On August 23, according to Blockworks, Michael Egorov, the founder of Curve Finance, reached a series of off-exchange transactions (OTC) with more than ten counterparties to sell a large amount of CRV for stablecoins to repay his debt in order to save his loan and possibly prevent a cascading liquidation in the entire DeFi field.

Although the terms of the transactions were not officially disclosed, several people who claimed to have contacted Egorov publicly wrote that the tokens were sold at a price of $0.40 per CRV (much lower than the market price at the time) with a lock-up period of six months.

However, the lock-up does not seem to be enforced by law or smart contract. Egorov confirmed in a statement that buyers who violate the cooperation agreement will not be negatively affected, but he "believes they will" comply with the commitment to a six-month lock-up period.

According to the report, some observers have noticed that some participants have transferred their tokens to centralized exchanges, which usually indicates that they intend to sell. And some project communities have indirectly promised a six-month lock-up by voting to hold their CRV.