | Wallet 2

Yearn Finance just sent Michael Egorov $1.5M USDT 👀
https://etherscan.io/tx/0x9a0d708110b0fc4ed1e4c9d7a402a22ef552253c16785a6beebf2880697bd40d

Update:

Looks like Yearn Finance did an OTC for 3.75M CRV at $0.4.
https://etherscan.io/tx/0xed33eda66005de639ca6c569bf8fb998d4278455cab8d365ce49309765960960