Following a significant hack that resulted in the theft of over $70 million from Curve Finance, Justin Sun, the founder of TRON, has shown his involvement in supporting the Ethereum-based DeFi protocol. The hacker attack had a notable impact on Curve Finance's governance token , CRV, causing its price to drop by 30%. In response, Justin Sun purchased 5 million CRV tokens for $2 million, at a price 32% below the market cap. He expressed his commitment to helping the project, as he has done for other struggling projects in the crypto industry.
Curve Finance founder Michael Egorov revealed that the CRV tokens acquired by Sun will be locked for more than six months to prevent resale or transfer. Egorov also sold CRV tokens to other parties, including cryptocurrency trader DCFGod and NFT owner Jeffrey Huang . Additionally, Sun announced a partnership with Curve Finance to launch a stUSDT pool on Curve. stUSDT is a TRON-based token similar to stETH on the Lido protocol, offering passive income by holding stUSDT as proof of investment in real-world assets.
Curve Finance is renowned for its low slippage and efficient token swaps facilitated by automated market maker smart contracts. Liquidity providers receive transaction fees for contributing liquidity to the protocol. Notably, the announcement and Sun's involvement sparked hum or-filled comments referring to his previous role as Granada's government ambassador to the World Trade Organization, during which he was given the title "Your Excellency."
Sun's move to support Curve Finance follows a pattern of his involvement in struggling crypto projects. While he presents himself as a savior of the industry, his interventions have sometimes yielded mixed results. For instance, after the FTX exchange crash, his proposed rescue plan for Binance did not materialize as expected.
