Fantom Foundation related address sold 357,000 CVX, previously bought 436,000 CVX total loss of 10.70 million dollars

According to Spot On Chain, the wallet associated with the Fantom Foundation sold 357,108 CVX for $1.15 million USDT in the past hour, causing the price to drop by about 5%. The wallet bought 436,000 CVX for about $28 in March 2022 for $12 million and then sold the tokens for only about $3.38 in the past 2 years. That's a loss of 10.70 million dollars (-87.8%)!