TechFlow reports, according to on-chain analyst Yujin, that 159.4 million CRV tokens sold by Curve founder Michael Egorov in an OTC deal last August will have their 6-month lock-up period expire on February 1.
Last August, to avoid liquidation of his loans across multiple DeFi platforms, Michael Egorov sold 159.4 million CRV at $0.4 per token to 33 investors/institutions via over-the-counter (OTC) transactions, receiving 63.76 million in stablecoins to repay his debts.
These CRV tokens were sold at a 30% discount to the market price and came with a 6-month "moral lock-up" period—though there are no penalties or consequences for breaking it. This lock-up will end on February 1, two days from now.
Although the lock-up is non-binding, the vast majority of investors have honored it, holding the CRV in wallets or depositing them into Curve's voting escrow or Convex. Only two investors made minor sales, disposing of 12,500 CRV and 50,000 CRV respectively.
