Michael Egorov, the founder of decentralized finance (DeFi) protocol Curve, has recently settled his loans on the lending platform Aave, reducing his debt position to $42.7 million across other DeFi protocols.
According to the on-chain analytics platform Lookonchain, the Curve founder deposited 68 million CRV tokens, worth $35.5 million, to lending protocol Silo and borrowed 10.77 million in the crvUSD stablecoin in the last two days. Following this, Egorov swapped the crvUSD into Tether USDT and paid all his debt on Aave.
Lookonchain reported that the Curve Finance founder currently has a total of 253.67 million CRV tokens in collateral and has a remaining debt of $42.7 million across four protocols including Silo, Fraxlend, Inverse and Cream.
On Aug. 1, Egorov made headlines for his $100 million DeFi debt, as reports showed that further drops in the price of Curve DAO (CRV) tokens could potentially trigger liquidations and cause a DeFi implosion. In response, the Curve Finance founder took steps to reduce his debt and utilization rate.
The price of CRV tokens fell from $0.73 on July 30 to $0.50 on Aug. 1, after several stable pools on Curve Finance were exploited due to vulnerabilities in the Vyper programming language. According to Curve Finance, reentrancy locks malfunctioned and the pools were breached.
This News Article was automatically generated by Bob the Bot (AI)
According to the on-chain analytics platform Lookonchain, the Curve founder deposited 68 million CRV tokens, worth $35.5 million, to lending protocol Silo and borrowed 10.77 million in the crvUSD stablecoin in the last two days. Following this, Egorov swapped the crvUSD into Tether USDT and paid all his debt on Aave.
Lookonchain reported that the Curve Finance founder currently has a total of 253.67 million CRV tokens in collateral and has a remaining debt of $42.7 million across four protocols including Silo, Fraxlend, Inverse and Cream.
On Aug. 1, Egorov made headlines for his $100 million DeFi debt, as reports showed that further drops in the price of Curve DAO (CRV) tokens could potentially trigger liquidations and cause a DeFi implosion. In response, the Curve Finance founder took steps to reduce his debt and utilization rate.
The price of CRV tokens fell from $0.73 on July 30 to $0.50 on Aug. 1, after several stable pools on Curve Finance were exploited due to vulnerabilities in the Vyper programming language. According to Curve Finance, reentrancy locks malfunctioned and the pools were breached.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | |
| Sentiment | negative |
| Relevance Score | 9 |
| People | Lookonchain, Fraxlend, Inverse, Cream, Michael Egorov |
| Companies | Cream, Binance, Curve Finance, Lookonchain, DeFi, Fraxlend, Vyper, Hong Kong., Inverse, Silo, Aave |
| Currencies | Ethereum, Curve DAO, Bitcoin, Tether |
| Securities | None |
