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Web3 Analyst Lookonchain Reports of CRV Price Manipulation

Lookonchain tweets about a scandal of someone borrowing 20M CRV.Callan elaborates on the strategy the fraudster used for the scandal.CRV’s 200-day MA looks bearish, but if...
Web3 Analyst Lookonchain Reports of CRV Price Manipulation Web3 Analyst Lookonchain Reports of CRV Price Manipulation

  • Lookonchain tweets about a scandal of someone borrowing 20M CRV.
  • Callan elaborates on the strategy the fraudster used for the scandal.
  • CRV’s 200-day MA looks bearish, but if the bulls push, CRV could gain ground.

Lookonchain, a web3 data analysis tool provider, tweeted that someone borrowed 20 million CRV worth $9.9 million from Aave and transferred 10 million CRV worth $4.9 million to OKEx, a Seychelles-based cryptocurrency exchange.

Furthermore, the Lookonchain reported that the individual was manipulating the price of CRV by buying a large quantity and dumping it in the market. Elaborating on the buyer’s strategy, Callan Sarre, Co-founder of crypto tax firm Cryptocate, commented on Lookonchain’s post.

In the comment section, Callan stated:

Something like:1. User borrows 20M CRV @ $0.6252. User sells CRV and makes the market dump.3. User buys back discounted CRV to pay back the loan @ 0.4644. User profits the difference between the original loan value and the purchase price of the discounted CRV.

Meanwhile, the price of CRV, which was moving sideways, came tumbling down. CRV which was trading at $0.53, dropped to $0.40, an unprecedented low. The Support 1 $0.48 denoted in the chart became a Resistance level for CRV after it fell to the “Support” Level.

However, CRV was able to recover the lost momentum as its price jumped back into Support 1 at $0.48. The bulls will need to dominate to get CRV back to its original position of trading before the fall.

CRV/TetherUS 1h Binance on TradingView

Nonetheless, the 200-day MA is sloping down, indicating a bearish view. However, if the bulls have the strength to push the bears and push the prices up, then the prices may increase.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Web3 Analyst Lookonchain Reports of CRV Price Manipulation appeared first on Coin Edition.

See original on CoinEdition

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08-12-2022 09:24:37 (UTC+7)

EUR/USD

1.0505

0.0000 (0.00%)

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EUR/USD

1.0505

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USD/JPY

136.93

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AUD/USD

0.6708

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USD/CAD

1.3679

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EUR/JPY

143.85

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US Coffee C Futures

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Euro Stoxx 50

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FTSE 100

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19,091.00

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US Small Cap 2000

1,807.83

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IBEX 35

8,290.50

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BASF SE NA O.N.

47.425

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Bayer AG NA

52.80

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Allianz SE VNA O.N.

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Adidas AG

117.56

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Deutsche Lufthansa AG

7.639

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Siemens AG Class N

132.90

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 EUR/USD1.0505Neutral
 GBP/USD1.2185Neutral
 USD/JPY136.93↑ Buy
 AUD/USD0.6708↑ Sell
 USD/CAD1.3679↑ Buy
 EUR/JPY143.85↑ Buy
 EUR/CHF0.9897↑ Buy
 Gold1,794.70↑ Sell
 Silver22.765↑ Sell
 Copper3.8380↑ Sell
 Crude Oil WTI72.59↑ Sell
 Brent Oil77.68Neutral
 Natural Gas5.904Neutral
 US Coffee C160.00Neutral
 Euro Stoxx 503,920.90↑ Sell
 S&P 5003,933.92↑ Buy
 DAX14,261.19↑ Sell
 FTSE 1007,489.19↑ Sell
 Hang Seng19,091.00Sell
 Small Cap 20001,807.83↑ Buy
 IBEX 358,290.50↑ Sell
 BASF47.425↑ Sell
 Bayer52.80↑ Sell
 Allianz203.65↑ Sell
 Adidas117.56↑ Sell
 Lufthansa7.639↑ Buy
 Siemens AG132.90↑ Sell
 Deutsche Bank AG9.966↑ Sell
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SJC Eximbank6,600/ 6,670
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Cập nhật lúc 09:19:30 08/12/2022
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